All of the principle aspects in creating a free trade zone between Vietnam and the Eurasian Economic Community have been agreed.
After the meeting with Prime Minister (PM) Nguyen Tan Dung today in Hanoi, PM Dmitry Medvedev revealed that almost all of the parameters have been agreed, and the document preparation progress has reached the very final step. "I hope that we will soon move on to signing the agreement," he said.
On Vietnam’s side, PM Dung proclaimed his expectation of the Free Trade Agreement between Vietnam and the Eurasian Economic Community (EAEC) being signed soon as a very important move in the process of striving to increase Vietnam’s trade turnover with Russia to $10 billion by 2020. “Our goods turnover has slightly decreased recently and in order to improve the situation, we have decided to instruct our Ministries and business community from both sides to take measures on signing an agreement as soon as possible in the first half of 2015,” PM Dung said in a joint statement with his Russian peer-to-peer.
During the first day of PM Medvedev's visit to Vietnam, both sides had already signed several agreements on energy cooperation. Among the documents signed on Monday is a memorandum on mutual understanding between the Vietnam Oil and Gas Group (PetroVietnam) and Russia’s Gazprom. Leaders of both energy giants also signed a document on the main conditions of the purchase of a 49 per cent share in Binh Son Refining and Petrochemical Company – which runs Vietnam’s first refinery: Dung Quat.
Both sides have also signed a memorandum on cooperation between Russia’s Inter Rao Export electricity company and Vietnamese North Power Service JSC on modernizing power plants in Vietnam. Moreover, Russia is hoping for a general framework agreement on the construction of a nuclear energy facility as well as the creation of a nuclear science and technology center in Vietnam, Russia PM said. Currently, Russia is helping Vietnam in training high-quality human resource for Ninh Thuan 1 Nuclear Power Plant.
So far, Vietnam and Russia have signed a mutual agreement on prioritized projects for 2015. The list consists of 17 different projects and each has its own detailed development plan. Other most remarkable projects are an agreement on cooperation between Russia's railroad service Russian Railways and the Vietnam Railways and a project to develop a Russian automobile assembly line in Vietnam.
Vietnamese-Russian talks, with the participation of PM Dung and his Russia counterpart Medvedev began today Hanoi. PM Medvedev expressed hope that the unprecedentedly high level of trust that Russia and Vietnam have for each other will allow the two countries to widen their cooperation in many key spheres. “We hope that we will soon sign a general framework agreement where the stages of realizing the project are shown,” PM Medvedev added.
- Nguyen Tan Dung