Trade between Russia, Vietnam surging in 2012

MOSCOW - Trade volume between Russia and Vietnam would rise by $1 billion to $4 billion in 2012, said Russian economist Elvira Nabiullina Monday.

While addressing a Russia-Vietnam business conference in Moscow, Nabiullina, who was appointed as President Vladimir Putin's economic advisor in May, said bilateral trade turnover between the two countries has risen three-fold since 2006.

The two-way trade between Russia and Vietnam was $1.5 billion in the first five months of the year, said Nabiullina, who insisted both Russia and Vietnam still need to tap their potentials in trade.

According to an estimate given by the Russian Ministry for Economic Development, which was led by Nabiullina in the previous government, trade volume between Russia and Vietnam could reach $5 billion by 2015.

During Vietnamese President Truong Tan Sang's visit to Russia on July 26-30, the two countries agreed to further expand their economic and trade cooperation.

To achieve the goal, both Moscow and Hanoi have been considering a free-trade agreement between Vietnam and the tripartite Customs Union comprising Russia, Belarus and Kazakhstan, Nabiullina said.  

Vietnamese President Sang said Sunday his country is interested in joining the Customs Union, which became fully operational on July 1, 2010.