Vietnam pushes EAEU pact update toward $15 billion trade with Russia

Detailed summary

Vietnam has called for accelerating negotiations to amend the Vietnam-Eurasian Economic Union Free Trade Agreement (VN-EAEU FTA) to facilitate trade and inve...

During a reception in Hanoi on November 12 for visiting Chairwoman of the Federation Council of the Federal Assembly of Russia Valentina Matviyenko, Prime Minister Le Minh Hung affirmed that the Vietnamese Government always attaches great importance to its traditional friendship and Comprehensive Strategic Partnership with Russia.

He highly appreciated the role of the Russian Federation Council and Ms. Matviyenko’s personal contributions to advancing bilateral relations.

The Prime Minister emphasized that translating high-level agreements into practical cooperation programs remains a top priority. He urged the Russian Federation Council to coordinate closely with the Vietnamese National Assembly to help both governments refine legal frameworks and resolve bottlenecks in bilateral cooperation.

On economic ties, Prime Minister Hung called on both sides to maximize existing cooperation mechanisms, facilitate trade and investment, and support enterprises in accessing markets and expanding operations.

Specifically, he expressed hope that Russia and fellow EAEU member states would swiftly launch negotiations to amend the VN-EAEU FTA to reflect emerging trade conditions, creating momentum to boost two-way Vietnam-Russia trade to $15 billion.

In the energy sector, the Vietnamese Government leader stressed maintaining effective oil and gas cooperation while advancing peaceful nuclear energy collaboration linked with safety assurance, technology transfer, and workforce training.

He also proposed strengthening ties in science, technology, innovation, and education by connecting universities, research institutes, and businesses. Furthermore, he called for expanding local-level cooperation, cultural exchange, tourism, and people-to-people diplomacy by leveraging favorable air connectivity between the two countries.

For her part, Chairwoman Valentina Matviyenko commended Vietnam’s development prospects and cooperation potential.

Ms. Matviyenko expressed desire to foster direct links…

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