Vietnam, Oman Sets up Joint Business Council

The Vietnam Chamber of Commerce and Industry (VCCI) and its Omani counterpart signed an agreement to establish the Vietnam - Oman Business Council in Hanoi on January 10, 2011. The signing was witnessed by Mr Doan Duy Khuong, Vice President of VCCI, Mr Khalil Bin Abdullah, President of the Oman Chamber of Commerce and Industry, and Vietnamese and Omani businesses.

 

Vietnam and Oman established diplomatic and economic relations a long time ago but economic and commercial ties remain modest. By the end of November 2010, the two-way trade stood at only US$37.9 million, of which US$7.7 million came from Vietnamese exports. Vietnam mainly exports foods, foodstuffs, coffee, garments, pepper, fruits and vegetables and footwear to Oman, while importing automobile components and plastics materials from the Arabian country. Omani companies are seeking partners to invest in Vietnam. Their interested fields include finance, banking, tourism, real estate, oil and gas, and thermo-electric power.

 

The council will work as a link for businesses and concerned agencies of the two countries to exchange information as well as economic, trade and investment policies, so they could put forward proposals to the governments to remove difficulties and develop bilateral relations.