Vietnam, Russia to deepen economic cooperation

Vietnam, Russia to deepen economic cooperation

Vietnam and Russia agreed to explore and expand cooperation in new and clean energy sectors, contributing to green transition and sustainable development.

The economy continues to be a pillar of the Comprehensive Strategic Partnership between Vietnam and Russia, so both sides will effectively implement existing agreements and soon begin negotiations to expand the Free Trade Agreement between Vietnam and the Eurasian Economic Union (EAEU).

State President To Lam and his Russian counterpart Vladimir Putin at the meeting in Hanoi on June 20. Photos: Nhat Bac/VGP

State President To Lam shared the view during a press conference held after the meeting with Russian President Vladimir Putin today [June 20], announcing that both sides have adopted a Joint Declaration on deepening their Comprehensive Strategic Partnership.

President To Lam highlighted the significance of Putin’s visit, especially as the two countries celebrate the 30th anniversary of the Treaty on the Basic Principles of Vietnam-Russia Friendship and approach the 75th anniversary of diplomatic relations in 2025.

In this regard, To Lam said both sides will strive to overcome challenges posed by unfavorable global economic conditions to boost trade and investment.

The two countries support the enhancement of the effectiveness of key projects in the energy and petroleum sectors and will facilitate the expansion of the activities of businesses from both sides in each other's territories, in accordance with national and international laws, especially the 1982 United Nations Convention on the Law of the Sea.

Vietnam and Russia also agreed to explore and expand cooperation in new and clean energy sectors, contributing to green transition and sustainable development. They also aim to promote cooperation in defense, and security, and address non-traditional security challenges.

To Lam stated that both sides agreed to strengthen cooperation in transportation, science and technology, innovation, education and training, and vocational training, thereby creating new momentum for economic growth.

Both sides will also promote cultural, artistic, and tourism exchanges,  strengthen people-to-people connections, and facilitate travel for citizens of both countries to foster mutual understanding and friendship.

Furthermore, they will continue to support Vietnamese citizens in Russia and Russian citizens in Vietnam to live, study, and work securely, serving as important bridges in the traditional friendship between the two nations.

President To Lam emphasized that Vietnam appreciates the sincere support of the Russian people in its past struggle for independence and reunification, as well as in its current efforts for nation-building and development.

“Vietnam has always regarded Russia as one of its most important partners and is committed to developing the long-standing traditional friendship cultivated by generations of leaders and people of both countries,” he noted.

President To Lam affirmed that both sides have agreed on major directions and measures to enhance the Comprehensive Strategic Partnership, based on mutual trust, equality, mutual benefit, and non-interference in each other's internal affairs. This is in line with the fundamental principles of the United Nations Charter and international law. They agreed not to enter into alliances with third parties that would harm each other's independence, sovereignty, territorial integrity, and core interests, and to actively contribute to regional and global peace, stability, and development.

Both sides reaffirmed their commitment to strengthening political trust through increased contacts and exchanges at all levels, especially the highest levels and promoting the legal mechanisms of Party, State, Government, National Assembly, ministries, and local channels.

Overview of the meeting.

On regional and international issues, both sides support building a democratic, fair, and transparent system of international relations based on international law and the United Nations Charter, including the principles of non-use of force and peaceful settlement of disputes, and the promotion of a new, expanded, inclusive, and non-discriminatory multilateral trade system based on World Trade Organization principles.

Vietnam and Russia support an equal, undivided, and transparent regional structure in the Asia-Pacific with ASEAN at its center, promoting economic integration within frameworks such as APEC, G-20, ASEAN, and the Eurasian Economic Union. Vietnam also welcomes Russia's increased cooperation with the Mekong sub-region, contributing to peace, stability, and prosperity in the region and the world, To Lam said.

Regarding the East Sea, both sides support and ensure security, safety, and freedom of navigation and overflight, oppose the use or threat of force, and resolve disputes peacefully in accordance with the United Nations Charter and international law, especially the 1982 United Nations Convention on the Law of the Sea. They support the full implementation of the Declaration on the Conduct of Parties in the South China Sea (DOC) and the early negotiation of a substantive, effective Code of Conduct in the South China Sea (COC) in accordance with international law, he continued.

President Vladimir Putin expressed his sincere gratitude to the leaders and people of Vietnam for their warm, sincere, and attentive reception. Noting the tradition of friendship between the two countries, Putin emphasized that this visit of the high-level Russian delegation is aimed at further consolidating and strengthening the Comprehensive Strategic Partnership with Vietnam.

Putin said that his talks with President To Lam were conducted in a positive and substantive atmosphere, resulting in a Joint Declaration that supports the principles of the Vietnam-Russia Comprehensive Strategic Partnership. The two sides discussed concrete directions for the future development of their traditional friendship and addressed regional and international issues of mutual concern.

Agreeing to promote economic and trade cooperation, a key pillar of the Comprehensive Strategic Partnership, President Putin highlighted that the EAEU, effective since 2016, has facilitated mutual market access and investment expansion.

Putin expressed the hope that this state visit to Vietnam would create significant momentum for expanding cooperation across all fields and help both sides identify and agree on directions and measures to strengthen their traditional friendship.

The two leaders witness the signing of cooperation documents between the two countries.

Hanoi Times