Truong Tan Sang coming at invitation of His Majesty
BANDAR SERI BEGAWAN: Vietnamese President Truong Tan Sang and his spouse will be making a three-day state visit to the Sultanate on November 29 at the invitation of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam, according to a statement from Vietnam’s Ministry of Foreign Affairs, Borneo Bulletin understands.
Brunei and Vietnam are celebrating 20 years of diplomatic relations this year.
While receiving Vietnamese Foreign Minister Pham Binh Minh earlier this year, His Majesty and the foreign minister agreed to celebrate the 20th anniversary of their diplomatic ties, promote the exchange of high-ranking delegations and hold the first session of the Vietnam-Brunei Joint Committee.
They highly valued the increase in two-way trade, which reached US$200 million in 2011 and said they will create favourable conditions for businesses to seek opportunities in other countries.
The Brunei-Vietnam trade exchange has shown a 10-fold increase in just a year, mostly through the importation and exportation of consumer goods such as, among other things, electronics, fresh fruits and coffee.
Both countries also proposed signing an agreement on investment in promotion and protection, as well as a Memorandum of Understanding on rice trading. They also discussed cooperation in other fields such as labour, oil and gas, agriculture, aquaculture and tourism.
His Majesty during the meeting also praised Vietnamese workers in Brunei and said the country is willing to receive more labourers from Vietnam. The Sultanate is also looking at importing rice directly from Vietnam.
The Former Ambassador of Vietnam to Brunei Darussalam, Phan Binh Man in an interview with the Bulletin earlier this year, shared that authorities from the two countries were drafting an agreement centred upon bilateral trade partnerships.
The Memorandum of Understanding known as the ‘Protection and Promotion of Foreign Direct Investments’, will be aimed at facilitating foreign investments in both countries.
The Ministers of Foreign Affairs of both countries also unanimously agreed that the first meeting of the Vietnam-Brunei Joint Committee would be held to review and set orientations for bilateral cooperation.
In terms of trade and investment, they stressed the necessity to sign an agreement on investment encouragement and promotion and a Memorandum of Understanding on rice sale.
Now ranked as 12th among 94 foreign investors in Vietnam, Brunei has now made its mark in Vietnam with several projects spearheaded by the country’s private sector including developments in infrastructure such as hotels and resorts, factories and industrial goods.
Vietnam, he explained, is keen to sign further agreements with Brunei under various MoUs “to fulfil the legal basis for further development of relations” particularly in the fields of education, export of rice towards food security, fisheries as well as agriculture.
The former ambassador also shared that Vietnam is currently finding a footing in the energy sector and under an existing MoU on oil and gas, Vietnam will be looking to Brunei for the purpose of training of specialists and experts in the field justified by the fact that the Sultanate has 80 years of experience in the incorporation of modern technology.
An official itinerary of the Vietnamese leader’s state visit to the Sultanate would only be available today, according to the Vietnamese Ambassador to Brunei, Nguyen Truong Giang.