Vietnam, Kuwait to boost economic ties
Kuwait and Vietnam are ready to promote bilateral economic and trade relations, the Kuwait News Agency said, citing comments by Fahad Al-Joan, a member of the Kuwait Chamber of Commerce and Industry.
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| Scene at the meeting between the Kuwait Chamber of Commerce and Industry and a visiting Vietnamese business delegation (Photo: KUNA) |
Talking to reporters on the sidelines of a meeting with a visiting Vietnamese business delegation, the official said there are agreements between the sides for the future expansion of Kuwait's direct investment in Vietnam, adding that Kuwait – Vietnam trade revenue amounted to US$500 million in 2017.
Mentioning oil investments, he said Kuwait has 150 fuel stations in Vietnam, which is predicted to hit 300 in the future.
Meanwhile, Ahmad Al-Qattan, CEO's Representative of the Kuwait Petroleum International, said the Vietnam Refinery, one of the biggest external projects launched by the Kuwaiti oil sector, would be operational on May 11, with its total cost estimated at US$9 billion.
He said the refinery is expected to become a booster for bilateral investment relations.
The facility has an estimated production capacity of 200,000 barrels per day, he said, revealing a plan to push the figure to 400,000 barrels per day in the future.
