PM visits to usher in key deals

Vietnam has hightened business cooperation with the Customs Union

The Ministry of Foreign Affairs’s European Affairs Department last week announced that Dung’s visit to Russia during May 12-15 would likely see the two countries ink about 18 agreements, contracts and memoranda of understanding on economic, commercial, investment and military cooperation.

The department said this visit was aimed by Vietnam “to further affirm and attach great importance to the Vietnam-Russia comprehensive strategic partnership”. Major areas of cooperation covered during this trip will be national defense, energy, nuclear power, telecommunications and space study.

The two countries would also work on boosting negotiations on the free trade agreement (FTA) between Vietnam and the Customs Union of Russia, Kazakhstan and Belarus. The negotiations are expected to be completed within two years since the first round was successfully finished in March 2013.

During his visit, Dung will hold talks with his counterpart Dmitry Medvedev, and meet with President Vladimir Putin and State Duma Speaker Sergei Naryshkin.

Vietnam and Russia are targeitng a two-way trade volume of $3 billion this year, $7 billion by 2015 and $10 billion by 2020. Last year  bilateral trade rose by 23 per cent on-year to $2.45 billion.

At present, Vietnam is home to 93 Russian investment projects with over $2 billion in committed capital.

During Dung’s visit to Belarus in May 15-17, he will meet with President Alexander Lukashenko, his counterpart Mikhail Myasnikovich, Belarus House of Representatives’s Chairman Andreichenko Vladimir Pavlovich and a leader from the Upper Chamber of the Belarusian Parliament.

This visit is aimed to “further strengthen Vietnam-Belarus traditional relationship and cement the fine political cooperation, laying firm groundwork to expand cooperation in economy, trade, national defence and security, and education and training,” according to the European Affairs Department.

On this occasion, the two sides will sign four cooperation deals on press, energy, science and technology, and industry.

Also, Vietnam and Belarus will discuss solutions to accelerate the negotiations of FTA between Vietnam and the Customs Union of Russia, Kazakhstan and Belarus.

Vietnam-Belarus’s two-way turnover increased from $42.5 million in 2005 to $124 million in 2008 and $190 million last year. In 2012, the two countries clinch an economic cooperation programme for the 2013-2015 period, with a view to raise the turnover to $1 billion in the years to come.

At present, the two countries are focusing cooperation in heavy industrial sectors, agriculture and processing sectors, science and technique, and education and training.