The volume of trade between Russia and Vietnam could grow to $10 billion by 2020, according to Vietnam’s Deputy Foreign Minister To Anh Dung.

Speaking at the Eastern Economic Forum (EEF) in Russia’s Vladivostok on Wednesday, he said: “Both sides have possibilities to improve the efficiency of comprehensive cooperation in all aspects.”

The official noted that Vietnam’s free trade agreement with the Russian-led Eurasian Economic Union (EEU) has significantly contributed to trade turnover growth. Hanoi inked the free trade zone deal with the EEU in 2015, becoming the first non-regional country to join the bloc.

Last year, Russia’s exports to Vietnam amounted to $2.5 billion, while imports from Vietnam totaled $3.6 billion.

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The Southeast Asian country is interested in expanding the export of agricultural products, seafood, rubber, textiles, timber and electronics to Russia. According to the deputy minister, Hanoi is ready to import iron, steel, mineral coal, fertilizers and other commodities from Russia.

He also said that Vietnam intends to attract Russian investment in such areas as energy, mining, engineering, and infrastructure.

“Meanwhile, we are keen to boost investments in Russia, particularly in the oil and gas sector, service sector, trade and joint production development. Moreover, both sides have a huge potential to develop collaboration in new areas, such as nuclear energy and renewable sources of energy, cybersecurity, and the pharmaceuticals industry,” he said.

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