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Vietnam and Russia aim to triple bilateral trade to $10 bn by 2020

Vietnam and Russia aim to triple bilateral trade to $10 bn by 2020

The prime ministers of Vietnam and Russia have agreed to nearly triple their bilateral trade volume to USD 10 billion by 2020 from USD 3.55 billion last year.

Speaking to reporters after talks behind closed doors in Hanoi on Monday, Russian Prime Minister Dmitry Medvedev said the two countries will continue to expand their cooperation in the oil, gas and energy industries and transportation.

Vietnamese Prime Minister Nguyen Xuan Phuc said bilateral cooperation in defence and security among other things 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 volume to USD 10 billion by 2020.

(With inputs from agencies.)

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