Vietnamese President Tran Dai Quang will arrive in the Sultanate today for a three-day state visit aimed at deepening economic ties as both countries continue to record large growths in bilateral trade year-on-year.

Brunei Darussalam and the Socialist Republic of Vietnam established diplomatic ties on February 29, 1992 and since then, both countries have seen regular exchange visits and high-ranking meetings.

Bilateral economic, trade and investment cooperation between both sides has made big strides with two-way trade jumping from USD24.2 million in 2010 to USD73.7 million in 2015. The figure hit USD17 million as of June 2016, according to Vietnam's State Owned News Website VietnamNet.

Brunei mainly imports seafood and rice from Vietnam while exporting chemicals to the country.

A USD650,000 investment from Vietnam is also ongoing in Brunei, specialising in metals and chemicals.

VietnamNet also reported that as of June 2016, Brunei has run 205 projects valued at more than USD2.18 billion in Vietnam, ranking 18th out of 116 countries and territories investing in the country and fourth among other Asean investors.

Brunei Darussalam and Vietnam also hold a lot of potential for cooperation in fisheries, real estate and education-training.

A memorandum of understanding (MoU) on educational cooperation was signed between both countries in April 2014, allowing scholarships for Vietnamese students to study in Brunei in sectors such as the oil and gas industry and English language.

The two sides have also signed a range of agreements and MoUs on affiliation in tourism, ayiation and trade.

During his three-day stay here, the president will be welcomed by His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah ibni AlMarhum Sultan Haji Omar 'Ali Saifuddien Sa'adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalarn at the Istana Nurul Iman tomorrow for a bilateral meeting and later a state banquet dinner in the eyening.

The president will also be visiting the Sungai Liang Industrial Park (SPARK) and Brunei LNG plant in the Belait District tomorrow, and meet with Vietnamese and Bruneian business community on his final day here Sunday.

Source:
@BRUDIRECT.COM

by BruDirect.com

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