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Kuwait trade to exceed $1 billion

Update: February, 22/2012 - 10:16

HCM CITY — Trade between Viet Nam and Kuwait is likely to exceed US$1 billion this year, the acting Kuwaiti consul in HCM City, Abdulrazzaq Alkhuleefah, has said.

In a press release on the 51st anniversary of Kuwait's independence, he said the bilateral trade last year was worth $837 million, twice the 2010 figure, with Kuwaiti exports accounting for $808 million.

The $6.2 billion Nghi Son Oil Refinery Plant in Thanh Hoa Province, in which Kuwait holds a 35.1 per cent share, was one of Kuwait's biggest investment projects in Viet Nam.

Co-operation between the two countries began in 1976 when the Kuwaiti Fund for Economic Development began to provide funds for a number of infrastructure projects.

It had thus far funded 10 projects worth 36.3 million dinars ($130.7 million), which have played an important role in enhancing bilateral ties.-VNS

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