Vietnam and Russia have pledged to strive to conclude the free trade agreement (FTA) negotiations between Vietnam and the Customs Union of Russia, Belarus, Kazakhstan by early next year.
The pledge was made at the 17th meeting of the Vietnam – Russia Intergovernmental Committee on Economic-Trade, Scientific-Technological Cooperation last Saturday (local time), in Vladivostok, Russia, the Vietnam Government Postal reported the same day.
Accordingly, both sides agreed to try their best to finalize the free trade agreement talks between the Southeast Asian country and the Customs Alliance of Russia, Belarus and Kazakhstan by early 2015.
The meeting was co-chaired by Russian Deputy PM Igor Ivanovic Shuvalov and his Vietnamese counterpart Hoang Trung Hai.
Addressing the meeting, Deputy PM Hai told his Russian host that he hoped Vietnam and Russia would continue forging energy cooperation, including the building of Ninh Thuan 1 nuclear power plant, petroleum exploitation, and mineral exploitation and processing.
Trade cooperation between Vietnam and Russia has steadily grown in recent times, with the two-way trade turnover last year reaching over US$ 2.7 billion, up 12.61 percent from a year earlier.
Russian businesses invested about $ 2 billion in 101 projects in Vietnam as of late June 2014, ranking 18th among foreign investors in the Southeast Asian country.
Meanwhile, Vietnamese investors have developed 20 projects with a total investment of $2.5 billion in Russia.