Viet Nam, Russia expect conclude FTA talks early next year

Viet Nam and Russia have agreed to strive for the conclusion of the free trade agreement (FTA) negotiations between Viet Nam and the Customs Union of Russia, Belarus, Kazakhstan by early next year.
 

Deputy PM Hoang Trung Hai and his Russian counterpart Igor. I. Shuvalov, Vladivostok, Russia, September 6, 2014 - Photo: VGP

The agreement was reached on September 6 (local time), in Vladivostok, Russia at the 17th meeting of the Viet Nam – Russia Intergovernmental Committee on Economic – Trade and Scientific – Technological Cooperation which was co-chaired by Vietnamese Deputy PM Hoang Trung Hai and his Russian counterpart Igor Ivanovic Shuvalov.

Statistics show that the bilateral economic ties have recorded remarkably progressing. Specifically, the two-way trade turnover surpassed US$ 2.7 billion in 2013, up 12.61% against the previous month.

As of late June, 2014, Russia poured around US$ 2 billion in 101 projects in Viet Nam, ranking 18th among foreign investors in the Southeast Asian country. Meanwhile, Vietnamese investors had 20 projects in Russia worth US$ 2.5 billion.

During the meeting, both sides agreed to strive for the conclusion of the free trade agreement talks between Viet Nam and the Customs Alliance of Russia, Belarus and Kazakhstan by early 2015.

Deputy PM Hai expressed his hope that Viet Nam and Russia would continue forging energy cooperation, including petroleum exploitation, building of Ninh Thuan 1 nuclear power plant, mineral exploitation and processing.

The next meeting was scheduled to take place in Viet Nam in the second half of 2015.

(Source: VGP)