Russia is expanding its industrial relations with Southeast Asian countries. As part of a working visit to Vietnam, a government delegation led by Prime Minister Dmitry Medvedev concluded several important agreements with the country’s leadership.
The parties agreed to establish a free trade zone between Vietnam and the Eurasian Economic Union. By the end of the second quarter of 2015, Russia and Vietnam are expected to sign all of the necessary documents. The new agreement will allow a 2.5-fold increase in trade between the countries.
The negotiators agreed on a range of investment projects, including delivery of Sukhoi Superjet 100 civilian aircraft to Vietnam and the regional organization of joint assembly plants and post-sale service centers for automobiles, trucks, and buses produced in Russia. In the future, the mining companies VSMPO-AVISMA and GeoProMining in Vietnam will excavate titanium deposits and will organize the production of titanium sponge and titanium dioxide for both the domestic market and the markets of neighboring countries.
In 2014, the volume of trade between Russia and Vietnam amounted to $3.75 billion, which does not correspond to the level of relations between the two countries. By 2020, the leaders of Russia and Vietnam plan to increase this figure to at least $10 billion.