Trade between Vietnam and Brunei has yet to match their potential. (Photo: VNA) Vietnam and Brunei established their diplomatic tiesin 1992 and upgraded their relationship to a comprehensive partnership during aState visit to Vietnam by Sultan Darussalam in March 2019. However, the two-waytrade has yet to match potential of the two countries.
Le Hoang Oanh, head of the Asia-Africa MarketDepartment under the Ministry of Industry and Trade (MoT), said with 16 freetrade agreements (FTAs), including new-generation ones like the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP) and theRegional Comprehensive Economic Partnership (RCEP), Vietnam will boost itsexports to markets in the region and Brunei in particular.
She noted that agricultural and aquatic exports toBrunei need to satisfy Halal standards, viewing the country as a promisingmarket for Vietnamese consumer goods, farm produce and food.
Meanwhile, Vietnam has advantages in coffee, rice,processed products, seafood, spices and vegetables, and the country canparticipate deeper in the Halal food supply chain in Southeast Asia and Bruneias well, the official said.
Statistics show that bilateral trade value was 725.7 million USD last year, up 147.6% over a year earlier, of which Vietnam’sexports reached 92.3 million USD, a year-on-year rise of 163.8%.
Illustrative image (Source: VNA) The two countries have cooperated fruitfully in oiland gas, with the Petrovietnam Drilling and Well Service Corporation (PV Drilling)having officially established its branch in Brunei.
They also signed a memorandum of understanding (MoU)on cooperation in agriculture and fishery between the two governments in May2013, and launched a pilot project on rice cultivation in Brunei from Septemberto December 2013.
In particular, annual meetings of the joint workinggroup in the field of fishery between the two countries were held in Brunei in2014, Ho Chi Minh City in 2015, and Brunei in 2017.
At a meeting on the sidelines of the Indo-PacificEconomic Framework for Prosperity (IPEF) last year, MoIT Minister Nguyen HongDien and Singaporean Minister for Trade and Industry Gan Kim Yong and secondMinister of Finance and Economy of Brunei Dato Amin Liew focused theirdiscussion on the initiative on enhancing cooperation on clean energy, andagreed to accelerate the formation of the initiative so that it can be launched early this year.
Experts said the two countries will step upcooperation in such areas as agro-forestry-fishery, Halal food, and infrastructureconstruction.
Oanh suggested Vietnamese firms actively access theBrunei market and partners, and implement their own business and marketingstrategies./.
VNA
