Vietnam, Russia target $15bn trade, push ahead with Ninh Thuan 1 nuclear project

PM Hung met President Putin in Kazan on Thursday during his June 16-18 trip to Russia to attend the ASEAN-Russia Summit marking the 35th anniversary of ASEAN-Russia relations and hold bilateral engagements, according to Vietnam’s Ministry of Foreign Affairs.

The leaders discussed measures to deepen cooperation across key sectors and advance agreements reached by senior officials in recent years.

Energy cooperation was one of the key topics of discussion.

The two sides agreed to push ahead with the Ninh Thuan 1 nuclear power plant project in Khanh Hoa Province, describing nuclear energy and oil and gas cooperation as key pillars of bilateral ties that should proceed according to the agreed roadmap.

Vietnam and Russia signed an intergovernmental agreement on the project in March 2025 after basically completing negotiations.

The two countries also set a goal of raising bilateral trade to $15 billion in the near future.

Last year, two-way trade reached $4.77 billion, up four percent from a year earlier.

In the first five months of 2026, trade reached $2.16 billion, up 6.6 percent year on year, according to official statistics.

The two sides also agreed to expand cooperation in mining, transportation, shipbuilding, railway modernization, the development of transport corridors, and international rail links through China.

PM Hung called on Russia to further facilitate access for Vietnamese products, particularly agricultural goods, to the Russian market.

He also urged Moscow to lift restrictions on certain Vietnamese seafood processing facilities and expand the list of companies eligible to export seafood products to Russia and other members of the Eurasian Economic Union (EAEU).

He further proposed amending the free trade agreement between Vietnam and the EAEU and removing safeguard measures applied to Vietnamese textile and footwear exports to Russia and other EAEU markets.

The two leaders agreed to strengthen regular and substantive dialogue and maintain close exchanges between senior officials on bilateral and international issues.

Defense and security cooperation was reaffirmed as a strategic pillar of the relationship, with both sides agreeing to expand collaboration in cybersecurity and military exchanges.

President Putin thanked Vietnam for its active contributions to the success of the ASEAN-Russia Summit and described Vietnam as one of Russia’s most important partners and a close friend in the region.

He said Vietnam plays a key role in connecting Russia with ASEAN and promoting Moscow’s cooperation initiatives in Southeast Asia.

Recalling his recent meetings with Vietnam’s senior leaders, President Putin expressed confidence that PM Hung and the new Vietnamese government would continue working closely with Russia to strengthen the comprehensive strategic partnership across all areas.

In response, PM Hung stated that Vietnam consistently regards Russia as one of its most important foreign policy partners.

He emphasized that despite global uncertainties, the traditional friendship and cooperation between the two countries have continued to develop positively across multiple sectors.

He added that the Vietnamese government hopes to work closely with Russia to implement agreements reached between Party General Secretary and State President To Lam and President Putin, further advancing bilateral cooperation.

Vietnamese authorities have been tasked with developing implementation plans and regularly reporting on progress in carrying out those high-level agreements, PM Hung said.

He also called on President Putin to continue supporting efforts to implement commitments already reached by the two countries.

In tourism, education, and people-to-people exchanges, President Putin expressed support for expanding Russian-language education in Southeast Asia, including Vietnam, and reaffirmed Russia’s commitment to supporting Vietnamese students studying in the country.

The two sides agreed to promote tourism and cultural exchanges, establish a Vietnamese cultural center in Russia, consider establishing a Russian school in Hanoi, and organize a Russian Cultural Season in Vietnam in 2027.

PM Hung invited President Putin to attend the APEC Economic Leaders’ Week, scheduled to be held in Phu Quoc Special Zone, An Giang Province in 2027, saying the Russian leader’s participation would contribute to cooperation, development, peace, and stability in the region and beyond.