PM Nguyen Tan Dung stressed that Viet Nam and Middle East and North African (MENA) countries have advantages and potentials for cooperation for mutual development.
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PM Nguyen Tan Dung attends theForum for Economic Cooperation between Viet Nam and Middle East-North Africa partners, Ha Noi, November 4, 2013 – Photo: VGP/Nhat Bac
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PM Nguyen Tan Dung made the statement at the opening ceremony of the Forum for Economic Cooperation between Viet Nam andMiddle East-North Africapartners held on November 4 in Ha Noi.
Huge investment cooperation
In the recent 10 years,two-way trade turnover between Viet Nam and MENA nations rocketted by 878% from US$889 million in 2002 to US$7.4 billion in 2012.
Businesses from MENA nations are investing in Viet Nam in fields of oil, port, industry and real estate. Some of Vietnamese enterprises are launching projects in MENA countries, notably the oil exploration and exploitation project of Petro Viet Nam in Algeria.
Around 26,000 Vietnamese laborers are working in these nations. However, these achievements are below the huge potentials pssessed by the two sides.Two-way trade value with the other side only accounted for 5% of Viet Nam’s total turnover in 2012.
Improving effectiveness of cooperative mechanism
Speaking at the forum, PM Dung noted that Viet Nam is an ideal investment destination, with a stable socio-political environment, a lucrative market of about 90 million consumers, and an abundant labor force.
In addition, he said the country is located in the Asia-Pacific – a dynamic region that is leading the global economy.
The PM highlighted the economic geographical position of the Middle East and North Africa which connects Asia-Europe and Africa, and has rich natural resources, especially oil and gas.
The Vietnamese government hopes the Forum for Economic Cooperation between Viet Nam and MENA partners will add fresh impetus to bilateral cooperation, primarily in economics, trade, investment, oil and gas, and labor, he added.
Three main contents discussed
Delegates at the forum will provide information about each nation’s investment and business, experience for establishing an attractive and competitive investment and business environment, propose specific initiatives and measures to increase the effectiveness of the cooperative mechanism for Vietnamese and MENA countries’ Governments to support their businesses.
They will discuss how to enhance and expand the cooperative relations in advantageous areas, focusing on trade, energy, mine ores, infrastructure, and construction and signing agreements to form a sustainable and long-term legal framework.
Orientatins and measures will be set up to improve the effectiveness of cooperative areas such as agriculture, labor, education-training, health, culture and tourism.
PM Dung said Viet Nam is implementing its socio-economic development strategy till 2020, focusing on finalizing its institutional and legal system, developing modern infrastructure, and generating quality human resources, along with restructuring the economy and renewing its growth model for rapid and sustainable development.
The country is joining negotiations of key free trade agreements (FTAs) such as Regional Comprehensive Economic Partnership, Trans-Pacific Partnership, and FTAs with the European Union, and the Customs Union of Russia, Belarus and Kazakhstan.
Viet Namcommits to creating favorable conditions for foreign investors to do efficient and long-term business in Viet Nam, the PM confirmed.
Hebelieved that the forum is an initial step in raising the two sides’ relationship to a new height in the future./.