Vietnam-Kuwait eco. relations flourishing -- ambassador11/15/2009
Vietnamese Ambassador to Kuwait Nguyen Danh Sao
KUWAIT, Nov 15 (KUNA) Vietnamese Ambassador to Kuwait Nguyen Danh Sao stressed Sunday the significance of his country's relations with Kuwait and the development of ties, specifically at the economic level.
Speaking to Kuwait News Agency (KUNA), the ambassador noted that the latest boost to bilateral relations was the construction of a refinery in central Vietnam by Kuwait Petroleum International (Q8), PetroVietnam, Idemitsu Kosan Co. and Mitsui Chemicals Inc. of Japan.
The Vietnamese ambassador noted that relations between the two countries dated back to 1976, adding that Kuwait was among the first Middle Eastern countries to establish diplomatic relations with his country, a move he said was highly appreciated by Vietnam because it underscored Kuwait's interest in bilateral cooperation in different fields.
He said that since then, relations between the two countries witnessed marked development, especially with the exchange of high-level visits. The Vietnamese president came on an official visit to Kuwait in 1995, and His Highness the Prime Minister of Kuwait Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah visited Vietnam in May 2007. Vietnamese Prime Minister Nguyen Tan Dzung, in turn, visited Kuwait in March of this year.
Such visits have a great impact on the enhancement of relations between the two countries, he said, adding that the Vietnamese premier's visit in particular was of economic significance owing to the large economic delegation that accompanied the top state official.
The Vietnamese ambassador also pointed out the recent visit paid by Kuwait's Minister of Oil and Information Sheikh Ahmad Al-Abdullah Al-Sabah to Vietnam in September, whereby all affairs relevant to oil relations between the two countries were discussed, including the construction of a Kuwaiti refinery in Vietnam.
Ambassador Sao emphasized that the inauguration of a Kuwaiti embassy in the political capital, Hanoi, together with a consulate in the commercial city, Ho Chi Minh, reflected the Kuwait's government's desire to strengthen the economic, commercial and investment relations between the two sides.
He also said that the two countries signed an agreement to avoid double taxation along with the agreement for the promotion and protection of investments. This means making available the highest protection degrees to Kuwaiti investments in Vietnam.
Kuwait and Vietnam, along with a Japanese company, will establish an oil refinery with investments amounting to USD eight billion. The refinery is expected to begin operating in 2013, and will depend mainly on Kuwaiti crude oil.
On upcoming next meetings between the two sides, the ambassador said that preparations were underway for the first meeting of the Joint Committee for the Economic and Commercial Relations which would convene in Hanoi in December.
On a different note, the ambassador said that trade exchange between the two countries was still not at the aspired level. The trade balance stood at USD 120 million last year.
There are great opportunities for exports to Kuwait, as Vietnam is among the agricultural countries in Asia, he said, adding that among the products produced in his country were rice, coffee, tea, sea food products, alongside electronics and electric appliances, equipment and other industrial products.
Asked about investments in Vietnam, Ambassador Sao said that the problem always lied in the lack of information about Vietnam, and thus, several entities in Vietnam were working to dissemination information relevant to investment through conventional communications, specifically the internet.
He also expressed the embassy's readiness to provide all necessary information and consultancy services for Kuwaiti investors and companies.
Ambassador Sao noted that Vietnam was deemed one of the best countries for investment in Asia, adding that many Japanese, Korean and British companies launched projects in his country to benefit from skilled but low cost labor and incentives offers by the government to foreign investors.
Regarding Kuwaiti investors, he said they had ample opportunities for investment in the banking sector, financial companies and stock exchanges, real estates and tourism, alongside agriculture.
The agricultural sector, he said, was deemed the most significant line of investment in Vietnam, owing to the availability of land, water, and specialized labor. This helps create opportunities for export, especially to countries with food shortage.
As for traveling to Vietnam, Ambassador Sao said that although Vietnam and the Gulf and Middle Eastern regions were separated by seven flying hours, they were linked through a number of airlines which operate daily flights between the Gulf countries and Vietnam.
Ambassador Sao added that negotiations kicked off last year between Kuwait and Vietnam over the open air issue, and to arrange for launching direct flights between the two countries, a matter that would lead to significant development in the relations.
He noted that a delegation from the Vietnamese Ministry of Commerce and Industry recently visited Kuwait, accompanied by a number of businessmen, to look into cooperation opportunities between the two countries.
With regard to the number of Kuwaitis who visited Vietnam every year, Ambassador Sao said that an average of 600 businessmen and tourists visited his country every year, adding that the entry visa to Vietnam could be obtained immediately if the residency was less than 15 days, while processing could take up to five days if the period of stay was longer or in the case of a multiple entry visa.
As for Vietnamese labor in Kuwait, Ambassador Sao said that these currently numbered around 100 workers, employed in the construction and oil sectors, adding that there may be an opportunity to increase this number given that Kuwait was an open labor market.
(end) amf.ema KUNA 151015 Nov 09NNNN
