Vietnam, Russia Mutually Recognize Market Economy

Vietnam and Russia have officially recognized each other’s fully market-oriented economy, said Vietnamese Foreign Ministry’s Spokesman Le Dung in Hanoi July 12.

 

Dung also informed at a regular meeting of the ministry Thursday that the recognition was mentioned in a memorandum of understanding on Russia's admission to the World Trade Organization officially inked by Vietnamese Deputy Trade Minister Nguyen Cam Tu and Russian Deputy Minister of Economic Development and Trade Vitaly Saveliev in Australia July 6.

 

The spokesman affirmed that Russia’s WTO entry would create favorable conditions for further Vietnam-Russia trade ties.

 

He said that Vietnam and Russia is each other’s strategic and traditional partner though the results of the bilateral economic and trade relations have not met their potentials and expectations.

 

Vietnam earned US$413.2 million from exports to Russia in 2006 and spent US$455.7 million importing Russian goods. (Youth, New Hanoi)