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The Oman-Vietnam relations have intensified with the third session of the Joint Committee on Economic and Technical Cooperation (JCETC) between the two countries, which took place in Hanoi on March 22, 2018.
The two sides have agreed on concrete and practical measures to promote relations in the fields of diplomacy, politics, economics, commerce, education, and technology to create momentum for new growth between the two countries.
JCETC was participated in by the Oman Business Delegation headed by Qais Mohammed Al Yousef, president of the Omani Chamber of Commerce and Industry, and 10 enterprises operating in a variety of fields including electrical and electronics equipment manufacturing, construction, hotels and tourism, as well as education, and healthcare, among others.
“We would like to conduct long-term investment in many sectors in Vietnam, including infrastructure, logistics, education-training, healthcare, and renewable energy,” said Abdullah Al Harthy, chairman of Vietnam-Oman Investment Joint Venture’s (VOI) Board of Directors.
“We are quite optimistic about Vietnam’s prospects and will increase our investment here. Vietnam’s investment and business climate has greatly improved over the past two years,” he continued.
|The Joint Committee on Economic and Technical Cooperation (JCETC) called to upgrade cooperation across all fields|
The delegation has conducted trade activities and promoted business opportunities, industrial cooperation, and investment with partners in Vietnam.So far, VOI has disbursed more than $200 million during nearly 10 years in Vietnam, becoming a distinctive investment source from the Middle East.
At the meeting, VOI’s operations were highlighted as a good model of investment from the Sultanate of Oman into Vietnam and a sturdy bridge for economic cooperation between the two countries.
With a philosophy of value investing and long-term investment, VOI’s key investments are based on the story of Vietnam’s growth, in key sectors such as energy, sugar, logistics, education, healthcare, agriculture, and consumer goods.
Working in a professional way, VOI has grown into an active and responsible investor in important projects with leading Vietnamese partners. Apart from good business initiatives, VOI has been working to deepen the two countries strategic partnership to exceed mere finances by initiatives such as giving scholarships to Van Lang University students.
VOI has become one of the largest shareholders of Ho Chi Minh City Infrastructure Investment JSC (CII) with nearly 9.2 per cent of ownership. VOI has also invested in Hau River Water Plant in the southern province of Hau Giang, and Saigon Water Plant in Ho Chi Minh City.
In addition, VOI has also invested in a greenfield cocoa project in the Central Highlands region, contributing to Vietnam’s entry among the world's top cocoa exporters.
With the investment potential still largely untapped and the interest of VOI in the Vietnamese market, the deregulation of investment policies will open new prospects for cooperation, contributing to tightening economic relations between Vietnam and Oman, and promoting bilateral relations.
According to Vietnam’s General Statistics Office, two-way trade turnover in 2017 reached nearly $117 million, up 22.2 per cent year-on-year, with Vietnam earning $41 billion from exporting products to Oman, with the main exports being coffee, seafood, and steel. Last year, Vietnam imported goods worth $75.8 million from Oman, up 26.1 per cent year-on-year.