Russian Foreign Minister Sergey Lavrov. Photo: mid.ru

Vietnam and Russia official established diplomatic ties on January 30, 1950. Over the past years, economy and trade have been the highlights in bilateral cooperative relations, with robust growth seen in the oil and gas and energy sectors.

Two-way trade topped 5.3 billion USD in 2017, representing a year-on-year rise of 35 percent. In the first two months of this year, the figure reached 657.7 million USD, up 45.3 percent year on year.

The two countries are working together to raise the bilateral trade value to 10 billion USD by 2020.

Russia has poured more than 1 billion USD in Vietnam, ranking 23rd out of 119 nations and territories investing in the Southeast Asian country.

Meanwhile, Russia is the second biggest recipient of Vietnamese investment, worth nearly 3 billion USD via projects funded by the Vietnam Oil and Gas Group (PetroVietnam), TH True Milk Group and Hanoi-Moscow Trade Center.

Source: VNA