Boosting two-way trade was among the agenda items at a meeting between Vietnam's Party General Secretary and President Putin.
Vietnam and Russia have vowed to raise two-way trade to $7 billion by 2015 and $10 billion by 2020 following a meeting between Party General Secretary Nguyen Phu Trong and Russian President Vladimir Putin on November 25.
President Putin also pledged to speed up free trade agreement (FTA) negotiations between Vietnam and the Customs Union of Russia, Belarus and Kazakhstan. The two leaders expressed their satisfaction with the effective bilateral cooperation in energy, deeming this a key area of strategic importance to both nations, according to the Vietnam News Agency.
They agreed to create favorable conditions for each country’s oil and gas businesses to operate on their territory and conduct oil and gas exploration and exploitation on Vietnam’s continental shelf in line with international law, including the 1982 UN Convention on the Law of the Sea (UNCLOS).
Both sides consented to speeding up negotiations over a cooperative agreement on expanding and modernizing the Dung Quat Oil Refinery. In nuclear power, Russia said it would cooperate closely with Vietnam regarding the Ninh Thuan Nuclear Power Plant project by helping the country build a legal framework for project implementation and training Vietnamese managers, engineers, and experts.
Party leader Trong asked Russia to create the best possible conditions for the Vietnamese community to receive the necessary paperwork to live and work in Russia, and work together with Vietnamese agencies to settle issues relating to the Vietnamese community in Russia on the basis of the Vietnam-Russia comprehensive strategic partnership.
The Vietnamese delegation arrived in the resort town of Sochi on November 25, where they met President Putin and Prime Minister Medvedev. Party General Secretary Trong suggested the PM and the government of Russia facilitate the operations of the Culture and Trade Center (Incentra) in Russia, the building of a Center of Traditional Medicine for the treatment of Vietnamese and Russian patients, and the opening of a Vietnam-Vladivostok direct air route.
The Party leader reiterated Vietnam’s eagerness to support Russia in its role in ensuring peace, stability, security, and co-operation in the Asia-Pacific region and Southeast Asia. PM Medvedev said that Russia would back Vietnam’s bid for membership of the Economic and Social Council (ECOSOC) for the 2016-2018 tenure and non-permanent membership of the UN Security Council for the 2020-2021 term.
Concerning the East Sea issue, the two leaders emphasized the need to resolve maritime disputes through peaceful means in accordance with international law, including the 1982 UNCLOS and the Declaration on the Conduct of Parties in the East Sea (DOC), towards finalizing a Code of Conduct in the East Sea (COC).