HÀ NỘI — There are significant opportunities for co-operation between Oman and Việt Nam, heard attendees at the ceremony to celebrate the 48th anniversary of Oman’s National Day.

Speaking at the ceremony held in Hà Nội on Monday, Deputy Minister of Foreign Affairs of Việt Nam Nguyễn Phương Nga said that Việt Nam highly appreciated the active movement of Oman investors when investing in infrastructure projects in Việt Nam. "The potential for co-operation between the two countries is great, especially in the field of commerce, investment and labour exchange,” she said.

"Thanks to the efforts of the two governments, the bilateral relationship between Oman and Việt Nam has been steadily developing since the two sides established diplomatic relations in 1992. The Việt Nam-Oman Investment Joint Venture (VOI) is considered a typical model for economic relations between the two countries,” Sheikh Sultan Saif Hilal Al-Mahruqi, Ambassador of Oman in Việt Nam said.

The relations between Việt Nam and Oman have made significant progress after the third meeting of the Joint Committee for Economic and Technical Co-operation in Hà Nội in March 22, 2018 – marking 26 years of diplomatic relations.

The two countries have signed a number of bilateral agreements and memoranda of understanding in the areas of aviation, trade, human resources, mutual investment protection, and avoiding double taxation. The two sides have also exchanged many business delegations.

Việt Nam and Oman established the Joint Committee for Economic and Technical Co-operation in 2008, resulting in the establishment of the Việt Nam-Oman Investment Corporation (VOI). The joint venture is currently investing in important sectors such as healthcare, services, agriculture, renewable energy and infrastructure such as highways and water treatment plants. Over 10 years of development, VOI has disbursed more than US$200 million so far, becoming a typical investment flow from the Middle East into Việt Nam.

Oman’s Minister of Industry and Trade Dr. Ali Bin Masoud bin Ali al Sunaidy said that one of the solutions to promote bilateral investment is the development of VOI.

“The investment of $200 million in Việt Nam is not enough and we could easily double that," he said. Việt Nam’s agricultural production, especially rice and vegetables, is a promising field for not only in Oman’s market but also in neighbouring countries in the region.

Việt Nam and Oman will continue to explore the possibility and soon expand co-operation in a number of potential and key areas such as oil and gas, finance, banking, labour, transportation, sports and tourism. First of all, negotiations on a visa exemption agreement for holders of diplomatic and official passports would soon be carried out to facilitate delegate exchanges between the two countries. — VNS