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Vietnam & Oman strengthen relations

Released at: 15:51, 23/03/2018

Vietnam & Oman strengthen relations

Oman Commerce and Industry Minister His Excellency Dr.Ali bin Masoud al Sunaidy (first from left) at the press conference in Hanoi (Photo: VOI)

Third meeting of Joint Committee on Economic and Technical Cooperation held in Hanoi on March 22.

by Linh San

Relations between Vietnam and Oman have been stepped up with the third meeting of the Joint Committee on Economic and Technical Cooperation (JCETC) between the two, held by Minister of Industry and Trade Dr. Tran Tuan Anh and Oman's Minister of Commerce and  Industry Dr. Ali bin Masoud al Sunaidy in Hanoi on March 22. The two sides worked on new mechanisms to promote signed agreements and discussed new directions and tackled problems to create a breakthrough in the relationship.

Attending the JCETC was the Oman Business Delegation headed by Mr. Qais Mohammed Al Yousef, President of the Omani Chamber of Commerce and Industry, with ten enterprises operating in the fields of Electrical & Electronics Equipment, Construction, Real Estate, Hotel and Tourism, Education, Health, Agriculture, Seafood Processing, Shipbuilding, Marine Equipment, Oil & Gas, Logistics, Mining, Financial Services, Investment, and Fabrics and Textile. The delegation will conduct trade activities and promote business opportunities, industrial cooperation, and investments with partners in Vietnam.

The operation of the Vietnam - Oman Investment Joint Venture (VOI) was highlighted at the meeting as a good model of investment by Oman in Vietnam and for its role as a bridge for economic cooperation between the two countries. With a philosophy of value investing and long-term investment, VOI’s key investments are based on the story of Vietnam’s growth and found in key sectors such as energy, sugar, logistics, education, healthcare, agriculture, consumer goods, and others.

VOI has grown into an active and responsible investor in important projects with leading Vietnamese partners, such as providing scholarships to students at Van Lang University, creating the foundation for the strategic partnership, becoming one of the largest shareholders of the Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII), , investing in the Hau River Water Plant in the Mekong Delta’s Hau Giang province and the Sai Gon Water Plant in Ho Chi Minh City, and establishing a greenfield cocoa project in the central highlands that contributed to Vietnam’s entry into the world’s leading cocoa exporters. VOI has disbursed more than $200 million over nearly ten years.

“With the confidence and support of the governments of Vietnam and Oman, VOI has focused on investing in Vietnam’s competitive growth sectors and contributed to the long-term sustainable development of the economy,” said Mr. Abdullah Al Harthy, Chairman of VOI and a member of the Vietnam-Oman Joint Committee. “It invests in the fields of electricity, sugar, logistics, clean water, education, healthcare, agriculture, and consumer goods. We are also very interested in human resources development in Vietnam and have expanded our investments in education, providing scholarships to students at Van Lang University and participating in sponsoring the International Chess Championship HDB 2018, which just concluded in Hanoi.”

“Although Oman is a small country in the Middle East, we insist on a global mindset of cooperation,” he went on. “We have seen strong growth in Vietnam over the last ten years, which is one reason why we have chosen to maintain a strong presence for all these years.”

The Vietnam-Oman Business Forum was organized by Vietnam Chamber of Commerce and Industry and Oman Investment (VOI) in Hanoi on March 22 with the participation of dozens of enterprises from the two countries, presenting an opportunity for the two sides to seek new investment and trade opportunities to create a breakthrough in bilateral relations. VOI’s effective investment activities are an important bridge in cooperation between the two countries.

Vietnam and Oman officially established diplomatic relations on June 9, 1992. In the relatively short time since, the two countries have never ceased cultivating and developing relations in many aspects and have regularly exchanged high-level delegations.

The two have signed several bilateral agreements and memoranda of understanding in the fields of aviation, trade, human resources, mutual investment protection, and double taxation avoidance, and also exchanged a number of business delegations.

Vietnam and Oman established the JCETC in 2008, resulting in the establishment of VOI.

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