Vietnam wants Oman to promote investment in its oil and gas, infrastructure and industrial zones, said State President Nguyen Minh Triet at a reception to Oman Minister of Commerce and Industry Maqbool Ali Sultan in Hanoi on Jan. 10.
The two countries have many advantages to accelerate cooperation in politics, economics, commerce and investment, said the Vietnamese State leader.
He affirmed that Vietnam will create favorable conditions for Oman investors to develop business activities in the country.
Oman Minister Maqbool Ali Sultan expressed wish to boost bilateral ties, particularly in commerce, investment and construction.
Oman now has a $40 million cooperation project with the Vietnam National Oil and Gas Group (PetroVietnam) and is making surveys for other projects, said the minister.
Both sides have set up the $100 million Vietnam-Oman investment company, he said, adding that the Oman Oil Company is studying cooperation with PetroVietnam in a fertilizer project.
Earlier in the same day, Oman, represented by Maqbool bin Ali bin Sultan and Vietnam, represented by Planning and Investment Minister Vo Hong Phuc, signed the agreement for the Encouragement and Mutual Protection of Joint Investments.
The agreement will provide the legal framework for encouraging the public and private sectors in the two countries for increasing the volume of the joint investments.
It will also reinforce the economic and investment cooperation, in addition to reinforcing and promoting the volume of commercial exchange between the two friendly countries.
The Sultanate and Vietnam had previously signed the Convention for the Avoidance of Double Taxation and the Prevention of Tax Evasion on Income.
The Sultanate and Vietnam possess plans and programs for executing all types of infrastructure projects, inciting both parties for bilateral investment.
Although the relations between the Sultanate and Vietnam is new, however, it has witnessed joint close economic cooperation and investment in the last three years that contributed in increasing the volume of commercial exchange and activating the cooperation in various sectors. (vietnamplus)
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