The session took place at a time when Vietnam and Oman were making headways in the field of economic and trade cooperation.

Both sides agreed on important documents to promote bilateral cooperation in diplomacy, trade, industry, agriculture, oil and gas exploitation, investment, labour, finance, transport, construction, culture and tourism.

Over the past years, two-way trade turnover between the two countries has remained modest due to Oman’s limited consumption market.

However, export-import turnover is on the rise, with US$24.2 million recorded in 2008 (Vietnam exported US$7.5 million and imported US$17.8 million) and US$41.4 million in 2010 (Vietnam’s export earnings were US$7.6 million and its import turnover hit US$32.8 million).

To further enhance the ties of friendship and comprehensive cooperation, both sides agreed to promote the exchange of information and delegations, share experiences in management, socio-economic development, and encourage businesses to participate in fairs, exhibitions, trade, investment and tourism promotion activities.

They planned to early complete negotiations on the signing of a visa exemption agreement for official and diplomatic passport holders and some other cooperation agreements in order to perfect a legal cooperative framework.

They also agreed to deal with issues related to energy and food security. Accordingly, Vietnam will provide Oman with food products while Oman will supply Vietnam with oil and gas products on a long-term sustainable basis.

They pledged to intensify activities run by the Joint Investment Fund, promote cooperation in banking joint ventures, training and job creation.

On January 10, the two countries signed an investment encouragement and protection agreement and an agreement to establish the Vietnam-Oman Business Council.

On the occasion, the Vietnam-Oman Joint Committee and the Ministry of Industry and Trade held round-table discussions on real estate, oil and gas exploitation, mining, energy, information and technology, transport, delivery and logistics, tourism, mechanical engineering, banking and thermoelectric power.