• Vietnam and Kuwait boost trade relations

  Filed under News
  Dec 20

  HANOI – Measures to boost the trade relationship between Vietnam and Kuwait in the future topped the agenda of a meeting held in Hanoi on Friday by Vietnam s Ministry of Industry and Trade.

  At the first working session of the two countries joint committee on economic and scientific cooperation, officials from Vietnam and Kuwait focused on how to work together to ensure food and energy security.

  Accordingly, it is expected that Vietnam will provide staple foods and foodstuffs to Kuwait, in exchange for crude oil and petroleum products from Kuwait, Vietnam News Agency reported.

  Vietnam will also step up its investment promotion program and create favorable conditions for Kuwaiti investors to do business in Vietnam , especially in the fields of infrastructure, oil and gas, energy, high-quality services and electricity.

  Vietnam also asked Kuwait to continue its financial support to Vietnam s projects in rural infrastructure and irrigational systems through the Arabian Economic Development Fund.

  The two sides reached a consensus that they should increase their exchange of information to promote two-way trade in agricultural, aquatic and forestry products, especially in Vietnamese strengths including rice, coffee and seafood.

  Statistics from the Ministry of Industry and Trade showed that trade between Vietnam and Kuwait in the January-September period reached $45 million. Vietnam exported goods to Kuwait valued at $30.5 million and imported $14.5 million worth of goods from Kuwait. Last year, the two-way trade reached $117 million with over half of that ($77 million) being Kuwaiti exports.

  After the working session, Minister of Industry and Trade Vu Huy Hoang and Kuwaiti Minister of Trade and Industry Ahmed Rashid Al-Haroun signed the minutes of the meeting, which, according to Minister Hoang, covered many significant fields and will strengthen trade ties between the two countries.

  Chairman of the National Assembly Nguyen Phu Trong agreed that Viet Nam and Kuwait needed to foster information sharing and boost exchanges between businesspeople in both countries to increase investment opportunities.

  The Kuwaiti top government delegations two-day visit to Hanoi endedFriday. – SG/Agencies

  

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  Tagged as: Ahmed Rashid Al-Haroun, Arabian Economic Development Fund, chairman, crude oil;, electricity;, energy security, energy;, Food, forestry products, Hanoi, Huy Hoang, irrigational systems, Kuwait;, Minister, Minister of Industry, Ministry of Industry and Trade, Oil and gas;, petroleum products, rural infrastructure, USD;, Vietnam, Vietnam news, Vietnam News Agency
  
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One Response to “Vietnam and Kuwait boost trade relations”

1. Vietnam and Kuwait boost trade relations | A1SaudiArabia.com : Viet Sight said on December 20th, 2009 at 10:42 pm

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