Vietnam, Russia hold 19th session of intergovernmental committee

Deputy Prime Minister Trinh Dinh Dung and First Deputy Prime Minister Igor Shuvalov headed the Vietnamese and Russian delegations, respectively, to the event.

Participants heard that two-way trade reached US$1.56 billion in the first seven months of 2016, a year-on-year increase of more than 30 percent. As of June 2016, Russia had 113 direct investment projects in Vietnam with a total capital of US$1.1 billion, while Vietnam ran 20 investment projects worth US$2.93 billion in Russia.

The two sides agreed to boost cooperation among localities and establish industrial parks and joint manufacturing ventures in Russian localities.

They also planned to boost collaboration in shipbuilding, auto assembling and manufacturing, mining equipment production, as well as building farms and light industrial zones in Russia , and develop tourism in Vietnam.

The officials discussed the implementation of the free trade agreement between Vietnam and the Eurasian Economic Union, affirming that the two countries’ governments will support key cooperative projects.

Representatives discussed how to cooperate in energy, ore mining, banking, information-communication, science-technology, and education-training.

Vietnam and Russia will increase the imports of farm produce from their respective markets and push ahead with negotiations on food safety.

Speaking at a press briefing after the meeting, Deputy PM Trinh Dinh Dung said the two countries agreed on various issues during the 19th session, especially cooperation in economics, trade, investment, agriculture, and oil and gas.

Deputy PM Igor Shuvalov said he hopes Vietnam and Russia will reach agreements on several cooperation mechanisms in banking, construction, energy, and tourism.