"Exports from Vietnam increased by 20 percent during the first seven months of 2016, while exports from Russia to Vietnam [increased] by 48 percent," he said.
He added, that trade was likely to continue to increase, especially once the free trade agreement between Vietnam and the Russia-led Eurasian Economic Union (EEU) enters into force.
"We hope that the growth in trade will increase by $10 billion by 2020 as agreed upon by the two governments. This is a minimum, it can increase by $15-20 billion as a result of the deal," he continued.
Vietnam became the first country to sign a free trade agreement with the EEU in May 2015, the deal will enter into force in October, 2016. The agreement stipulates that all parties must remove all major trade barriers in their markets to imports from other signatory states.
The EEU, comprising Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, is an international organization that encourages regional economic integration through the free movements of goods, services and people within the bloc.
