Putin Lauds Vietnam’s Balanced Stance on Ukraine, Highlights Strategic Cooperation

Date:

HANOI, June 19 (Reuters) – In an opinion piece published in the Nhan Dan newspaper, the official publication of Vietnam’s Communist Party, Russian President Vladimir Putin praised Vietnam for its “balanced” stance on the Ukraine conflict. The timing of this piece coincides with Putin’s state visit to Vietnam, underscoring the strategic importance of their bilateral relations.

Thank you for reading this post, don't forget to subscribe!

Vietnam’s Neutrality on Ukraine

Vietnam’s neutral stance on the Ukraine war, characterized by abstaining from condemning Russia’s actions, aligns with its broader foreign policy of maintaining neutrality in relations with major world powers. This position, while controversial in Western capitals, has earned praise from Putin, who commended Vietnam for supporting a “pragmatic way to solve the crisis.”

Strategic Energy and Trade Partnerships

Energy cooperation stands out as a cornerstone of Russia-Vietnam relations. Putin highlighted the significance of joint ventures in fossil fuels located both in the South China Sea and northern Russia. Russian energy giant Gazprom operates gas fields in Vietnam, and Novatek has plans to launch liquefied natural gas (LNG) projects in the country. Additionally, Putin mentioned a prospective Centre for nuclear science and technology in Vietnam, to be developed with Rosatom’s support. This initiative comes despite Vietnam’s suspension of its nuclear power plant plans a decade ago, indicating potential shifts in energy strategy amid proposals from other nations like South Korea and Canada.

Financial and Trade Dynamics

Putin also lauded advancements in financial and trade relations, particularly in the context of Western sanctions complicating transactions with Russian banks. He noted that 60% of bilateral trade payments in the first quarter of this year were conducted in roubles and Vietnamese dong, a significant increase from the previous year’s 40%. The Vietnam-Russia Joint Venture Bank, established in 2006, plays a pivotal role in ensuring these financial transactions.

Despite these developments, Vietnam’s trade with Russia remains relatively modest, with the United States and China being Hanoi’s primary trading partners. However, the strategic partnership with Russia, especially in energy and defense, remains crucial. Vietnam has historically been a significant importer of Russian weapons, reinforcing the depth of military cooperation between the two countries.

Regional Security and Geopolitical Implications

Putin’s visit to Vietnam follows a trip to North Korea, reflecting Russia’s broader strategic interests in the Asia-Pacific region. Both nations share similar assessments of regional security dynamics, particularly concerning the South China Sea, where Vietnam’s position contrasts with China’s expansive claims. This alignment strengthens their bilateral relationship, providing a counterbalance to China’s regional ambitions.

In conclusion, Putin’s visit and his detailed commentary on Vietnam’s stance and bilateral cooperation highlight the deepening strategic ties between Russia and Vietnam. As both nations navigate complex geopolitical landscapes, their partnership in energy, trade, and regional security underscores the multifaceted nature of their alliance.

By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:

Subscribe

Popular

More like this
Related

Data Shows N1,117/Litre Landing Costs Push Nigeria’s Secret Subsidy Bill Higher

Rising landing costs for petrol are set to significantly...

Russian Employment Agencies Recruiting African Specialists

By Kestér Kenn Klomegâh With thousands conscripted into...

Nigeria’s Cyber Space Not Affected by Global IT Outage, ngCERT Reports

Lagos, July 19, 2024 (Naija247news) - The Nigeria Computer...
× How can I help you?