Vietnam, Brunei target 500 million USD trade turnover by 2025

(VOVWORLD) - The Sultan of Brunei Haji Hassanal Bolkiah is on a State visit to Vietnam at the invitation of Party leader and President Nguyen Phu Trong from Tuesday to Thursday. This is the second visit to Vietnam by the Sultan after more than two decades to forge closer friendship, promote bilateral and multilateral partnership towards the 30th anniversary of bilateral diplomatic ties by 2022.
Vietnam, Brunei target 500 million USD trade turnover by 2025  - ảnh 1 Sultan of Brunei Haji Hassanal Bolkiah

Since Vietnam and Brunei set up diplomatic ties in 1992, their friendly relationship and multilateral cooperation has been fruitful.

Multifaceted cooperation

Brunei is a small country with a small population, but its per capita income ranks 2nd in ASEAN. Brunei is a potential importer of Vietnam’s consumption and agricultural products, which Brunei cannot produce. During an official visit to Brunei by a Vietnamese President in 2016, the two sides signed a joint statement pledging to strengthen bilateral economic ties, raise two-way trade to 500 million USD by 2025, and facilitate investment and business connectivity between the two countries. With the opening of direct flights between HCMC and Brunei in October, 2014, Vietnam became a favourite tourist destination for Brunei people.

Vietnam exports coffee, fruit juice, dried fruit, and other foods to Brunei. Vietnamese construction companies have started road, bridge, oil, gas, and fertilizer projects in Brunei. The Vietnam Machinery Installation Corporation, LILAMA, last year won an 85 million USD bid to build a fertilizer plant.

Vietnam and Brunei have cooperated closely in defense, set up a military attaché office in each other’s country, and regularly exchange high-ranking delegations. Cooperation in fisheries, security, and transnational crime prevention has been strengthened. The University of Brunei Darussalam and Vietnam FPT University have exchanged students and teachers.

Trade target of 500 million USD in 2025

Infrastructure construction is currently the focus of bilateral cooperation. Vietnam has won contracts thanks to its prestige, experience, and skilled workers. It is expected to be the main contributor to the target of 500 million USD in two-way trade revenue in the next 6 years.

During the Bruneian Sultan’s visit to Vietnam, the Chambers of Commerce and Industry of the two countries are scheduled to sign an MOU to expand trade and investment activities. The two countries will open their markets for agricultural, aquatic, cosmetic, and pharmaceutical products.

The visit marks a new milestone in the 27-year diplomatic ties. The two countries will continue to support each other at multilateral forums; work to maintain ASEAN’s unity and central role in regional security; and contribute to peace, security, stability, and freedom of navigation and aviation in the region.

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