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Last updated: Wednesday, May 15, 2019

 

Vietnam, Oman Capitalize on Advantages to Boost Business Cooperation

Posted: Wednesday, April 24, 2019


“You are strong in oil, gas and construction and we are strong in agriculture. Our two countries can cooperate more for mutual development and prosperity,” said Dr. Doan Duy Khuong, Vice President of VCCI, at the Vietnam - Oman Business Matching. The event was jointly organized by the Vietnam Chamber of Commerce and Industry (VCCI) in cooperation with the Embassy of Oman in Vietnam in Hanoi.

This 12-business Omani delegation wishes to find business partners, cooperate in construction and construction consulting, medical construction, traffic construction, trade, interior furniture, fishery, organic fertilizers, construction materials, foods, electromechanical products, floor tiles and marble tiles, tourism, petroleum services and electrical equipment.

Dr. Khuong said, Vietnam and Oman established diplomatic relations in 1992. Since then, the bilateral trade value has been on the rise. Vietnam’s main exports to Oman include mobile phones and components, machinery and equipment, automotive components, and some agricultural products such as coffee, seafood, vegetables, and pepper. Meanwhile, its imports from Oman consist of common metals, ores, minerals, input plastics, animal feeds and raw materials.

As a Middle East country who grows on oil sources, Oman imports foods for 60% of domestic consumption and this trend is likely to keep rising in the coming time on higher consumer demands. This is a potential market for Vietnam's key products, especially agricultural products. For its part, Vietnam can seek cooperation partners in oil, gas and infrastructure construction.

“With a population of 97 million, located in a strategic geographical position in Southeast Asia, Vietnam is strong in exporting apparels, telephones, footwear, iron and steel, wood, ecotourism development, manpower export, and agricultural products like vegetables, cashew nuts, pepper, tea, coffee, rice, cassava, and rubber products. We hope businesses of both countries will have the opportunity to exchange, cooperate, buy or sell, or introduce, help each other to find right partners to promote trade opportunities,” he added.

Mr. Hamed Said Nasser Al Rubkhi, Chairman of the Oman Chamber of Commerce and Industry in Al Dakhiliyah, said that Omani businesses want to have the opportunity to trade, cooperate and meet with Vietnamese enterprises. Foreign investors, including Vietnamese, have many business opportunities in potential areas in Oman such as information technology, services, aquaculture, and oil and gas. This meeting is a good chance for businesses of both sides to discuss details of their concerns and learn about each other.

“Oman is a magnet to foreign investors thanks to its good investment conditions such as no personal income tax, terminal services and tax-easing business. Hopefully, the bilateral business cooperation will grow in the future,” he said.

Ms. Do Phuong Dung, Deputy Director of the Asia-Africa Market Department, the Ministry of Industry and Trade, said, data from the General Department of Vietnam Customs showed that Vietnam - Oman trade value totaled US$120.8 million in 2018, up 3.4% over 2017, of which Vietnam’s exports to Oman rose 19.3% to US$50.8 million while its imports from the Middle East nation fell 8.1% to US$75.8 million.

Trade promotion activities held in each country are still limited, she noted. Not many business exchange delegations have been designed to survey, explore the market and conduct trade opportunities. Most recently, companies of the two countries have had successful B2B meeting as part of the third meeting of the Vietnam - Oman Joint Committee in Hanoi in March 2018. Business exchange always plays a significant role to strengthen and expand the two-way cooperation, especially in trade, industrial cooperation and investment.

Vietnam always attaches great importance to cooperating with Oman and wants the two business communities to boost cooperation in all fields. At present, a lot of opportunities are available for them to promote and expand cooperation.

“I suggest that, after this matching meeting, businesses of the two sides will maintain regular contacts to find future business cooperation opportunities. For its part, the Ministry of Industry and Trade of Vietnam is always ready and actively supporting and creating favorable conditions for businesses of both sides to seek opportunities and expand economic and trade cooperation under Vietnamese and Omani laws,” said Ms. Dung.

Lan Anh








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