|Prime Minister Nguyen Xuan Phuc (R) receives Kuwaiti Minister of Oil and Electricity and Water Khaled Ali Al Fadhel
At the reception, PM Phuc showed his delight at the traditional and friendly relations between Vietnam and Kuwait which have made great strides in recent times. It is worth noting that trade and investment cooperation between the two countries has grown steadily with the signing of numerous cooperation agreements, thus creating a legal corridor for investment promotion, he said.
He thanked the Kuwaiti government for recognizing Vietnam as a market economy and noted that two-way trade reached close to US$2.7 billion last year, including US$77 million coming from Vietnam’s exports, primarily aquatic, forestry and agricultural products, and US$2.6 billion from crude oil imports. He said he hopes that Vietnam would be able to export more products to Kuwait.
He expressed his elation at the outcomes of bilateral cooperation in oil and gas, particularly the Nghi Son oil refinery and petrochemical plant invested by Vietnam, Japan and Kuwait.
Entering commercial operations in November 2018 with crude oil imported from Kuwait, the project has supplied nearly 40% of Vietnam’s demand for oil and gas.
The Vietnamese cabinet leader assured Vietnam’s readiness to offer optimal conditions for the project in line with Vietnam’s legal regulations on environmental protection.
In reply, the Kuwaiti guest expressed his confidence that both nations will work hand in hand in a multitude of fields in the time ahead.
He affirmed that Kuwaiti investors will partner with Vietnamese and Japanese counterparts to continue carrying out the Nghi Son project in an effective way and on schedule.
Kuwait is appreciative of the Asian market, including Vietnam, he said, adding that his nation hopes the project will become a symbol of its successful investment in Asia.
The minister also highly appreciated the results of his working sessions with Vietnamese relevant agencies and wished for broader cooperation with Vietnam across multiple fields in the time to come.