Russian Prime Minister visits Vietnam: Vietnam economic cooperation

(NLDO) - Vietnam - Russia bilateral trade turnover in the first 11 months of 2024 reached 4.1 billion USD, an increase of 27.4% over the same period in 2023.

At the invitation of Prime Minister Pham Minh Chinh, Prime Minister of the Russian Federation Mikhail Vladimirovich Mishustin will pay an official visit to Vietnam from January 14 to 15, 2025.

Established diplomatic relations in 1950, Vietnam - Russia political relations are now highly trustworthy and constantly strengthened. High-level delegation exchanges take place regularly, creating a strong driving force for the development of the Comprehensive Strategic Partnership between the two countries.

Russian experts provide technical support at a Vietsovpetro drilling rig. Photo: Document

Regarding economic-trade-investment cooperation: The two countries maintain the mechanism of the Intergovernmental Committee on Economic-Trade and Scientific-Technological Cooperation, established in 1992 and upgraded to the Deputy Prime Minister level in 2011. The Intergovernmental Committee meets annually. The 25th session will be held in Russia in September 2024.

After the COVID-19 pandemic, bilateral trade has shown signs of recovery; reaching 3.63 billion USD in 2023 (up 2.3%); 4.1 billion USD in 11 months of 2024, up 27.4% over the same period in 2023. Of which, exports reached 2.1 billion USD (up 35.7%) and imports reached 2 billion USD (up 29.2%).

Vietnam's main export items to Russia include: Telephones, textiles, footwear, agricultural, aquatic and seafood products of all kinds...; main import items include: Coal, wheat, iron and steel, fertilizers, cars, machinery and equipment of all kinds...

Vietnam and the Eurasian Economic Union, of which Russia is a member, officially signed the Free Trade Agreement on May 29, 2015, effective from October 5, 2016.

Regarding investment, as of early November 2024, Russia currently has 199 investment projects in Vietnam with a total registered capital of about 990 million USD, ranking 26th out of 147 countries and territories investing in Vietnam, implemented in 21 out of 63 localities, including offshore oil and gas areas, accommodation and catering services, processing and manufacturing industries...

Vietnam has 16 valid investment projects in Russia with a total registered capital of 1.6 billion USD, ranking 4th out of 81 countries and territories in which Vietnam has invested, mainly from Rusvietpetro Oil and Gas Joint Venture projects, TH Group's dairy and agricultural projects in Russia, and a number of industrial and real estate projects...

Project implementation of Nuclear Science and Technology Research Center

Previously, the Soviet Union helped Vietnam train nearly 40,000 good cadres and experts in many different fields. Currently, Russia continues to support Vietnam in training human resources. Since 2019, Russia has increased the number of scholarships for Vietnam to about 1,000/year. Currently, there are about 5,000 Vietnamese students studying in Russia. The Vietnamese community in Russia is about 60 - 80 thousand people.

Scientific and technological cooperation continues to be maintained. The two countries have carried out research and technology transfer projects. Scientific research cooperation within the framework of the Tropical Center in Vietnam has brought many positive results. The two sides are implementing the project of the Center for Nuclear Science and Technology Research.

Source: https://nld.com.vn/thu-tuong-nga-tham-viet-nam-hop-tac-kinh-te-viet-nga-hien-ra-sao-19625011100113592.htm