Viet Nam and Russia established a strategic partnership in 2001 and upgraded the relationship to the level of a comprehensive strategic partnership in 2012, according to the Viet Nam News Agency.
Both countries have effectively implemented the existing cooperation mechanisms, particularly the Viet Nam-Russia Inter-governmental Committee on Economic, Trade and Scientific and Technological Cooperation, annual Strategic Dialogue on Diplomacy-Defence-Security, and regular political consultations between their Foreign Ministries.
Bilateral economic-trade ties enjoyed dynamic developments, with two-way trade reaching US$3.2 billion in 2012, a year-on-year increase of 19.7%. The two countries’ trade is expected to reach US$4 billion this year./.