Vietnam – Russia: To speed up progress of Energy projects

Vietnam – Russia: To speed up progress of Energy projects - 

Prime Ministers Nguyen Tan Dung and Dmitry Medvedev have agreed to guarantee investment capital for implementing Vietnam –Russia cooperation energy projects, including petroleum projects on the continental shelf of Vietnam and in Federation of Russia, and promote development of Ninh Thuan 1 Nuclear Power Plant (NPP).

On April 6, after a warm ceremony for welcoming Mr. Dmitry Medvedev in the Presidential Palace, the PMs Nguyen Tan Dung and Dmitry Medvedev met for a talk.

In the talk, the Prime Ministers affirmed to continue consistent implementing the policy to strengthen Vietnam – Russia comprehensive strategic partner relationship for meeting the long-term interests of the peoples in both countries and continue the common efforts for promoting activities in all the cooperation fields.

Petroleum and Nuclear Power development were the two of the fields the PMs have focused to assess.

The PMs agreed that, at present the bilateral investment is not commensurate with the needs and potentials of each country, so that, the High-level Joint Working Group on the Vietnam - Russia investment projects head by the Ministers of Industry and Trade has to pay special attention to reasonably choice the privileged projects and effectively implement these projects.

In the situation, the world economies have a lot of difficulties that directly affect our countries, the two sides agreed to strengthen a tight cooperation, ensure investment capital for developing energy projects, including oil and gas projects on continental shelf in of Vietnam and in Russia with an aim to strengthen cooperation not only in the exploration and exploitation but also in the processing and petrochemical fields.

The PMs high appreciated the ministries and relevant agencies of the two nations for actively implementing cooperation in the petroleum, nuclear power, mining industry and agriculture fields...

The two sides affirmed to promote developing Ninh Thuan 1 Nuclear Power Plant as agreed in accordance with the motto of meeting the needs on security guarantee, highest safety and compliance with the regulations of the Vietnamese Laws on construction investment.

At a press conference, PM. Dmitry Medvedev affirmed a 20% per year growth rate of Vietnam – Russia trade turnover in recent 5 years with a remarkable attention as this rate focuses the high added value products, although a temporary decrease of trade turnover in 2014.

PM. Dmitry Medvedev informed, the Russian side has discussed the measures for both sides to implement in coming time in order not only to overcome the recent bilateral trade turnover decrease but also to raise it up to $US10 billion in 2020 as agreed by the leaders of the two countries.

Russian PM also informed about the signing ceremony of Vietnam – Russia Joint High Level Working Group, taking place today on implementation plans of the privileged projects in 2015.

Accordingly, the two sides will draft a roadmap for each of agreed 17 projects including the very much promising projects as: Russia provides Vietnam with machinery, equipment, aircrafts or Russia organizes to assemble automobiles, manufacture railway engines in Vietnam and many other projects as well.

The Russian PM invited PM Nguyen Tan Dung to pay an official visit to Russia and PM Dung accepted with pleasure. The visit time will be arranged through diplomatic channel.

At the same day, the two PMs have also witnessed the signing ceremony of a number of documents on the fields of energy, investment, banking, health care and transportation, that are including:

1. Joint Declaration of the two co-chairmen of the Vietnam - Russia high-level Working Group on the prior investment projects;

2. The working plan of the Vietnam - Russia High-level Working Group on the prior investment projects in 2015;

3. 2015-2017 cooperation plans on the implementation of the cooperation program for supervision in the field of protecting the interests of consumers between the Vietnamese Ministry of Health and the Russian Consumer Monitoring Agency;

4. The framework agreement on Gazprom Neft to buy 49% shares from the Binh Son Oil Refinery and Petrochemical Company Limited;

5. MoU between PetroVietnam and Gazprom Neft on cooperation in petroleum seeking exploration and exploitation;

6. The cooperation agreement between the Vietnam - Russia and Russia - Vietnam Friendship Associations in 2016-2020 period;

7. MoU between the North Power Service Joint Stock Company (Vietnam) and the InterRao Export Company (Russia) on cooperation for repair, maintenance and modernization of power plants built by the Soviet Union in the territory of the Socialist Republic of Vietnam;

8. Cooperation Agreement between the Vietnam Railway Corporation and "Russian Railways" Joint Stock Company.

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