Kuwaiti Ambassador highlights flourishing ties with Vietnam

“On this day in 1976, our two countries decided to establish new co-operation based on the friendship and solidarity. Since then, the relationship between Vietnam and Kuwait has always been strongly fostered by the two Governments and two peoples in the spirit of mutual respect,” he said.

As a means of marking the relationship, both nations signed a series of agreements during the historic visit to Vietnam by Kuwaiti Prime Minister Sheikh Nasser Al-Mohammed Ahmad Al-Jaber Al-Sabah back in 2007, followed by a trip to Kuwait by Prime Minister Nguyen Tan Dung in 2009.

These agreements include deals on the promotion and protection of mutual investments and a co-operation agreement between the Kuwait Chamber of Commerce and Industry (KCCI) and the Vietnam Chamber of Commerce and Industry (VCCI). This is in addition to protocol on the establishment of the Joint Committee on Economic, Scientific and Technical Cooperation, an agreement on air transport, a framework agreement on economic science and technology ties, and an agreement on double taxation avoidance and prevention of income tax invasion.

Most notably, the official visit to Hanoi by Kuwaiti Prime Minister Sheikh Al-Sabah served to contribute to further strengthening all-around co-operation between the two countries, with a number of agreements signed in fields such as culture, arts, sports, trade, along with oil and gas exploitation.

“Besides, co-operation in culture, education, justice, environment, energy, agriculture, science and technology are important features in the relationship between Vietnam and Kuwait.

The degree of co-operation across multiple fields, along with a broad range of activities to promote bilateral relations, has affirmed that despite long geographical distance, the Kuwaiti-Vietnam friendship has always been provided close-knit ties. The connection and co-operation between our two countries today is due to the empathy and understanding between the two peoples who have gone through the ups and downs of history,” the Kuwaiti diplomat said.

In terms of economic, trade, and investment development, both sides have yielded encouraging results. Since 1979, the Saudi Fund for Development (SFD) has provided loans worth more than US$182 million to boost rural, mountainous, and remote infrastructure development projects throughout Vietnamese localities such as Bac Kan, Dien Bien, Ha Tinh, and Hoa Binh for the purpose of improving living standards.

In November, 2007, construction work began on the Kirby pre-engineered steel building factory following investment by Kuwait in Nhon Trach 3 Industrial Park in the southern province of Dong Nai, with an initial capital of US$15 million and output anticipated to reach 40,000 tonnes annually. Indeed, Kirby Vietnam now has offices based in Hanoi, Da Nang, and Ho Chi Minh City, with their factory supplying stainless steel products to both the domestic market and other overseas markets, such as Singapore, Thailand, Malaysia, Indonesia, the Philippines, Cambodia, Laos, Australia, and several African nations.

Nghi Son Petrochemical Refinery project in Thanh Hoa province remains one of the most notable examples of investment ties between the both sides, with an initial capital of US$9 billion being agreed in 2008 between the Vietnam Oil and Gas Group (PetroVietnam), Kuwait International Petroleum Company (KPI), and two Japanese partners.

With regard to trade and investment co-operation, import-export turnover between the two countries reached approximately US$3.6 billion in 2019.  Kuwait imports traditional goods from the nation such as clothes, footwear, aquatic products, seafood, wood products, pepper, tea, and coffee, while exporting petroleum, plastic materials, chemicals, fertilizers, and leather to the country.

Moving forward, both sides are looking for greater opportunities to develop trade and investment by intensifying delegation exchanges and organising exhibitions and fairs.

The two nations are also making greater efforts to seek opportunities for investment co-operation and exchanges of experience in their strongest fields, such as oil and gas, science and energy, whilst simultaneously encouraging businesses to increase opportunities in other sectors. This includes efforts to boost ties in infrastructure, agriculture, construction, finance, and banking.

“In the coming days, as the Kuwaiti people prepare to celebrate the 60th Independence Day and the 30th Liberation Day, while the Vietnamese people are preparing to welcome the traditional Lunar New Year festival, I wish the Government and people of the two countries a future of peace and prosperity, and may our 45-year friendship be strengthened more and more as a contribution to maintaining and promoting peace and prosperity in the region and the world at large,”  the Kuwaiti Ambassador said.