(VOVworld) – The just-concluded visit by Party leader Nguyen Phu Trong to Russia has marked a new milestone in strengthening the comprehensive strategic relations between Vietnam and Russia. Along with 9 cooperative agreements signed during this trip, economic and trade cooperation will be promoted.

Vietnam-Russia relations have improved in recent years. Both countries want to lift the relationship to the strategic level. Deputy Prime Minister Igor I.Shuvalov addressed a recent meeting of the Russian inter-government committee in Hanoi: “Vietnam is one of Russia’s traditional partners and we also consider Vietnam one of the priorities in our external policy. We want to reiterate that all priorities that have been agreed are sound and we should try harder to realize them.”

Vietnamese and Russian engineers are discussing their works on a drilling rig of Russian-Vietnamese Oil and Gas joint venture (Photo: vietsov.com.vn)

Over the past two years, Vietnam-Russia relations have developed rapidly with two-way trade rising significantly. Trade revenue totaled 3.8 billion USD in 2012 and 4 billion USD last year. Vietnam’s principal exports to Russia are telephones, computers, garments, textiles, leather shoes, and aquatic products.

Russia is currently running 92 investment projects in Vietnam, with a combined capital of more than 2 billion USD. Meanwhile, Vietnam is operating 17 projects worth 2.5 billion USD in Russia, with a focus on oil, gas, banking, and trade.

Vietnam and the Customs Union of Russia, Belarus and Kazakhstan have conducted seven rounds of negotiations on a free trade agreement which they hope to sign early next year. The agreement will allow each country’s goods, services, and investment to circulate more easily in the other’s market and reduce business transaction costs, sustainably boosting economic and trade growth.

Energy continues to be an area of cooperation between Vietnam and Russia. In addition to the "pioneer" Russian-Vietnamese Oil and Gas joint venture (VietsoPetro), there are now three new joint ventures operating in Vietnam: Rusvietpetro, Vietgazprom, and Gazpromviet.

The two countries are hastening the construction of Vietnam’s first nuclear power plant, the Ninh Thuan I nuclear power plant, which has become the symbol of a bilateral friendship based on mutual benefit.

Vietnam and Russia have recently signed several agreements on the export of seafood and other food products to Russia. With its Eastward policy, Russia has begun importing more agricultural and aquatic products from Asian countries including ASEAN members. This is an opportunity for Vietnam’s food items, especially seafood, to penetrate the Russian market. Truong Dinh Hoa, Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP), said: “the Russian market is the gateway to the Customs Union, which includes Russia, Belarus, and Kazakhstan. This is a major potential market for Vietnam’s seafood.”

During Party leader Nguyen Phu Trong’s visit to Russia, leaders of both nations continued to promote their comprehensive strategic partnership as the foundation of bilateral ties in all fields.