PM urges further financial co-operation with Russia

Some 500 firms attended the event, and they listened as the prime minister called for measures to tackle policy issues which are limiting investment and trade ties between the two countries.

Prime Minister Nguyễn Xuân Phúc reiterated that Vietnam values its comprehensive strategic partnership with Russia. However, trade turnover between the two countries dropped to 2 billion US dollars in 2015 due to the weakening of the rouble and the embargo on Russia. The number of Russian tourists to Vietnam has also fallen.

The prime minister said recent FTAs that Vietnam participated in, including with the Eurasian Economic Union FTA, will create favourable conditions for exports between the two countries. He asked Vietnamese and Russian firms to make efforts to raise two-way trade to 10 billion US dollars by 2020, with the help of both governments in policy making.

Prime Minister Nguyen Xuan Phuc said: “We need to address institutional limitations in order to achieve the set financial goals. I hope Russian governmental agencies make great efforts to employ the advantages of trade ties between the two countries in terms of products and market demand”.

On the same day, Prime Minister Nguyễn Xuân Phúc also attended the opening of the representative office of the Bank for Investment and Development of Vietnam in Moscow. At the event, he asked that financial banks of both countries facilitate payment with domestic currency, to promote cooperation between Vietnam and other members of the Eurasian Economic Union.