Economic cooperation - a highlight of Vietnam-Oman relationship

The relationship between Vietnam and Oman has been continuously consolidated in various aspects, with trade and investment cooperation being the highlight of the last 30 years since the two countries established diplomatic ties. 

Delegates attend the ceremony. Photo: the Embassy of the Kingdom of Oman

At a ceremony held by the Embassy of Oman in Hanoi to celebrate the 30th anniversary of the establishment of diplomatic relations between the two countries, Deputy Head of the Party Central Committee for External Relations Truong Quang Hoai Nam, Assistant to the Foreign Minister of Vietnam Nguyen Minh Hang and Ambassador of Oman to Vietnam Saleh Mohamed Ahmed Al Saqri, expressed their joy at the achievements and prospects for the development of comprehensive relations between Vietnam and Oman.

Economic cooperation between the two countries has intensified, with bilateral trade turnover in 2021 reaching US$338.1 million, up 100% compared to 2020, marking an impressive growth in the context of difficulties caused by the Covid-19 pandemic.

The two sides signed various bilateral cooperation agreements and documents in many fields such as politics, economics, trade, human resources, avoidance of double taxation, mutual encouragement, and protection in investment and trade.

In April, the two countries signed an agreement on visa exemption for diplomatic, official, and special passport holders, creating facilitating travel between the two countries, thereby promoting delegation exchange and strengthening cooperation.

Hang mentioned the Vietnam-Oman Investment Fund (VOI), saying it is a bright spot in the investment cooperation between Vietnam and Oman, with successful investment projects in essential sectors such as agriculture, renewable energy, infrastructure, hydropower, and clean water treatment.

As a typical model for the economic cooperation between the two countries, the VOI was established and put into operation in 2008 on the basis of the agreement and support from both governments. From the initial committed capital of $100 million in 2009, the VOI has now disbursed more than $300 million into essential projects in Vietnam.

Hang also appreciated the valuable support that the Government and people of Oman have given to the Vietnamese people during the recent difficult times in overcoming natural disasters and the Covid-19 pandemic. She also affirmed that the close relationship provides a solid foundation for long-term cooperation between the two countries.

Delegates at the celebration believed that with the achievements, potential, and determination of the two sides, the Vietnam-Oman relationship will continue to develop comprehensively in various fields, including politics, diplomacy, trade, investment, agriculture, fisheries, seaports, and tourism for the benefit and meeting aspirations of the two peoples, for peace, stability, cooperation, and development in the region and the world.