MOSCOW — Vietnamese Minister of Finance Ngô Văn Tuấn has held talks with Russian Minister of Economic Development Maxim Reshetnikov in Kazan, the capital of the Republic of Tatarstan, on the sidelines of the ASEAN-Russia Commemorative Summit.
During their Tuesday meeting, the two ministers reviewed recent developments in bilateral economic, trade and investment cooperation and discussed orientations and measures to strengthen ties in the coming period.
Tuấn affirmed that Việt Nam consistently values its longstanding friendship and comprehensive strategic partnership with Russia, stressing that deeper economic and investment cooperation is important in reinforcing bilateral relations amid global economic uncertainty.
The two sides acknowledged positive progress in bilateral trade and investment, particularly through flagship projects in the oil, gas and energy sectors.
As of May 31, Russia had 223 valid investment projects in Việt Nam with total registered capital of approximately US$996.4 million, while Việt Nam had 19 projects in Russia with combined registered capital of around $1.64 billion.
They also noted that two-way trade has continued to grow, with Russia exporting products such as fertilisers and potash to Việt Nam, while importing Vietnamese goods including garments-textiles and coffee.
However, both sides agreed that overall trade turnover remains modest relative to the potential and the level of the comprehensive strategic partnership between the two countries.
The ministers welcomed ongoing technical-level discussions on a draft Memorandum of Understanding (MoU) aimed at establishing an official and long-term cooperation mechanism.
They agreed to continue coordination to finalise procedures and move towards signing the agreement at the earliest opportunity.
Once concluded, the two ministries plan to develop a joint action programme covering policy exchanges, investment promotion and business support initiatives.
Tuấn welcomed Russia’s sharing of experience in developing electronic tax administration systems to modernise Việt Nam’s tax sector as well as customs cooperation to enhance electronic data connectivity and make better use of the free trade agreement between Việt Nam and the Eurasian Economic Union.
He pledged to report to competent authorities on Russian proposals relating to tourism and labour cooperation.
While recognising a number of existing difficulties and obstacles, both sides noted their determination to address them as soon as possible.
Concluding the meeting, Tuấn stated that Việt Nam’s Ministry of Finance stands ready to work closely with Russia’s Ministry of Economic Development to implement the agreed outcomes and further deepen the comprehensive strategic partnership in a more practical and effective manner.
Both ministers also expressed their wish to strengthen future exchanges and working visits between the two ministries. — VNA/VNS
