Deputy Prime Minister Hoang Trung Hai made the commitment at a meeting of the two countries’ business communities in Hanoi on February 24.

“Vietnam wants to cooperate with Norway in its potential areas of oil and gas, energy, shipbuilding and seafood processing,” said Mr Hai. He added that the country is making every effort to finalise its legal system and accelerate administrative reform to create a favourable investment and business environment for domestic and foreign investors.

Mr Hai expressed his belief that the ongoing negotiations of a free trade area between Vietnam and the European Free Trade Association (EFTA) will open up new opportunities for cooperation between Vietnam and Norway.   

Meanwhile, Norwegian ambassador Risa Stale Torstein affirmed his country’s willingness to assist Vietnam in the economic transition period and in areas such as energy, shipbuilding and seafood processing. In addition to Ba Ria-Vung Tau province, he said, Norwegian businesses want to expand their operations to Hanoi and the north-western region.

During a visit to Norway in June 2009, State President Nguyen Minh Triet and Norwegian leaders agreed to prioritise bilateral cooperation in trade and investment. Last year, two-way trade reached US$120 million and Norwegian investment in Vietnam came to US$32 million.