Vietnam and Russia aim to triple bilateral trade by 2020

HANOI, Vietnam – The prime ministers of Vietnam and Russia agreed Monday to nearly triple their countries’ two-way trade to $10 billion by 2020 from $3.55 billion last year.

Speaking to reporters after talks in Hanoi, Russian Prime Minister Dmitry Medvedev said the countries will expand their co-operation in the oil and gas industries and transportation.

“We emphasized that energy companies from Russia and Vietnam have had successful co-operation and we wish that co-operation will continue to be consolidated,” Medvedev said through a translator.

Russia currently invests in over a hundred projects in Vietnam worth $990 million, many in oil and gas exploration and exploitation, according to Vietnam’s Foreign Ministry.

Vietnamese Prime Minister Nguyen Xuan Phuc said co-operation in defence and security and other areas has seen positive results.

Russia is Vietnam’s main weapons supplier.

Phuc said the two countries will be able to co-operate more effectively through the Russian-led Eurasian Economic Union trade deal which took effect in 2016, and will boost bilateral trade to $10 billion by 2020.

Medvedev was scheduled to meet with Vietnamese President Nguyen Phu Trong and National Assembly Chairwoman Nguyen Thi Kim Ngan later Monday before concluding his visit.