Chairman of the Russia-Vietnam Friendship Association Vladimir Buianov made the affirmation in an interview with Vietnam News Agency ahead of the visit, which takes place from September 5-8.

Buianov said bilateral ties are developing well. The two countries have high political trust, reflected through regular visits by their high-ranking leaders, and have relatively similar stances on international issues.

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Chairman of the Russia-Vietnam Friendship Association Vladimir Buianov

Two-way trade has exceeded USD 3 billion, and is expected to rise to USD 10 billion by 2020.

The current figure fails to meet the nations’ potential and capacity, but several positive signs have been seen, he said.

According to him, the Free Trade Agreement between Vietnam and the Eurasian Economic Union (EAEU), which became effective in October 2016, has helped increase Vietnam-Russia trade.

Vietnam has invested in husbandry in Russia, most notably the project Vietnamese dairy firm TH True Milk’s cow breeding and dairy processing complex.

The two countries should establish a joint venture in the husbandry sector, he suggested.

To boost bilateral trade, Buianov stressed the need to implement signed agreements and commitments, and expand collaboration between the nations’ small- and medium-sized enterprises.

He expressed his belief that Party General Secretary Trong’s visit will help enhance bilateral ties in both politics and economy.

Source: VNA