Canadian Manufacturing

Vietnam and Russia aim to triple bilateral trade by 2020

Vietnamese Prime Minister Nguyen Xuan Phuc, said the two countries will be able to co-operate more effectively through the Russian-led Eurasian Economic Union trade deal, which has been on the books since 2016


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HANOI, Vietnam – The prime ministers of Vietnam and Russia have agreed to nearly triple their bilateral trade volume to $10 billion by 2020 from $3.55 billion last year.

Speaking to reporters after talks behind closed doors in Hanoi on Monday, Russian Prime Minister Dmitry Medvedev said the two countries will continue to expand their co-operation in the oil, gas and energy industries and transportation.

Vietnamese Prime Minister Nguyen Xuan Phuc said bilateral co-operation in defence and security among other things has seen positive results.

Russia is Vietnam’s main weapons supplier.

Phuc said the two countries will be able to co-operate more effectively through the Russian-led Eurasian Economic Union trade deal, which took effect in 2016, and will boost bilateral trade volume to $10 billion by 2020.


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