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Vietnam, Russia agree to deepen energy cooperation

Staff writer |
Vietnamese prime minister and his Russian counterpart reached consensus on further cooperation in a wide range of areas, including the energy sector.

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Speaking at a press briefing after the signing of eight cooperation documents in fields of trade, oil and gas, railway industry, among others, Vietnamese Prime Minister Nguyen Tan Dung said the two sides had pledged to enhance cooperation in implementing bilateral agreement on energy. They also agreed to strengthen ties in oil and gas exploration.

Russian Prime Minister Dmitry Medvedev said both sides agreed to create favorable conditions for companies of the two countries in the field. He added that it is necessary for Russia and Vietnam to sign a cooperation framework on implementation of the first nuclear power plant project in Vietnam's southern Ninh Thuan province.

"The two sides agreed to further strengthen coordination to bring defense and security cooperation to a new height,"said Nguyen Tan Dung, highlighting military technology and training of military personnel.

According to the Russian prime minister, in the past five years, bilateral trade turnover has posted an average growth of 20 percent annually.

"In 2014, although the bilateral trade turnover saw a slight decrease, we think it is only temporary situation. During the talks, we discussed measures not only to overcome the decreasing trend but also to bring the figure to $10 billion by 2020 as agreed by both sides,"Medvedev told the press.

Among the measures is the expected signing of a Free Trade Agreement (FTA) between the Eurasian Economic Union and Vietnam, which is said to be conducive to boosting trade and commerce cooperation between Russia and Vietnam, he said.

Under an agreement signed on Monday, there are 17 prioritized investment projects between the two countries in 2015, including Russia's supply of aircraft, machinery and equipment for Vietnam, assembly of Russian automobiles in Vietnam and production of locomotives in Vietnam, said the Russian prime minister.

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