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Tue 11 Jan 2011 01:44 PM

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Oman to invest billions in Vietnam energy sector

The two countries sign a series of deals in a bid to boost investment

Oman to invest billions in Vietnam energy sector
LUCRATIVE DEAL: The two countries have an existing $40m joint venture in Vietnam National Oil and Gas Group (PetroVietnam) (Getty Images)

Oman will invest billions of dollars in Vietnam’s stock exchange, oil and gas industries and industrial zones, the Minister’s of Commerce and Industry, Maqbool Ali Sultan, has said.

On Monday, the Gulf state signed a joint agreement with Vietnam to boost capital investment between the two countries and pledged to raise its capital in the Vietnam-Oman Investment Joint Stock Company from $100m to $1bn.

The two countries have an existing $40m joint venture in Vietnam National Oil and Gas Group (PetroVietnam), a $100m investment company, and are looking at further opportunities, said Vietnam News.

Last year bilateral trade between the two countries was $25.3m, a figure which is expected to rise to $37.9m in the first eleven months of this year.

Some $7.7m is expected to come from Vietnamese exports.

At the meeting between Ali Sultan and Vietnam’s state president, Nguyen Minh Triet, Vietnam pledged to supply food to Oman and asked the Gulf state to ratify a visa-exemption agreement for diplomatic passport holders.

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