State President Nguyen Minh Triet made the statement at a reception for Ahmad Abdulla Al-Ahmad Al-Sabah, Kuwaiti Minister of Oil and Information in Hanoi on September 21.

He affirmed that Vietnam is a reliable investment destination for Kuwaiti businesses, citing oil and gas exploration and exploitation as a potential area for cooperation.

Minister Ahmad Al-Sabah briefed Mr Triet on the results of his working sessions with relevant Vietnamese agencies and stressed that Kuwait wants to establish a partnership with Vietnam.

He said Kuwait is joining a Vietnamese partner to build the Nghi Son petrochemical refinery complex in Thanh Hoa province and its investment in the project is expected to amount to US$8 billion. The Middle East country is offering the Vietnam National Oil and Gas Group (PetroVietnam) the chance to penetrate its energy market.

The two countries have established the Joint Commission for Economic Cooperation which is scheduled to convene its first session this December to draw up cooperation plans.

The Minister said that Kuwait is considering granting scholarships to Vietnamese students to study in his country.