The visit aims to enhance the relations of friendship and cooperation and implement the agreements signed between the two countries. It will help to promote projects of mutual concern, complete the legal framework for bilateral cooperation and make their multifaceted relations more practical and effective.

Relations of friendship and cooperation at full levels between Vietnam and Venezuela have developed significantly, particularly after Vietnam opened its embassy in Caracas in September 2005 and Venezuela inaugurated its embassy in Hanoi in January 2006.

Since then the two countries have conducted a regular exchange of high-level visits. They include visits to Venezuela by Party General Secretary Nong Duc Manh (in May 2007), National Assembly Chairman Nguyen Van An (in March 2006), Minister of Industry Hoang Trung Hai (in October 2006), Minister of Construction Nguyen Hong Quan (in October 2007), and Deputy Minister of Foreign Affairs Le Van Bang (in August 2006).

Vietnam welcomed President Hugo Chavez in July 2006) and Deputy Ministers of Foreign Affairs William Ixara (in July 2005) and Anxidet Rondon (in May 2006 and July 2006). Former State President Tran Duc Luong met President Chavez at the G77’s South Summit in Cuba in April 2000 and the United Nations Millennium Summit in New York in September 2000. Current State President Nguyen Minh Triet met President H. Chavez at the 14^th Non-Aligned Movement (NAM) summit in Cuba in September 2006. 

The Venezuela-Vietnam Friendship Association was established in Venezuela on October 3, 2007. Earlier on August 1, 2006, the Vietnam-Venezuela Friendship Association made its debut in Hanoi during President Chavez’s visit to Vietnam.

During a visit to Venezuela in May 2007, Party General Secretary Nong Duc Manh and President Chavez signed a joint statement, affirming their determination to further develop the comprehensive partnership between the two countries. At the first session of the Joint Governmental Committee, held in August 2008, Vietnam and Venezuela identified areas where they can work together, particularly in energy, oil and gas, industry and agriculture, and lay a legal foundation for promoting bilateral social and economic relations in the future.

However, two-way trade between Vietnam and Venezuela remains modest, standing at nearly US$20 million in 2006, US$11.7 million in 2007 and US$10.1 million in the first six months of 2008.

Located in the Caribbean Sea, Venezuela has great potential for developing industry and tourism. After President Chavez took office in February 1999 and was re-elected for the second term (2007-2013), he and left-wing forces established the United Socialist Party of Venezuela (PSVU) in March 2008, to lead the cause of national construction toward “Socialism in the 21^st century”. They showed their resolve to carry out socio-economic reform to redress poverty, underdevelopment and inequality in the country, where two thirds of the population have been living under the poverty line.    

Their reform policies have brought encouraging results to Venezuela. With great support from the Parliament, President Chavez’s Government has nationalised major economic sectors, carried out policies on price subsidies and employment, launched anti-illiteracy campaigns and provide basic social services such as free medical check-ups, housing and employment for the poor.

As a result, Venezuela has achieved one of the highest economic growth rates in Latin America. In 2007, its GDP hit US$236.4 billion, foreign currency reserves topped US$33.48 billion and exports reached US$69.17 billion. The country fetched US$50 billion from crude oil exports in the first six months of 2008. 

In its foreign policy, Venezuela has striven to strengthen relations with all countries seeking respect for national independence and sovereignty to fight the forces of hegemony, and promote solidarity, cooperation and integration among Latin American and Caribbean nations. It has attached special importance to boosting strategic cooperation with Cuba to fight poverty, injustice and exploitation, as well as elevating its position in the region and the world.

The global development trend requires that both Vietnam and Venezuela make a greater effort to develop their nations comprehensively and to constantly improve people’s living conditions while protecting peace and the fruits of the revolution, as stated in the May 2007 joint statement.

The visit to Venezuela by President Triet creates a chance for the two countries to realise their signed cooperation agreements, helping to bring their mutual cooperation to new heights to fulfil the aspirations of their people.