Hanoi (VNA) – Ambassador of Vietnam to Russia Ngo Duc Manhhas said Vietnam and Russia have vast potential for their trade to growrobustly.

The two countries set up their strategic partnership in 2001 and elevated it tocomprehensive strategic partnership in 2012 and since then their diplomatic andeconomic ties have been unceasingly growing.

In recent years, the two countries’ two-way trade posted a 30 percent growth ayear, especially after the free trade agreement between Vietnam and theEurasian Economic Union took effect from November 2016. Trade value hit arecord 5.2 billion USD in 2017.

According to the Ministry of Industry and Trade of Vietnam, Russia was the 19th largest trader of Vietnam in the first seven months of this year.

In the reviewed period, Vietnam exported commodities worth 1.47 billion USD toRussia, up by 21 percent year on year, and imported goods worth 1.2 billionUSD, surging by 55 percent year on year.

Trade promotion programmes have increased the number of Vietnamesebusinesses to conduct import-export activities with Russian partners, with2,200 in 2017 and 2,042 in the first seven months of this year.

Wheat ranks first in the commodities imported by Vietnam, followed by blackcoal, steel, fertilizer, machinery and equipment, and petroleum. They alltogether accounted for 75 percent of Vietnam’s imports from Russia.

Russia imported mainly from Vietnam telephones, apparel, farm and seafoodproducts.

At present, Russia ranks 23rd among investors in Vietnam with116 projects worth 990 million USD, involving mainly in oil and gas,manufacturing, mining, transport, telecommunications, and aquaculture.

Vietnam has invested in 22 projects with nearly 3 billion USD in Russia.

Energy is the traditional strategic cooperation field which brings good incomesfor the two countries. Besides Vietsovpetro, the two countries have establishedother joint ventures, namely Rusvietpetro, Vietgazprom, and Gazpromviet toexpand their oil and gas cooperation in their countries and in the thirdcountry.

As trade is still coping with challenges, like payment method and transportation,so the two countries need to seek new cooperative ways which are feasible andmutually beneficial to achieve their trade turnover goal of 10 billion USD by2020, said Ambassador Ngo Duc Manh.

They also need to seek measures to effectively carry out Russia’s projects inVietnam, he said.-VNA