The first round of bilateral consultations on implementing preferential trade regime between Viet Nam and Russia was held within the High-Level Russian – Vietnamese Working Group on Priority Investment Projects

Russian First Deputy Minister of Economic Development Alexey Likhachev emphasized that an important cornerstone in Russian – Vietnamese relationships was signing the Free Trade Agreement between the Eurasian Economic Union and Socialist Republic of Vietnam in May 2015. The document was notified by Viet Nam (December 2015) and Kazakhstan (February 2016).
Alexey Likhachev noted that despite difficulties the Russian economy faced last year, a trade turnover between the two countries demonstrated an upward trend increasing by about 4 per cent. “Viet Nam accounts for almost one third of the Russian export (29%) and the same share of import (28%) to and from the countries of the Southeast Asia ”, - Alexey Likhachev added.
As regards investment cooperation, First Deputy Minister said that mutual Russian – Vietnamese investment reach about USD 4.5 billion. In 2015, following up the 18th meeting of the Russian – Vietnamese intergovernmental commission, a list of priority investment projects was expanded and their total number now is 20, with 15 Russian and 5 Vietnamese projects.
Talking about the Working Group activities Alexey Likhachev emphasized a need to refresh the bilateral engagement taking into account signing and enforcement of the Free Trade Agreement. According to him, it is necessary to explore an issue of establishing a joint projects development fund.
Moreover, Alexey Likhachev recalled about the Russian Federation plans to establish a trade house in Viet Nam.
Alexey Likhachev invited the participants to attend the Russia – ASEAN Business Forum to be held in Sochi on May 19, 2016 on the sidelines of the anniversary Russia – ASEAN summit as well as the St. Petersburg International Economic Forum (SPIEF) and Eastern Economic Forum (EEF).
Press-release at the official web-site of the Ministry of Economic Development of the Russian Federation (in Russian)