The visit affirms the determination of the leaders and people from both countries to further enhance the bilateral traditional friendship and strategic partnership between Vietnam and Russia.

It also expresses Russia's policy of strengthening ties with Southeast Asia, including Vietnam, which is considered an important priority in Russia's foreign policy plan.

The two countries signed a joint statement on strategic partnership during Russian Federation's President Vladimir Putin's first visit to Vietnam in March 2001.

The two countries share international and regional issues of mutual concern and they have strongly co-operated and supported each other at international forums at the United Nations, Asia-Pacific Economic Co-operation and ASEAN Regional Forum, especially while Vietnam has been the ASEAN chair.

Two-way trade between the countries, which was about US$350-400 million in the 1990s, reached $500 million during the first four months of this year.

Vietnam's major exports include aquaculture, rubber, garment and footwear products, while imported products from Russia include coal, steel, fertiliser and oil and gas.

Russia currently has 67 investment projects in Vietnam worth US$755.1 million. These projects focus primarily on oil and gas, light and heavy industry, transportation, telecommunication and aquaculture.

Vietnam's investment projects in Russia have strongly increased from 12 to 18, which are worth US$1.7 billion in total capital. The projects involve oil and gas, banking, trade and services.

The oil and gas sector has brought huge profits to both nations.