At a joint press conference on June 29, 2017, Tran Dai Quang and Vladimir Putin announced that the investment will be poured into 20 priority projects, including a joint Vietnamese-Russian oil and gas enterprise.
The 2 countries have set an ambitious target of raising bilateral trade to $10 billion by 2020.
Oil and gas will remain the top priority sector for cooperation between the countries, Vladimir Putin said.
Vietsovpetro, a Vietnam-Russia joint venture, accounts for a 3rd of the crude oil extracted in Vietnam.
V. Putin said Russia is committed to providing Vietnam with LPG and other fuels.
He also said Russian enterprises are ready to join in modernizing Vietnam’s power plants and help the country build new power plants.
The 2 leaders also agreed to coordinate closely with each other in implementing the Vietnam-Eurasia Economic Union (VN-EAEU) Free Trade Agreement in order to fully exploit its advantages for further cooperation in trade and investment.
The FTA, involving Vietnam, Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, was signed in May 2015 and took effect on October 5 last year.