Viet Nam, Russia recognise each other's market economy

12/07/2007 -- 9:28 PM

Ha Noi (VNA) - Viet Nam and Russia mutually recognise each other's market economy, Foreign Ministry spokesperson Le Dung said at a regular press briefing in Ha Noi, on July 12. The recognition was stated in a memorandum of understanding on Russia 's admission to the World Trade Organisation inked by Vietnamese Deputy Trade Minister Nguyen Cam Tu and Russian Deputy Minister of Economic Development and Trade Vitaly Saveliev in Australia on July 6. "Russia's admission to the world trade body will help boost trade ties with Viet Nam in line with the world's common principles and norms," spokesman Dung said, pointing to the facilitation of goods into each other's markets and economic growth as prime benefits to be derived from the agreement. Viet Nam and Russia are now also tied as strategic partners with two-way trade grossing over 1 billion USD in recent years, the spokesman said. Dung did say however that trade between the two countries remained well below potential and is yet to match their mutual expectations.-Enditem
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