Business

Vietnam looks for closer trade ties with Kuwait

The Vietnamese and Kuwait business communities should further foster cooperation to narrow their trade gap and raise two-way trade to 1 billion USD in the future, a Vietnamese economic expert has said.
The Vietnamese and Kuwait business communities should further fostercooperation to narrow their trade gap and raise two-way trade to 1billion USD in the future, a Vietnamese economic expert has said.

DeputyDirector of the Vietnam Chamber of Commerce and Industry (VCCI)’s HoChi Minh City branch Nguyen The Hung made the suggestion during aworkshop in the city on December 12, which aimed to provide Vietnamesefirms with necessary information on opportunities to make deeper inroadsinto the Middle Eastern country.

Domestic enterprises mustactively study the demand of the Kuwaiti market to promote export andimport activities, trade and investment in the country, Hung said.

Effortsmade by the Vietnamese and Kuwait Governments to boost their all-aroundcooperation, especially in oil and gas, education and tourism, willhelp create more trade and investment links between the two countriesand their businesses, he noted.

Sharing Hung’s view,Abdulraman Alothaina from the Kuwait Consulate General in HCM Cityvoiced that Vietnamese firms should actively introduce their products inhis country through organising fact-finding tours, exhibitions andfairs, thus setting up partnerships with Kuwaiti businesses.

Vietnameseenterprises can invest in Kuwait in the domains of infrastructure,oil refinery, health, tourism, banking and finance and urbandevelopment, the diplomat noted.

Two-way trade between Vietnamand Kuwait in 2013 hit over 740 million USD, including only 35.3million USD worth of Vietnamese exports. The respective figures for thefirst ten months of this year were 555 million USD and 53.7 million USD.

Vietnam mainly shipped farm and aquatic products, vegetablesand fruits, green tea, products from grains to Kuwait while importingfuel and industrial products from this market.-VNA
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