Russia and Vietnam highlight potential collaboration zones
Freshened-Up Article:
Vladimir Putin, President of Russia, and Nguyen Phu Trong, General Secretary of the Communist Party of Vietnam, recently held a meeting in the Kremlin. The discussion centered on boosting trade and economic cooperation between the two nations.
When questioned about the key focus of this collaboration, Putin was quick to emphasize the need for expanded economic partnership. He pointed out that trade between the countries increased by more than 20% last year, reaching a staggering $6 billion. Although this figure was higher four years ago, both nations are on the right track, moving towards using national currencies for financial operations.
The leaders announced an assortment of joint projects in various sectors such as energy, industry, agriculture, and education. Putin noted that apart from these ongoing collaborations, both countries are also exploring new areas of cooperation, such as high technology and digital development.
Nguyen Phu Trong's visit to Moscow was in celebration of the 80th anniversary of the Victory in the Great Patriotic War. During his stay, he participated in the Victory Day parade and met with key Russian political figures, including State Duma Speaker Vyacheslav Volodin, Minister of Economic Development Maxim Reshetnikov, Chairperson of the Federation Council Valentina Matviyenko, and Deputy Chairman of the Russian Security Council Dmitry Medvedev. The culmination of his trip was a lengthy meeting with Putin, resulting in the signing of over 20 agreements.
In a nod to their shared history, Putin discussed earlier plans for cooperation with Vietnam, quoting a line from a Soviet song. Among the agreements sealed during their meeting, the two countries reached an understanding to build a nuclear power plant in Vietnam and develop renewable energy projects, marking a significant stride in their energy partnership.
As the long-standing diplomatic relations between Russia and Vietnam approach their 75th anniversary in 2025, this partnership is moving into a more dynamic phase. The existing Free Trade Agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU), effective since 2016, provides Vietnamese enterprises with zero or low import tariffs on a wide variety of goods, bolstering the potential for expanded Vietnamese exports to Russia. Bilateral trade turnover currently stands at approximately $737.4 million, with Vietnam's agricultural exports, such as cashew nuts, pepper, and coffee, remaining strong due to rising global prices.
The focus on increased direct interaction between regions, support for small and medium-sized businesses, and the creation of favorable conditions for joint ventures are some of the key strategies Russia and Vietnam are employing to strengthen their trade ties. Both nations also prioritize compliance with local regulations, trademark registration, and participation in trade fairs to enhance market access and brand protection for Vietnamese businesses in Russia.
The Kremlin meeting has sparked a new era in the Russia-Vietnam relationship, with a focus on expansive trade agreements, joint energy projects, and technology ventures, an essential step towards diversifying cooperative projects and cementing a long-term strategic partnership between the two countries.
- Nguyen Phu Trong, during his visit to Moscow, met with various Russian political figures, including Dmitry Medvedev, Vyacheslav Volodin, Maxim Reshetnikov, and Valentina Matviyenko.
- In their meeting, President Putin and General Secretary Nguyen discussed the transition towards using national currencies for financial operations between the two countries.
- Apart from ongoing collaborations in sectors like energy, industry, agriculture, and education, Russia and Vietnam are exploring new areas of cooperation, such as high technology and digital development.
- The joint agreements signed by Putin and Nguyen include plans to build a nuclear power plant in Vietnam and develop renewable energy projects, marking a significant step in their energy partnership.
- The focus on strengthening trade ties between Russia and Vietnam includes strategies like direct interaction between regions, support for small and medium-sized businesses, and compliance with local regulations for market access and brand protection.
