Vietnam and Russia set up strategic partnership in 2011

The Vietnam-Russia relations have entered a new phase of quality development after over a decade of establishment of strategic partnership.

Vietnam always attaches importance to the traditional friendship and strategic partnership with Russia. Meanwhile, Russia considers the development of diversified relations with Vietnam as a prioritized direction in its foreign policy in the Asia-Pacific region.

Political aspect

Vietnam and Russia on January 30, 1950 officially set up diplomatic ties.

The two countries on June 16, 1994 signed a treaty on the basic principles for Vietnam and Russia’s friendship which set a legal framework for bilateral relations during the new period of development.

Since 1997, high-ranking leaders annually maintained reciprocal visits.

Especially, the two countries declared a strategic partnership in March 2001 during the official visit of Russian President Vladimir Putin. This was the first time a Russian top leader visit Vietnam since the diplomatic establishment between the two sides.

Political relations between Vietnam and Russia have been continuously consolidated with the regular exchange of high-level delegations, including visits to Russia by Vietnam’s Party General Secretary Nong Duc Manh in October 2002 and July 2010, State President Tran Duc Luong in May 2004, State President Nguyen Minh Triet in August 2008 and May 2010, Prime Minister Nguyen Tan Dung in September 2007 and December 2009, National Assembly Chairman Nguyen Van An in January 2003, NA Chairman Nguyen Phu Trong in April 2009 and State President Truong Tan Sang in July 2012.

The Declaration on strategic partnership and comprehensive ties was issued at the second visit of Russian President Vladimir Putin to Vietnam on November 20, 2006. The document defined the list of prioritized fields for bilateral cooperation between Vietnam and Russia.

Lately, during the official visit of State President Truong Tan Sang this July, the two sides announced the Joint Declaration on further strengthening the comprehensive partnership.

Economic ties

The bilateral economic and commercial ties have also flourishing over the past years. Especially, the two-way trade turnover outstripped US$1 billion in 2005. The two sides hoped to raise trade volume to US$3 billion in 2012; US$5 billion in 2013 and US$10 billion in 2020.

Both sides agreed to accelerate negotiations and the singing of a free trade agreement (FTA) between Vietnam and the customs alliance of Russia, Belarus, and Kazakhstan.

Vietnam and Russia are cooperating in strategic economic sectors in which Russia supported Vietnam to build the first nuclear power plant in Ninh Thuan province.

By the end of this August, Russia had 84 investment projects in Vietnam, with a total investment of US$924 million focusing on mining, the processing industries and manufacturing. Meanwhile, Vietnam’s investment in Russia rose from almost US$100 million in 2008 to the current figure of US$776 million on such areas as on oil and gas, banking and trade.

Energy field

Energy is a traditional strategic and effective area of cooperation between Vietnam and Russia, bringing significant sources of income to both budgets.

In addition to the Vietsovpetro joint venture, both countries have set up other joint ventures, including Rusvietpetro, Vietgazprom and Gazpromviet to expand cooperation in exploring and exploiting oil and gas in Vietnam, Russia and third countries.

In addition, the two sides have also strengthened cooperation in other fields such as military, culture, education, science-technology and sports.

                                                                                                                                              TTO