Vietnam and Russia aim to triple bilateral trade by 2020

Russian Prime Minister Dmitry Medvedev, right, and his Vietnamese counterpart Nguyen Xuan Phuc, wave school children before heading for talks behind closed doors in Hanoi, Vietnam, Monday, Nov. 19, 2018. Medvedev is in Vietnam for a two-day visit to boost ties between the two countries. (Hoang Thong Nhat/ Vietnam News Agency via AP)
Russian Prime Minister Dmitry Medvedev, center right, and his Vietnamese counterpart Nguyen Xuan Phuc review an honor guard in Hanoi, Vietnam, Monday, Nov. 19, 2018. Medvedev is in Vietnam for a two-day visit to boost ties between the two countries. (Hoang Thong Nhat/Vietnam News Agency via AP)

HANOI, Vietnam — The prime ministers of Vietnam and Russia agreed Monday to nearly triple their countries' two-way trade to $10 billion by 2020 from $3.55 billion last year.

Speaking to reporters after talks in Hanoi, Russian Prime Minister Dmitry Medvedev said the countries will expand their cooperation in the oil and gas industries and transportation.

"We emphasized that energy companies from Russia and Vietnam have had successful cooperation and we wish that cooperation will continue to be consolidated," Medvedev said through a translator.

Russia currently invests in over a hundred projects in Vietnam worth $990 million, many in oil and gas exploration and exploitation, according to Vietnam's Foreign Ministry.

Vietnamese Prime Minister Nguyen Xuan Phuc said cooperation in defense and security and other areas has seen positive results.

Russia is Vietnam's main weapons supplier.

Phuc said the two countries will be able to cooperate more effectively through the Russian-led Eurasian Economic Union trade deal which took effect in 2016, and will boost bilateral trade to $10 billion by 2020.

Medvedev was scheduled to meet with Vietnamese President Nguyen Phu Trong and National Assembly Chairwoman Nguyen Thi Kim Ngan later Monday before concluding his visit.

Must Read

China promises cooperation on steel at global summit

Sep 5, 2016

China promises cooperation on steel at global summit amid pressure for trade curbs

New wave of anti-China activists set for Hong Kong vote win

Sep 5, 2016

A new wave of anti-China activists appeared headed for victory in Hong Kong's most crucial...

Merkel appeals to Russia to enable Syria cease-fire

Sep 5, 2016

German Chancellor Angela Merkel is renewing an appeal to Russia to enable a cease-fire in Syria and...

Asian stocks drift as Fed rate outlook eases on service data

Sep 7, 2016

Asian stocks meandered Wednesday after a weak report on U.S. service companies reinforced...

Global markets mixed after Wall Street loss

Dec 23, 2016

Asian markets are mostly lower while Europe has gained in early trading ahead of the Christmas...