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Vietnam Today

Relations between Oman and Vietnam being strengthened

Released at: 11:35, 21/11/2018

Relations between Oman and Vietnam being strengthened

H.E. Ambassador of Oman to Vietnam Sheikh Sultan Saif Hilal Al-Mahruqi (L) and Deputy Foreign Minister Nguyen Phuong Nga (Photo: Embassy of Oman in Vietnam)

Potential for cooperation between two is substantial, especially in trade, investment and labor, according to Deputy FM.

by Nghi Do

Vietnam greatly appreciates the dynamism of Omani investors in infrastructure and services in the country and though bilateral trade remains modest it is nonetheless encouraging. The potential for cooperation between the two countries is substantial, especially in the fields of trade, investment and labor.

The comments were made by Deputy Minister of Foreign Affairs Nguyen Phuong Nga during celebrations of the 48th anniversary of the National Day of the Sultanate of Oman, held by the Omani Embassy in Vietnam in Hanoi on November 19.

Positive developments have been achieved in bilateral relations, including the successful holding of the third meeting of the Vietnam-Oman Joint Committee in Hanoi last March and marking 26 years of diplomatic relations.

Thanks to efforts by both governments, the bilateral relationship has been steadily developing since the two sides established diplomatic relations in 1992, said Ambassador of Oman in Vietnam H.E. Sheikh Sultan Saif Hilal Al-Mahruqi. He emphasized that the Vietnam-Oman Investment Joint Venture (VOI), in operation for ten years, is considered a model for effective economic relations between the two countries.

The joint venture is currently investing in important sectors in Vietnam such as healthcare, services, agriculture, cacao cultivation in the central highlands, renewable energy, infrastructure, highways, and clean water plants in Hanoi, Ho Chi Minh City and the Mekong Delta’s Hau Giang province, with over $200 million disbursed over the past decade.

The two countries have signed multiple bilateral agreements and memoranda in the fields of aviation, trade, human resources, mutual investment protection, and double taxation avoidance. They have also boosted exchanges of business delegations.

Oman’s Minister of Commerce and Industry Ali Bin Masoud bin Ali al Sunaidy said that one of the solutions to promote bilateral investment is boosting the development of VOI, as its investment could be doubled. He added that Oman has not been able to secure enough food supplies due to a lack of water for agricultural production. Therefore, this is a promising investment opportunity for Vietnam’s agricultural products, especially rice and vegetables, not only exporting to Oman but also to neighboring countries in the Middle East.

Vietnam and Oman promise to continue to explore the possibility of soon expanding cooperation in a number of potential and key areas, such as oil and gas, finance, banking, labor, transportation, sports, and tourism, with the initial focus on promoting negotiations to sign a visa exemption agreement for holders of diplomatic and official passports, to facilitate travel between the two countries.

Vietnam expects Oman to facilitate the import of its key commodities, including seafood, catfish, shrimp, milk, processed chicken, and rice. Meanwhile, Vietnam will consider importing natural gas, chemicals and minerals, which are all Oman’s strengths.

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