Oh no, don't do this. You don't have enough screen real estate in portraitmode. If you have more room it might be okay, but it depends on the pixel density and the viewport of the device. For small smartphones it's just simply too narrow. You'll have a huge chance of unintentional scrolling which is really a bad experience. Besides, how long are the labels going to be? If they are more than a few characters, they won't even fit in the reserved space
Is it really necessary to display them both? Is it not possible to use a hamburger navigation (the correct term is sidebar navigation, but I like hamburger more :) ). See Facebook, Google+ or Mashable for example