Located in the northern part of South America, Venezuela has a total area of 912,050 square kilometres, with a population of 26 million. Endowed with plentiful natural resources, including oil, gas, iron, bauxite, gold, zinc and coal ores, Venezuela has become one of the powerful economies in South America, with oil exploitation emerging as the spearhead of the economy. Currently, Venezuela is the fifth largest oil exporter in the world, with oil revenue making up 70 percent of the country’s total export value. 

As part of a national economic development plan, Venezuela has decided to nationalise its oil industry, and has successfully implemented many social welfare programmes, including anti-illiteracy and expanded education programmes for young people, and free primary healthcare services for poor people.

Vietnam and Venezuela established diplomatic relations on December 18, 1989, but Venezuelan people demonstrated their support and solidarity with the Vietnamese people’s struggle against US aggressors in the 1960’s and 70’s. Venezuelan soldiers kidnapped a US Major Colonel to negotiate with the US for an exchange of Vietnamese hero Nguyen Van Troi.

The development of bilateral ties was marked by an official visit to Venezuela by Chairman of Vietnam National Assembly Nguyen Van An last March and a reciprocal visit to Vietnam by Deputy Foreign Minister R. Rivero last May.   

On this occasion, the Vietnamese Embassy in Caracas and the Venezuelan Embassy in Hanoi were established. The two sides also signed several important documents to bolster bilateral cooperation.   

In a recent interview with VOV, Venezuela Ambassador to Vietnam Jorge Rondo Uzcategui said the two nations are expected to sign a number of agreements during President Chavez’s visit. They include a framework agreement on bilateral relations, two letters of intent on energy and mining co-operation, as well as agreements on cultural co-operation, double-tax avoidance, and investment protection and incentives.

Last May, the two countries signed an agreement on visa exemption for diplomatic and official passport holders, and another agreement on diplomatic consultation mechanisms between the two countries’ foreign ministries. 

These agreements will serve as a firm foundation to build friendship and stable and comprehensive cooperation between the two countries in the near future.

Despite the modest trade exchanges, standing at nearly US$9 million per year, the two countries still have great potential for expanding cooperation in the coming years. The inauguration of the Vietnam-Venezuela Friendship Association in Hanoi during President Chavez’s visit will strengthen bilateral ties.

Ambassador Uzcategui is confident that the prospect of cooperation between the two countries is bright.

“We will learn from each other to promote friendship and mutual understanding,” said the Ambassador. “Many people still think that Vietnam is a poor and underdeveloped nation, but in fact the country has developed steadily and will become a new dragon in Asia. We will learn more from Vietnam to become an eagle in Latin America. I believe that with the President Chavez’s visit, Venezuela and Vietnam are writing a new chapter in the history of bilateral relations for the sake of peace, happiness, prosperity and friendship of the two nations.”   

The visit, the first by a Venezuelan President since the two countries established their diplomatic ties, will certainly mark a turning point in bilateral relations.