Vietnam, Venezuela agree on increased economic relations

The Venezuelan president’s visit was marked by a commitment to boost bilateral trade - Photo: VNA

In their discussions during the former’s official visit to Vietnam from August 30-September 1, the two leaders agreed that bilateral trade turnover should reach $1-2 billion over the next few years, up from about $100 million per year now.

They also agreed that actively implementing the two countries’ bilateral trade co-operation agreement, which took effect on July 28, 2015, was a key to reach the ambitious target.

The leaders said favourable conditions would be created for enterprises from both nations so they could expand business and production, particularly in energy, oil and gas, agricultural and fishery, manufacturing, processing, infrastructure, social housing, construction material, and electrical equipment sectors.

Vietnam and Venezuela signed several deals within the framework of the visit, including one about an agricultural co-operation project for the 2015-2018 period, which will create a legal basis for the early implementation of three future projects on food production, aquatic production, and husbandry in Venezuela.

Moros also affirmed that Venezuela stood ready to support Vietnam in expanding its economic and trade relations with 19 Caribbean nations that are members of the PetroCaribe Alliance and home to a population of about 90 million people.

Moros announced that Venezuela fully supported Vietnam in running for a seat on the UN’s Economic Social Council for the 2016-2018 tenure.

After extending an invitation to Sang to visit Venezuela, Moros paid courtesy calls to Prime Minister Nguyen Tan Dung and Party General Secretary Nguyen Phu Trong.

Vietnam exports footwear, garments and textiles, mobile phones, electrical equipment, and foodstuffs to Venezuela, while importing garment and textile materials, footwear, rubber, machinery, and spare parts from this market.