Trade Ties with Vietnam Important: Russian Minister

Trade Ties with Vietnam Important: Russian Minister

Economic and trade cooperation plays an important role in Vietnam-Russia bilateral relations, confirmed Russian Foreign Minister Sergey Lavrov on the occasion of the 55^th anniversary of the two countries' diplomatic ties.

There is room to increase two-way trade to US$1 billion in 2005, the official said in an interview with Vietnam News Agency on Tuesday.

Trade volume between the two nations jumped by nearly one third to US$800 million last year. However, the turnover made up only about 1.5 per cent of Vietnam's total foreign trade, which was reported to be US$60.5 billion in 2004.

Russia will increase exports of equipment for industries like energy, coal mining and civil aviation to Vietnam to balance the two-way trade, Lavrov expected.

Personnel training and cultural exchange are also essential part of the cooperation between the two countries, he added. 

The minister also discussed the prospects of the strategic partnership between the two countries, and noted the bilateral ties have grown stronger in recent years, with regular political dialogues at all levels.

He emphasized Vietnam's role in Russia's foreign policies, adding that Vietnam has promoted political and business contacts between Russia and ASEAN members. He said his country hoped Vietnam will help boost Russia-ASEAN ties.

In related news, the Russian government will grant 180 scholarships to Vietnamese students in 2005. Of the figure, 145 are for undergraduates and the remainder for postgraduates.

More than 4,000 Vietnamese students are currently studying in Russia, of which 1,200 are on Russian scholarships.

• (Youth, Labour)