The consensus was reached at a three-day meeting between the two countries’ experts on trade issues that wrapped up in Moscow, Russia, on June 27 and states that Russia and Viet Nam will recognise each other’s market economy and Viet Nam will commit its total support for Russia’s bid.

The MoU is expected to be signed by leaders of the Vietnamese Ministry of Trade and the Russian Ministry of Trade and Economic Development by early next month.

Both sides also discussed measures to settle some residue trade issues revolving around Vietnamese exports of rice, seafood and other goods and how to increase bi-lateral trade between the two nations.

The Vietnamese delegation was led by Head of the Trade Ministry’s European Market Department Nguyen Chi Tam while the Russian delegation was headed by Russia’s chief WTO negotiator, Maxim Medvedkov.(VNA)