Vietnam and Oman to promote bilateral relations

November 18, 2020 | 11:13
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Oman and Vietnam are in the final stages of negotiating agreements to promote bilateral relations in numerous sectors, including investment, education, trade, and tourism.

This was announced by Saleh Mohamed Ahmed al Suqri, Ambassador of the Sultanate of Oman in Vietnam at the ceremony to celebrate the 50th National Day of the Sultanate of Oman.

The relationship and economic cooperation between Vietnam and Oman in recent years has witnessed strong positive growth, especially in bilateral trade turnover. The two countries are in the process of finalising multiple bilateral agreements and memoranda in the areas of aviation, trade, human resources, mutual investment protection, and double taxation avoidance to promote bilateral relations.

Suqri said that bilateral relations have witnessed massive progress in many fields since their establishment in 1992, thanks to the efforts of the two governments.

Vietnam and the Sultanate of Oman have a long tradition of friendly cooperative relations with a potential strategic partnership on the cards. 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 arena.

vietnam and oman to promote bilateral relations
His Majesty Sultan Haitham Bin Tarik

His Majesty Sultan Haitham Bin Tariq reaffirmed the permanent stance 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.

vietnam and oman to promote bilateral relations
Vietnam and Oman to promote bilateral relationship

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

vietnam and oman to promote bilateral relations
Vietnam’s Minister of Industry and Trade and the Omani Minister of Commerce and Industry signing the minutes of the meeting at the end of the third meeting of the Vietnam-Oman Joint Committee on Economic and Technical Cooperation, Hanoi in March 2018

In a March 2018 meeting, Minister of Industry and Trade of Vietnam Tran Tuan Anh and Minister of Trade and Industry of Oman Ali bin Masoud Al Sunaidy signed the Third Meeting Resolution of the Joint-Committee on Economic and Technical Cooperation between the two countries. After each session, many trade and investment projects have been initiated, the total of bilateral import and export turnover has increased sharply, bringing about great economic achievements for the two countries.

vietnam and oman to promote bilateral relations

Proving this, bilateral trade has seen strong growth, reaching $117 million in 2017, $127 million in 2018, and $200 million in 2019.

In addition, Vietnam-Oman Investment JSC (VOI) established in 2008 is an important joint venture between the Oman Investment Authority, which was previously known as State General Reserve Fund of Oman, and the State Capital Investment Corporation of Vietnam. After more than 10 years of establishment, VOI has invested almost $300 million in Vietnam, focusing on essential sectors namely high-tech agriculture, infrastructure, water treatment plants, renewable energy, pharmaceuticals and healthcare, and education.

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

By Ha Vy

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