PM Nguyen Tan Dung. (Source: VNA)

Vietnam and Russia signed a treaty on fundamental principles of the friendly relationship between the two countries on June 16, 1994, laying legal foundation for the relations in a new development period.

The two countries signed a joint statement on establishing a strategic partnership in 2001 and upgraded the relationship to the level of a comprehensive strategic partnership in 2012.

Bilateral political ties and mutual trust have unceasingly developed and strengthened through regular reciprocal visits by high-ranking delegations. Most recently, Vietnamese President Truong Tan Sang visited Russia in July 2012 and Russian Prime Minister Medvedev paid a visit to Vietnam latter last year.

Both countries have effectively implemented the existing cooperation mechanisms, particularly the Vietnam-Russia Inter-governmental Committee on Economic, Trade and Scientific and Technological Cooperation, annual Strategic Dialogue on Diplomacy-Defence-Security, and regular political consultations between their Foreign Ministries.

They also worked closely at international forums, especially at the United Nations and within the framework of regional forums, such as the Asia-Pacific Economic Cooperation (APEC), the Association of Southeast Asian Nations (ASEAN), Asia-Europe Meeting (ASEM), and East Asia Summit (EAS).

Bilateral economic-trade ties enjoyed dynamic developments, with two-way trade reaching nearly 2.45 billion USD in 2012, a year-on-year increase of 23 percent. In the first three months of 2013, the two-way trade reached 734 million USD.

Vietnam’s key exports to Russia include garments and textiles, agriculture and aquaculture products. Vietnam mostly imports petrol, steel, fertilisers, machinery and equipment from Russia.

By April, 2013, Russia ranks 18th among 101 countries and territories investing in Vietnam, with a combined registered capital of more than two billion USD in 93 projects. Russian investment focuses on mining, processing and manufacturing industries, banking, and telecommunications. Meanwhile, Vietnam invested more than 1.7 billion USD in 16 projects in Russia, mostly in oil and gas, banking and commercial sectors.

In the field of energy, the two countries achieved good results over the past time. Russia is implementing a project to build the Ninh Thuan nuclear power plant I. Oil and gas joint ventures, such as Vietsovpetro, Rusviepetro, Vietgazprom, and Gazpromviet, are operating efficiently.

The two countries also witnessed fine developments in cooperation in science and technology, education and training, and culture.

As many as 176,000 Russians visited Vietnam in 2012.

Source: Vietnam Plus