The recognition was stated in a memorandum of understanding on Russia's admission to the World Trade Organisation signed by Vietnamese Deputy Trade Minister Nguyen Cam Tu and Russian Deputy Minister of Economic Development and Trade Vitaly Saveliev in Australia on July 6.

"Russia's admission to the world trade body will help boost trade ties with Vietnam in line with the world's common principles and norms," Mr Dung said, pointing to the facilitation of goods into each other's markets and economic growth as prime benefits to be derived from the agreement.

Vietnam and Russia are now strategic partners with two-way trade reaching more than US$1 billion in recent years, the spokesperson said.

However, he said bilateral trade remains modest and yet to match the two countries’ potential.