President Quang and President Putin agree on 10 billion USD in bilateral investment

TIN LIÊN QUAN
	EAEU-Vietnam Free Trade Area and opportunities discussed in Russia
	Vietnam, Russia leaders to discuss ways to forward all-round ties

At a joint press conference following talks between the two leaders in Moscow, the two leaders announced that the investment will be poured into 20 priority projects, including a joint Vietnamese-Russian oil and gas enterprize, the construction of a light industrial zone in Moscow and projects carried out by Vietnamese dairy group TH in some Russian localities.

President Tran Dai Quang shakes hand with Russian President Vladimir Putin. (Photo: Quang Chinh)

Another 500 million USD would be spent on projects with high potentials in new areas of bilateral cooperation like agriculture or medicinal herbs, the leaders said.

The two countries have also set an ambitious target of raising bilateral trade to 10 billion USD by 2020.

Oil and gas will remain the top priority sector for cooperation between the two countries, President Putin said.

Vietsovpetro, a Vietnam-Russia joint venture, accounts for a third of the crude oil extracted in Vietnam.

Mr. Putin said Russia is committed to providing Vietnam with LPG and other fuels. He also said Russian enterprises are ready to join in modernizing Vietnam’s power plants and help the country build new power plants.

The two leaders also agreed to coordinate closely with each other in implementing the Vietnam-Eurasia Economic Union (VN-EAEU) Free Trade Agreement in order to fully exploit its advantages for further cooperation in trade and investment.

The FTA, involving Vietnam, Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, was signed in May 2015 and took effect on October 5 last year.

Vietnam and Russia are committed to creating favourable conditions for enterprizes to step up trading, including signing agreements on food safety management and promoting payment in Vietnamese Dong and the Russian Rouble, the leaders said.

Joint ventures to assemble and produce cars in Vietnam will soon be set up and cooperation stepped up in energy and infrastructure. The two sides will also consider the possibility for continuing cooperation in the use of nuclear power for peaceful purposes.

The two nations have also agreed to tighten coordination in humanitarian field. In 2019, the two countries will celebrate the 25th anniversary of a treaty on basic principles for the bilateral friendship, hence they will designate 2019 as the Year of Vietnam in Russia and vice versa.

On the East Sea dispute, President Quang and President Putin agreed that any border or territorial dispute should be resolved by peaceful means without resorting to the threat or use of force, in accordance with international law, first of all the United Nations Convention on the Law of the Sea 1982 (UNCLOS).

They agreed the Declaration of Conduct in the East Sea (DOC) should be implemented fully and effectively, and hoped that a Code of Conduct (COC) will soon be completed.

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