Trade between Vietnam and Kuwait is likely to exceed 1 billion USD this year, the acting Kuwaiti consul in HCM City, Abdulrazzaq Alkhuleefah, has said.

In a press release on the 51st anniversary of Kuwait 's independence, he said the bilateral trade last year was worth 837 million USD, twice the 2010 figure, with Kuwaiti exports accounting for 808 million USD.

The 6.2 billion USD Nghi Son Oil Refinery Plant in Thanh Hoa province, in which Kuwait holds a 35.1 percent share, is one of Kuwait's biggest investment projects in Vietnam.

Cooperation between the two countries began in 1976 when the Kuwaiti Fund for Economic Development began to provide funds for a number of infrastructure projects.

It has thus far funded 10 projects worth 36.3 million dinars (130.7 million USD), which have played an important role in enhancing bilateral ties. - VNA