The election on March 4 has confirmed the return of the famous Putin, who had successfully helped Russia overcome the crisis and heightened its position in international arena. It also attracted special attention of Vietnamese public as Russia and Russian people have always been Vietnam’s close friends sharing common interests.
It is also an encouragement for Vietnamese businesses who have established partnership with Russian businesses. In fact, Vietnam-Russia relationship have experiencedthrough several periods.In 2010, Vietnam and Russia celebrated the 60th anniversary of diplomatic relations. In 2011, the two countries marked the 10th anniversary of the joint statement on strategic partnership, an important document serving as a foundation for bilateral relations, a new period of broad and deep-rooted relations in all fields, economic, trade, science-technology, education-training and national defence.
Based on fine political-diplomatic relations, bilateral trade and investment cooperation have fast developed. The trade value increased from US$300-400 million in mid 1990s to over US$1,500 million in 2011 and expected to be US$2,500 million in 2012. Vietnam export to Russia increased in both value and composition. While the imports from Russia are mainly petroleum, steel and steel products, chemicals, machines and parts, fertilizers, paper and pulp. Vietnamese exports are aqua-products, garment, footwear, instant noodle, agriculture-forest products such as fruit, vegetable, rubber, coffee, rice, etc.
However, the trade still falls short of the potentials and incomparable with the strategic partnership of the two countries. Bilateral trade value remains modest compared to the total trade value of each country. In 2010, Vietnam trade value with Russia was only 0.3 percent of the total trade value of Russia, in which Vietnam export value amounted to only 0.24 percent of Russia total import value, and Russia export value to Vietnam was 0.46 percent of Russia export value.
In the past, during the two terms of office of Mr Putin, Vietnam-Russia relationship has experienced a fine development. The then President Putin reaffirmed: “The progress of Russia-Vietnam relations allow us to be optimistic in our future... Basing on what we have, we can consider broader and more dynamic trade cooperation in not far away future”. What Mr Putin had in mind was Russian energy companies participating actively in the modernization of Vietnamese energy projects, notably Vietsopetro joint venture, Uong Bi thermal power station or hydro-power projects Sesan 3 and Pleikrong. Besides, mechanic assembly, mining, metallurgy, industrial-agricultural complex, communication and transport are also promising areas for bilateral cooperation. The importance of the bilateral relations is also recorded in military technology. In 2009, Prime Minister Nguyen Tan Dung visited Moscow, negotiated and signed with his counterpart, Prime Minister Putin, a series of important documents on bilateral economic cooperation for 2010 and the years to come.
According to experts, basing on potentials in various fields, Vietnam-Russia trade value can reach US$10 billion in 2011-2012.
In February this year, Minister of Planning and Investment Bui Quang Vinh received Russian Ambassador Andrey G. Kovtun. According to Russian Ambassador, the bilateral cooperation has marked new progresses, notably the decision to choose Russia as partner in providing technology to Ninh Thuan 1 nuclear power station; meanwhile cooperation in oil and gas industry with Russia continue successfully. For his part, Minister Bui Quang Vinh pointed out that the present economic cooperation between the two countries remains incomparable with the tradition of bilateral friendship. The ratio of Russian investment in Vietnam is still modest, beside oil and gas and, in the future, nuclear energy, there are little cooperation in other fields. Bilateral trade value remains modest. Vietnamese Minister believes that Vietnam and Russian Federation can develop all-round cooperation and reaffirms his commitment to facilitate Russian businesses investing in Vietnam.
Le Minh
Vietnamese
