BANDAR SERI BEGAWAN – President Trần Đại Quang encouraged Brunei businesses to invest in Việt Nam in fields of mutual interest such as energy, oil and gas, finance, real estate, tourism and infrastructure development, at a business forum in Bandar Seri Begawan yesterday.

Quang said there was plenty of room for the two countries to further embrace trade links, adding that Việt Nam hopes to export more farm produce, seafood, electronics and consumer products to Brunei while importing petrochemical products.

The President affirmed that Việt Nam attaches great importance to Brunei investment projects and pledged to create the best conditions for foreign investors to run long-term businesses in the Southeast Asian country.

He noted that many State-run firms will be listed on the stock market after their equitisation in the coming time, creating brilliant opportunities for foreign businesses, particularly those from Brunei , to become strategic shareholders in Vietnamese companies.

Việt Nam was one of the six new emerging economies with a high growth of nearly 6.7 per cent in 2015. The trade value reached US$330 billion in 2015 and is expected to hit $600 billion by 2020, he cited.

With a population of 92 million, the purchasing power of Việt Nam has made rapid and stable growth, he said, adding that the country attracted around 21,700 foreign direct investment (FDI) projects worth over $293 billion from 116 countries and territories. As much as $148 billion has already been disbursed.

President Quang also underlined Việt Nam’s socio-economic development plan for 2016-2020, which targets green growth and sustainable development to increase productivity, efficiency and competitiveness, to turn Việt Nam into a modern industrialised nation.

Việt Nam will persistently carry out three breakthrough tasks, including the improvement of socialist-oriented market economy institutions, high-quality human resource development and infrastructure modernisation, he said.

The country aims to record an average GDP growth of 6.5-7 per cent and attain per capita GDP of $3,500 for 2016-2020.

Việt Nam has signed 12 free trade agreements, including the Trans-Pacific Partnership (TPP) agreement, while co-ordinating with Brunei to accelerate negotiations of the Regional Co-operation Economic Partnership (RCEP), he noted.

As such, Việt Nam will have free trade relations with 55 partners, including members from G7 countries, he said.

He revealed that Việt Nam is sparing no effort to improve institutions and create a favourable and transparent business climate in line with international practices.

Việt Nam is stepping up administrative reforms and striving to have some business environment criteria equal to that of ASEAN-4 in 2016, particularly regarding tax, customs, social insurance, construction licences and access to land and electricity.

The country will focus on developing infrastructure in transport, energy and urban areas, as well as encouraging public-private partnership (PPP) investment models.

The President highlighted the important agreements the two countries reached on the orientation of business development during his talks with the Sultan of Brunei, Haji Hassanal Bolkiah Mu’izzaddin Waddaulah.

He said the two sides had agreed to enhance trade, investment and co-operation in hi-tech agriculture, oil and gas, and transport infrastructure under the form of PPPs.

He also witnessed the signing of a memorandum of understanding (MoU) to enhance bilateral economic co-operation between the Brunei Minister of Foreign Affairs and Trade, Darussalam Yang Berhormat Pehin Dato Lim Jock Seng, and the Vietnamese Minister of Industry and Trade, Trần Tuấn Anh.

On the same day, the President received some leading businesses from Brunei. He said the two nation’s business communities will play a crucial role in boosting bilateral trade that was still modest at about $73 million in 2015.

Talks with the Sultan of Brunei

On Saturday, President Quang and the Bruneian Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, affirmed their determination to further deepen and expand the two countries’ relations in the interests of the two peoples.

At the talks, the two leaders agreed to co-ordinate in implementing activities to celebrate the 25th anniversary of bilateral diplomatic ties in 2017, including exchanging delegations and holding exhibitions and workshops on their lands, people and cultures.

They affirmed to maintain high-level visits and intensify people-to-people diplomacy in order to tighten mutual understanding and trust, while agreeing to soon organise the first meeting of the Bilateral Co-operation Committee in Việt Nam to set forth measures to strengthen co-operation in specific areas, especially economics, trade and investment, so as to achieve the target of $500 million in two-way trade by 2025.

The two leaders agreed to boost defence collaboration and consider negotiating and signing agreements on trans-national crime prevention, mutual legal assistance on penal affairs, extradition and the transfer of prisoners.

They showed their hope to step up collaboration in such potential fields as agriculture, fisheries, oil and gas, labour, tourism, education and transportation.

They welcomed the signing of a memorandum of understanding on cultural co-operation between the two culture ministries and another on economic and trade co-operation between the Vietnamese Ministry of Industry and Trade and the Bruneian Ministry of Foreign Affairs and Trade during President Quang’s visit.

The two leaders also agreed to assign their ministries and agencies to speedily sign several agreements involving ties regarding labour and maritime transportation.

The Sultan of Brunei appreciated the involvement of Vietnamese businesses in his country’s economy, particularly the effective co-operation between PetroVietnam and PetroleumBrunei. He hoped for more investment from Việt Nam and expressed thanks to Vietnamese experts for supporting Brunei in developing the agro-fishery sector.

President Quang welcomed the enhanced connectivity between the two countries, especially after the resumption of a direct air route linking Brunei and HCM City in October 2014, which, he said, has facilitated people-to-people exchanges and the development of bilateral trade and investment ties.

He appreciated Brunei’s handling of Vietnamese fishing vessels and fishermen in line with the friendly ties between the two countries.

The two leaders exchanged notes on regional and international issues, agreeing to support each other at forums, particularly at ASEAN and the United Nations, and to strengthen unity and maintain the central role of ASEAN in the regional security structure.

They emphasised the importance of maintaining peace, stability, security and safety in the East Sea, while agreeing to push for the settlement of disputes in the sea by peaceful means and join other parties in implementing the Declaration on the Conduct of Parties in the East Sea fully and effectively, working towards the formation of a Code of Conduct in the East Sea, in order to maintain peace, stability, co-operation and development in the region and the world.

Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah affirmed that Brunei will assist Việt Nam in successfully hosting the APEC Summit 2017, and support the country at the International Law Commission.

President Quang took this occasion to invite the Sultan of Brunei and other members of the royal family to visit Việt Nam. The latter accepted the invitation.

On the same day, the Vietnamese leader visited the Brunei LNG Company, during which he confirmed that Việt Nam encourages and creates favourable conditions for the Việt Nam National Oil and Gas Group to develop its co-operation with foreign partners with advanced technologies like Brunei LNG.

Arrived in Singapore

President Quang arrived in Singapore yesterday afternoon to begin his three-day State visit at the invitation of President Tony Tan Keng Yam.
The visit aims to continuously implement Việt Nam’s diplomatic policy set at the 12th National Congress of the Communist Party of Việt Nam and deepen international relations, including the strategic partnership with Singapore .
Latter the day, President Quang had a meeting with staff of the Vietnamese Embassy in Singapore and representatives from the overseas Vietnamese community. He underlined the Party and State’s measures to maintain macro economic stability, promote growth and accelerate administrative procedures as well as increase national competitiveness, improve climate change adaptation and ensure social welfare.--VNS