Viet Nam and Oman are seeking to boost co-operation to reach its full potential, heard attendants of the third meeting of the Joint Committee on Economic and Technical Co-operation (JCETC) between Viet Nam and Oman held in Ha Noi on Friday.

The two sides reviewed the socio-economic development of each country as well as progress towards implementing the plans made at the second meeting in 2014. Vietnamese Minister of Industry and Trade Tran Tuan Anh and Omani Minister of Commerce and Industry Ali bin Masoud Al Sunaidy attended.

Viet Nam and Oman agreed to focus on negotiations to sign a visa exemption agreement for holders of diplomatic and official passports to facilitate travel between the two countries. In addition, they pledged to enhance co-operation between the two ministries to help businesses of each country access their markets.

Viet Nam and Oman also plan to increase co-operation between the Vietnamese Chamber of Commerce and Industry (VCCI) and the Omani Chamber of Commerce and Industry (OCCI) to encourage the business communities of the two countries to actively exchange information, carry out market surveys and trade promotion activities, and attend trade fairs, exhibitions and investment events.

The two sides also aim to exchange information relating to trade policies, import-export regulations, market demand, trade opportunities and investment projects in each country.

Viet Nam and Oman will study strategies to expand co-operation in sectors such as petroleum, finance, banking, labour, agriculture, seafood, transport, culture and tourism.

Concluding the event, the two ministers signed the minutes of the third meeting.

Business forum

The day before, sixty local firms and 10 Omani enterprises operating in various fields sought investment partnerships at a Viet Nam-Oman business forum held in Ha Noi by the Ministry of Industry and Trade (MoIT), the VCCI and the Vietnam-Oman Investment (VOI) joint-venture.

Addressing the seminar, MoIT Deputy Minister Cao Quoc Hung called on Oman to organise more visits of enterprises to Viet Nam to explore trade and investment opportunities. He urged Vietnamese firms to pay more attention to studying the Oman market through field trips to and exhibitions in the Middle Eastern nation.

Hung highlighted the fruitful co-operation between the two countries in recent times, saying two-way trade has witnessed impressive growth, hitting US$120 million in 2017, an increase of 122 per cent year-on-year.

Viet Nam’s exports to Oman include mobile phones, spare parts, automobile spare parts, coffee, seafood and pepper while the country imports metal, ore, minerals and cattle food from Oman.

Oman has five investment projects in Viet Nam with total registered capital of $340 million so far.

At the event, Omani side said the country was considering importing food from Viet Nam, expressing hope that the Vietnamese side would open bonded warehouses in Oman, thus facilitating the distribution of Vietnamese goods in Oman and exports to adjacent markets.

Le Thai Hoa, deputy head of the Asia-Africa Market Department under the MoIT, said the ministry was creating favourable conditions for the two sides’ enterprises to learn about each other’s markets. The ministry was working with ministries and sectors on a plan to open a direct flight between the two nations, towards promoting economic and culture exchange, he noted.

The VOI is considered an outstanding model for economic co-operation between Viet Nam and Oman. Established by the Oman State General Reserve Fund and Viet Nam’s State Capital Investment Corporation, the Vietnam-Oman Investment (VOI) joint venture operates with strong support from both sides.

Since its initial commitment of $100 million in 2009, VOI doubled its capital by 2014.

Abdullah Al Harthy, chairman of the board of directors of VOI and a member of the Oman-Viet Nam Joint Committee, said that his country thought globally on economic co-operation, even though it was only a small country in the Middle East. Oman saw long-term prospects for economic co-operation in Viet Nam, he said.

VOI has focused on Viet Nam’s competitive sectors and those with contributions to long-term sustainable development, such as electricity and logistics, he added.

The VCCI and its Oman counterpart, the OCCI, signed a memorandum of understanding on co-operation to make it easier for the two sides’ enterprises to connect in the future. — VNS