PM suggests promoting three areas of cooperation with Bruneian businesses

Prime Minister Pham Minh Chinh held a roundtable discussion with Brunei energy, oil, and gas enterprises in the capital of Bandar Seri Begawan on February 11 as part of his ongoing visit to Brunei.

This is an opportunity for the two sides to exchange, propose and create new ideas and new opportunities for business investment, in order to promote the comprehensive partnership between the two countries in a substantive manner, especially in the fields of energy and oil and gas.

Bruneian representatives hailed the development achievements of Vietnam and the trade - investment relations between the two countries in recent years, while expressing their confidence in the strong development of the Vietnamese economy and relations between the two countries in the time ahead.

They expressed their desire to learn about investment and business opportunities in Vietnam and introduced investment and business opportunities in the host nation.

After more than 30 years of establishing diplomatic relations and more than 3 years of setting up a comprehensive partnership, the bilateral relationship is entering a good stage of development toward a higher level, based on strategic benefit sharing. The two sides have acknowledged positive, diverse and substantive developments in a multitude of areas.

Brunei is currently ranked 26th out of 142 countries and territories investing in Vietnam, with 156 projects and registered investment capital of US$1 billion, focusing on the processing and manufacturing industry.

In the opposite direction, Vietnam has run two investment projects in Brunei with a total registered capital of more than US$3.6 million.

During the discussion, delegates also proposed new business ideas and opportunities to boost bilateral economic, trade, and investment ties, especially in energy, oil, and gas.
A representative of the Brunei Government shared the vision, socio-economic development strategy, and economic restructuring and diversification plans under the Brunei Vision 2035 that aims to turn the country into an economy with dynamic and sustainable development.

The Vietnamese Government leader pledged all possible support for Brunei firms to conduct business effectively and sustainably in the country. "“Your success is also our success,” he affirmed.

The PM suggested both sides focus on promoting emerging economic fields such as green, digital, circular, and knowledge-based economies and innovation, as well as diversifying markets, products, and supply chains. He therefore asked for measures to be taken in order step up collaboration in energy, chemicals, and Halal food for Islamic people.

With determination, efforts, and close friendship between the two peoples, the Vietnamese leader expressed his belief that trade and investment ties will continue to be an important pillar of the joint partnership and a driving force to take bilateral ties to new heights.

The same day, PM Chinh received Minister of Finance and Economy II of Brunei Dato Seri Setia Dr Awang Haji Mohd Amin Liew Abdullah, the last activity during his two-day official visit to the country.

He applauded  remarkable progress n the countries’ economic and trade cooperation, while suggesting the two sides enhance the connection between their economies to support the building of both into independent and self-reliant ones with extensive, substantive and effective international integration.

It is also necessary to boost cooperation in such potential sectors as agriculture, aquaculture, oil and gas; and study expanding joint works in new fields like digital economy, digital transformation, green and circular economy, he noted.

He went on to say that the nations should also strengthen collaboration in oil and gas exploitation and processing; the production of chemicals, fertilizers, and halal products; people-to-people exchange, and tourism.

For his part, the Brunei minister lauded Vietnam’s socio-economic growth achievements and affirmed that the country is among potential partners of Brunei that can help his country with economic restructuring and diversification.

He pledged efforts to effectively implement agreements made by the senior leaders of the two countries during Chinh’s visit, notably those create favourable conditions for Vietnamese and Brunei ministries, sectors, and firms to push up ties and promote business and trade. The minister also wished to soon visit Vietnam.

After the meeting, PM Chinh and his entourage left Brunei for Vietnam, concluding the two-day official visit to the country.