Web, 08/04/2015, 02:48 GMT+7
Vietnam - Russia agree to expand oil and gas cooperation projects
This is one of the contents agreed in the meeting between Prime Minister Nguyen Tan Dung and Russian Prime Minister Dmitry Medvedev yesterday morning (6th April).

Prime Minister Nguyen Tan Dzung and Russian Prime Minister Dmitry Medvedev


At the meeting, the two sides affirmed to continue strengthening the comprehensive and strategic partnership between Vietnam and Russia, promote the cooperation in all fields. Giving evaluation of economic cooperation, investment and trade, the two sides said the bilateral trade turnover somewhat declined in the past time and in order to improve the situation, the two prime ministers agreed the ministries, sectors, businesses should quickly find appropriate measures, inclusive of accelerating the formal signature of Free Trade Agreement between Vietnam and the Asia - Europe Economic Union in the first half of 2015. The two prime ministers also suggested that the banks of the two countries should conduct active research, propose the possibility for payment in the local currencies of the two countries in transactions to support the promotion of bilateral trade.


Informing the press of the meeting result, Prime Minister Nguyen Tan Dung revealed the two sides pledged to continue creating favorable conditions and protecting the Russian oil and gas companies operating in the waters of Vietnam. The two sides affirmed to promote the construction of Ninh Thuan 1 nuclear power plant as agreed under the motto of meeting requirements for the highest safety, security including the compliance with Vietnamese law on construction investment. The two sides appreciated the bilateral ties on defense - security, especially in military technology, military training and confirmed for further close, more effective cooperation in this area.


The two prime ministers discussed and agreed that the disputes on the East Sea should be resolved by peaceful measure on the basis of respect for international law, including the UN Convention on the Law of the Sea (UNCLOS) dated 1982 with full and effective provision of the Declaration on the Conduct of Parties on the East Sea (DOC) and early preparation of the Code of Conduct on the East Sea (COC).


PetroVietnam Chairman of the Board of Directors Nguyen Xuan Son and

President of Gazprom Neft Alexander Dyukov signed two documents on cooperation


After the meeting, the two prime ministers witnessed the signing of a number of documents in the fields of energy, investment, banking, health care and transportation, including the Frame Agreement on the issue that Gazprom Neft bought 49% of the shares from Binh Son Refining and Petrochemical Company Ltd., and the Minutes of Understanding on the cooperation in the oil and gas exploration and production between PetroVietnam and Gazprom Neft.


Also on 6th April, at a press conference in Hanoi, the Russian Minister of Industry and Trade Denis Manturov said the trade relations between Vietnam and Russia were as follows: “In 2014, the bilateral trade turnover reached US$ 3.748 billion, and it is expected to reach US$ 10 billion by 2020”. He added: “According to the customs of Russia, in early 2015, Vietnamese goods exported to Russia are mainly machinery and equipment (51.4%), textiles (22.7%), agricultural products (19.6%)”.