Vietnam and Norway: Substantial Increase in Bilateral Trade and Investment

8:49:04 AM | 4/14/2011

On the occasion of the 40th anniversary of bilateral relations between Norway and Vietnam (1971-2011), reporter Lan Anh interviewed H.E. Mr Ståle Torstein Risa, Ambassador of Norway to Vietnam on the cooperation relations between two countries over the past 40 years.
 
Vietnam and Norway have established the diplomatic relationship for 40 years. Would you please talk about the diplomatic relationship between the two countries over the years?
The ties of cooperation and friendship between Norway and Vietnam have certainly developed in many ways, since the establishment of formal diplomatic relations on
25 November 1971. In the early years, development assistance and aid projects aimed at alleviating poverty dominated our cooperation. Gradually, as development in Vietnam progressed, our bilateral cooperation also changed; in the last 10-15 years there has been a shift in focus, more towards technical and institutional assistance. We have in this period also seen a substantial increase in bilateral trade and investment, and also an exciting development with respect to people-to-people contact and cultural exchange.
 
Today, some 20 000 people of Vietnamese descent live and work in Norway. On the other hand, more and more Norwegians – tourists, representatives of businesses, and others – are finding their way to Vietnam. This steadily growing people-to people contact will surely continue in the years ahead, and bodes well for enhanced multi-faceted relations.
 
The opening of a Norwegian embassy in Hanoi in September 1996, and the re-opening of Vietnam’s embassy in Oslo in December 2009, have also been very important for the strengthening of ties and cooperation between our two countries.
 
The trade and investment cooperation between Vietnam and Norway has grown strongly for the past years. Could you please tell us about this cooperation?
Bilateral trade figures have shown a steady increase over the last several years, and Norwegian investments in Vietnam are also on the rise. Norwegian exports to Vietnam in 2010 amounted to just over US$150 million; while the corresponding numbers for Vietnamese exports to Norway was more than US$335 million. Norwegian exports are mainly chemicals, engineering products, and metals. Vietnamese exports to Norway are for the most part fish products, fruits and vegetables, coffee, furniture, textiles and shoes.
 
Norwegian investments and business activities in Vietnam have traditionally been in the shipping and maritime industries area, but in recent years we have seen the arrival of companies in other areas as well – for instance, in aquaculture, hydropower development, the oil & gas sector, business software development, and financial services.
 
Norway has a strong shipping and marine service industry. Vietnam is also a sea-based economy. What is, in your opinion, the potential for the cooperation in this sector?
The potential for expanded collaboration in the field of shipping and maritime services is great; but it should be added that there is already today much cooperation between Norwegian and Vietnamese businesses in this area. Norwegian shipowners are building vessels at shipyards in Vietnam, in Haiphong and Vung Tau. Norwegian and Vietnamese companies are also working together in areas of maritime services, including maritime transport, ship design and shipbuilding, maritime safety, offshore projects, and energy solutions.
 
There is little doubt that the maritime industry is a key part of Norwegian commercial activities in Vietnam, and should provide much opportunity for increased investments in the years ahead with the expected growth of Vietnamese sea-based economic activity.
 
Norway has also a strong oil and gas industry, and green energy development is also its potential sector. Does Norway plan to cooperate with Vietnamese partners in these fields?
The oil & gas industry is the largest industry sector of Norway’s economy, and Norwegian companies are among the world’s foremost as regards offshore activities. Still, Norwegians are well aware of the challenges we all face today with climate change and severe weather conditions, and the need to reduce our dependence on fossil fuels and move towards “greener” solutions to our energy needs.
 
There is certainly much potential for collaboration between Norwegian and Vietnamese businesses in these areas. With Vietnam’s growing need for energy in the years ahead, and the expertise that Norwegian companies have in such fields as hydropower and renewable energy, LNG, oil & gas industry products and solutions, energy needs and better environmental protection – that is, reducing the carbon footprint – could well prove to be the most exciting areas for cooperation between Norwegian and Vietnamese businesses in the future.