Brunei has become a potential and reliable trade partner and investor of Vietnam since the two countries established diplomatic ties in 1992. According to the Ministry of Industry and Trade, two-way trade reached 17 million USD in the first six months of this year. Of which, Vietnam exported 8.4 million USD worth of goods to the market, mainly rice and seafood. The country spent 8.7 million USD chiefly importing chemicals.
The Vietnam Trade Office in Brunei said despite differences in area, population and culture, both countries share similar views on regional and international issues, creating a premise for the two sides to enhance cooperative ties.
Furthermore, as members of the Association of Southeast Asian Nations (ASEAN), Vietnam and Brunei have actively and proactively got engaged in ASEAN cooperation fields such as defining the bloc’s future development orientations and outlining major policies.
This has helped strengthen solidarity among member states, and increase the role and position of ASEAN in the region and beyond. At the same time, it will help Vietnamese businesses study investment opportunities to make inroads into Brunei.
Over the past few years, the two nations have witnessed high-level delegation exchanges such as the visit to Brunei by President Tran Duc Luong in 2001 and by Prime Minister Nguyen Tan Dung in 2007. Brunei King Hassanal Bolkiah visited Vietnam to attend ASEAN, ASEM and APEC conferences in 1998, 2004, and 2006.
The two countries have signed a double taxation avoidance agreement, a Memorandum of Understanding (MoU) on sports and youths collaboration, and another on oil and gas cooperation, creating legal foundations for the bilateral partnership in the fields.
Vietnam and Brunei are expected to secure a cooperation agreement in cultivation and seafood farming soon. Experts suggested Vietnamese firms build a proper marketing strategy to boost exports to the market.
The government leader suggested holding the first session of the Vietnam – Brunei Joint Committee soon, during which both sides will look at how to tap their strengths in trade, investment, farming and aquaculture, among other areas.
Underscoring the importance of maintaining peace, stability, freedom and maritime and aviation security in the East Sea, the President proposed Brunei and relevant countries continue asserting ASEAN’s stance, mentioned in its Declaration on Six-Point Principles on the East Sea.
He called for the settlement of disputes by peaceful means in line with international law, especially the 1982 United Nations Convention on the Law of the Sea, while fully realising the Declaration on the Conduct of Parties in the East Sea in earnest and reaching the Code of Conduct in the East Sea soon.
