The consensus was reached  by experts from the two countries at a three-day meeting on trade issues that concluded in Moscow, Russia, on June 27. According to the consensus, Russia and Vietnam will recognise each other’s market economy and Vietnam will totally support Russia’s bid.

The MoU is expected to be signed by leaders of the Vietnamese Ministry of Trade and the Russian Ministry of Trade and Economic Development early next month.

Both sides also discussed measures to settle some trade issues on Vietnamese exports of rice, seafood and other goods and how to increase bilateral trade between the two nations.

The Vietnamese delegation was led by Head of the Trade Ministry’s European Market Department Nguyen Chi Tam and the Russian delegation by Russia’s chief WTO negotiator, Maxim Medvedkov.