Vietnam and Russia Strengthen Economic Ties

Post by : Shakul

Vietnam and Russia have reiterated their dedication to enhancing bilateral relations during key discussions at the 29th Saint Petersburg International Economic Forum (SPIEF). Permanent Deputy Prime Minister Pham Gia Tuc engaged with Russian Deputy Prime Minister Dmitry Chernyshenko and leading figures from major Russian companies to explore fresh avenues for economic collaboration and strategic partnerships.

In the discussions, Deputy Prime Minister Chernyshenko extended congratulations to Pham Gia Tuc on his new role, identifying Vietnam as a crucial ally for Russia in the Asia-Pacific. He acknowledged the positive trajectory of bilateral relations and pointed out the ongoing cooperation across diverse fields such as trade, energy, oil and gas, tourism, culture, science, and education.

The conversations emphasized the need for implementing long-term strategic initiatives. The Russian side advocated for enhanced collaboration on major projects, including energy partnerships, scientific research, educational exchanges, the Ninh Thuan 1 Nuclear Power Plant, and the Pushkin Russian Language Center development. Both nations expressed a strong commitment to boosting collaboration in sectors that promise substantial long-term economic advantages.

Pham Gia Tuc reaffirmed Vietnam's determination to deepen its comprehensive strategic partnership with Russia, asserting that the new Vietnamese administration would closely collaborate with Moscow to fulfill existing agreements and broaden cooperation into emerging sectors while fortifying established traditional ones.

Despite global economic hurdles, both nations recognized positive dynamics in trade and investment. They forecast a 5.7 percent increase in bilateral trade by 2025, alongside growth in science, technology, innovation, and higher education. Cultural exchanges and tourism have also seen momentum, showcasing enhanced people-to-people connections.

The deputy prime ministers agreed to hasten preparations for imminent high-level exchanges and the upcoming 26th session of the Vietnam-Russia Intergovernmental Committee, which is slated to be hosted by Vietnam in 2026. They also discussed finalizing a visa exemption agreement for group tourism to facilitate increased travel and business interactions.

In separate discussions with executives from VTB Bank, Novatek, and AFK Systema, Russian business leaders expressed strong confidence in Vietnam's economic prospects. Pham Gia Tuc welcomed their interest, reinforcing Vietnam’s commitment to fostering an investor-friendly atmosphere. He asserted that the success of international businesses in Vietnam directly fuels the country’s developmental goals and overall economic momentum.

#Economy #Vietnam #healthy relationship #Investment