Vietnam and Oman witness remarkable development in bilateral relations

Wednesday, 2020-11-18 09:36:44
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Vietnam’s Minister of Industry and Trade Tran Tuan Anh (L) and Omani Minister of Commerce and Industry Ali bin Masoud Al-Sunaidy sign a minute at the end of the third meeting of the Vietnam-Oman Joint Committee on Economic and Technical Cooperation, Hanoi, March 23, 2018. (Photo: NDO)
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NDO – The relationship and economic cooperation between Vietnam and Oman has witnessed a strong positive growth in recent years, especially in bilateral trade turnover as the figure in 2019 was nearly double that of 2017.

The two countries are in the process of negotiating to finalise other agreements to further promote bilateral relations.

Oman Ambassador in Vietnam Saleh Mohamed Ahmed al Suqri said that, thanks to efforts of the two governments, the bilateral relations have witnesses massive progress in many fields since the establishment in 1992.

Vietnam and the Sultanate of Oman have a tradition of long-lasting, friendly cooperative relations and potential strategic partner. The two countries constantly support each other to maintain their leadership roles in Southeast Asia and the Middle East, as well as in the international area.

Sultan Haitham Bin Tariq reaffirmed the permanent standings of the Sultanate’s foreign policy, saying that the Sultanate advocates peaceful co-existence among nations, good neighbourliness and non-interference in the internal affairs of other countries.

The bilateral relations was established in 1992, followed by the establishment of the Oman - Vietnam Investment joint venture (VOI) in 2008, and Oman’s initiative to open its embassy in Hanoi in 2010, during that period the two countries signed seven bilateral cooperation agreements and two memorandums of understanding in fields of aviation, trade and investment, double taxation avoidance, oil and gas, agriculture, labour, and joint council of businessmen.

Over the past 28 years, the two countries have exchanged official visits of various levels, latest of which was the visit of Dr. Ali bin Masoud Al-Sunaidy, the former Minister of Commerce and Industry, to Hanoi in March 2018 to attend the third Oman - Vietnam Joint Committee Meetings for Economic Cooperation, followed by the visit of Deputy Minister of Foreign Affairs of Vietnam Nguyen Quoc Cuong to the Sultanate of Oman in October 2019 to attend the Political Consultation Meetings in Muscat. There were also several visits by businessmen from Oman to Vietnam.

The two countries continue to maintain comprehensive development in various fields, including diplomacy, investment, trade, and tourism, through the annual meetings of the Vietnam - Oman Intergovernmental Cooperation Committee.

At a meeting in March 2018, Vietnamese Minister of Industry and Trade Tran Tuan Anh and Omani Minister of Commerce and Industry Ali bin Masoud Al-Sunaidy signed the 3rd Meeting Resolution of the Joint-Committee on Economic and Technical Cooperation between the two countries. Many trade and investment projects have been initiated after each session, with total bilateral import and export turnover having increased sharply, bringing about great economic achievements for the two countries.

Proving that, the bilateral trade has seen strong growth recently, climbing to US$117 million in 2017 and US$127 million in 2018 and US$200 million in 2019.

In addition, the VOI established in 2008 is an important joint venture between the Oman Investment Authority and the State Capital Investment Corporation of Vietnam. After more than 10 years of establishment, the VOI has invested almost US$300 million in Vietnam, focusing on essential sectors such as hi-tech agriculture, infrastructure, water treatment, renewable energy, pharmaceutical and healthcare, and education, helping to increase the volume of bilateral trade by 122%.

The trade exchange includes mobile phones, electronic devices, agricultural products of all kinds, fish, industrial products and various equipment, with value of US$200 million dollars annually, and it is expected to be doubled in future after opening direct flights and operating direct shipping lines between the two countries.

The achievements from both sides, hailed the promising future of Vietnam-Oman relations in various areas, including trade, investment, cultural cooperation, education-training, tourism, agriculture, oil and gas, among others.

The port of Duqm in Oman

The two countries could also expand the cooperation to many other fields such as ports, for example between Oman’s port of Duqm and Saigon Port, as well as technology transferring, agriculture and fisheries with high technology, training, exchanging investments and cooperation in free economic zones and logistics, and exchanging expertise in maritime economy, by taking advantage of the strategic locations of both countries, in line with the sustainable development plans of Vietnam and Oman.