Viet Nam and Russia are stepping up efforts to conclude negotiations for the signing of a free trade agreement (FTA) between Viet Nam and the Customs Union of Russia, Belarus and Kazakhstan in early 2015.

Deputy Prime Minister Hoang Trung Hai and his Russian counterpart Igor Shuvalov.

The talks continued at the 17th session of the Viet Nam -Russia Inter-Governmental Committee on Economic-Trade and Scientific-Technological Co-operation which took place in Vladivostok last week.

The strategic deal is hoped to bring enormous benefits to the parties and contribute to their co-operation.

Viet Nam wants to continue its close and effective co-ordination with Russia in the fields of energy, oil and gas and mining.

The country is also interested in other realms such as engineering, automobile assembly, shipbuilding, trade, finance and banking, education and training, agriculture, science and technology, telecommunications, aviation, sports, tourism and satellite research.

Deputy Prime Minister Hoang Trung Hai, head of the Vietnamese sub-committee, and his Russian counterpart Igor Shuvalov had highlighted the sound political ties between the two countries and discussed measures to cement bilateral relations in various fields.

They noted that both countries were effectively carrying out activities to promote the Viet Nam -Russia comprehensive strategic partnership, including annual strategic dialogues on foreign affairs, security and defence.

The two countries have also closely worked together and given mutual support at international forums of the United Nations, the Asia-Pacific Economic Co-operation (APEC) forum, the ASEAN Regional Forum (ARF), the Asia-Europe Meeting (ASEM) and the Association of Southeast Asian Nation (ASEAN)– Russia.

Last year, two-way trade rose 12.6 percent to US$2.758 billion.

Russia had 101 investment projects in Viet Nam by the end of June with a total registered capital of US$2 billion, while Viet Nam poured US$2.5 billion into 20 projects in Russia, mainly focusing on oil and gas, real estate, food processing, textiles and footwear.

The inter-governmental committee is willing is to create favourable conditions for businesses from the two countries to boost investment in their respective markets.

The next meeting will be held in Viet Nam in 2015.

VNS/VNN