Vietnam wants Kuwait to increase its investment in the country with focus on fields of mutual concern such as the development of technical and social infrastructural facilities, said National Assembly Chairman Nguyen Phu Trong.

Chairman Trong made the statement while receiving Kuwaiti Minister of Commerce and Industry Abmad Rashed Al-Haroun in Hanoi on Dec. 17.

The NA leader spoke of positive developments in the Vietnam-Kuwait relations with the exchange of high-level delegations.

The fine sentiments between the two countries is a basic foundation for Vietnam and Kuwait to increase their cooperation in various fields when economic, investment and trade ties remain modest and have failed to meet both sides’ potential and desire, he said.

“Vietnam will create all favourable conditions for Kuwaiti investors to do business in the country,” he confirmed, adding that the Vietnamese legislative body will increase its oversight of the implementation of bilateral cooperation agreements.

Sharing the same view with Al-Haroun, Trong said both sides should increase exchange of information and businesses’ delegations to explore investment and business cooperation opportunities.

Minister Al-Haroun, who is in Hanoi for the first session of the Vietnam-Kuwait Joint Committee for Economic, Scientific and Technological Cooperation on Dec. 17 and 18, said he hoped both countries would soon sign a number of cooperation documents to create a favourable legal corridor for a stronger bilateral cooperation development in the future.

Kuwait will provide official development assistance to Vietnam’s infrastructure development projects, said Minister Al-Haroun, noting that many Kuwaiti businesses are interested in Vietnam’s investment environment and policy and specific projects.

Kuwait’s investment in Vietnam remains modest and the signing of the double taxation avoidance agreement will pave a way for both countries’ investors, he added.

Also on the afternoon of Dec. 17, Kuwaiti Minister Al-Haroun was received by Deputy Prime Minister Nguyen Thien Nhan who briefed him on Vietnam’s development potential, saying the country has a young and abundant workforce, political stability, and it has constantly improved its policies to attract foreign investors.

Deputy PM Nhan said Vietnam wants to increase cooperation with Kuwait in investments, human resource development, oil and gas, aviation, agriculture, construction and education.

Minister Al-Haroun praised Vietnam’s development achievements and said he was optimistic about the possibility of cooperation between the two countries, especially in their strong areas.

Vietnam is currently working with Kuwait to build the Nghi Son oil refinery in the central province of Thanh Hoa . At the meeting of the joint committee, both sides agreed to put the refinery into operation in 2013 as scheduled/./