Minister of Industry and Trade Vu Huy Hoang and Kuwaiti Minister of Oil and Information Sheikh Ahmad Al-Abdulla Al-Sabah have discussed measures to boost bilateral ties, especially in trade, investment, energy and infrastructure construction.
During their talks in Hanoi Wednesday, the two sides agreed to strengthen bilateral cooperation in other sectors besides oil and gas, including electricity, mechanical engineering, shipbuilding and food processing.
According to Minister Hoang, the economic-trade relations between Vietnam and Kuwait have seen positive developments since the two countries established diplomatic ties in 1976 with two-way trade exceeding 100 million USD per year.
He expressed his belief that with their existing potentials, the two countries will have a close and long-term cooperation on the principle that Kuwait helps Vietnam ensure energy security and Vietnam helps Kuwait ensure food security.
Regarding financial and investment cooperation, through the Kuwait Fund for Arab Economic Development, Vietnam has inked seven agreements borrowing US$110 million from Kuwait for infrastructure construction.
Vietnam exported dairy products, seafood, tea, garment, coffee and ceramics to Kuwait while importing petrol, chemicals and fertiliser from the Middle East country.
In the oil and gas sector, the Vietnam National Oil and Gas Group (PetroVietnam) has signed an agreement with the Kuwait Oil and Gas Corporation and a Japanese partner to take part in the Nghi Son Petrochemical Refinery Complex project.
In addition, PetroVietnam has also sent delegations to seek investment opportunities in oil and gas exploration and exploitation in Kuwait .
Meanwhile, the Vietnam National Petroleum Corporation (Petrolimex) has signed a long-term contract with its Kuwaiti partner on diesel provision. In 2010, the two-way trade volume is expected to reach 500,000 MT worth nearly $320 million.
On the same day, the Kuwaiti delegation had a working session with PetroVietnam on bilateral cooperation in the oil and gas sector, focusing on speeding up the Nghi Son project.
