Vietnam boosts agricultural exports to Oman

Vietnam’s Minister of Industry and Trade Tran Tuan Anh and Trade and Omani Minister of Commerce and Industry Ali bin Masoud Al Sunaidy co-chair the 3rd session of the Vietnam - Oman Joint Committee on Economic and Technical Cooperation, Hanoi, March 23. (Photo: NDO/Trung Hung)

Vietnam looks forward to promoting its cooperation with Oman in the potential areas and complementary strengths of both sides, including logistics, energy, infrastructure, and in particular agriculture.

The information was given by Vietnamese Minister of Industry and Trade Tran Tuan Anh at the 3rd session of the Vietnam-Oman Joint Committee on Economic and Technical Cooperation, held in Hanoi on March 23, under the chair of the Vietnamese Minister and his guest, Omani Minister of Commerce and Industry Ali bin Masoud Al Sunaidy.

Minister Anh said that, although there are cultural differences, Vietnam and Oman still have a lot of potential and advantages for long-term cooperation and complementary development. Vietnam wants Oman to create favourable conditions for its main products to be exported to the Middle East country, including tra fish, basa fish, shrimp, milk, processed chicken and rice; while Vietnam will also consider importing natural gas, chemicals and minerals that are Oman's strengths.

The Vietnamese side also urged Oman to promote Halal certification for agricultural products and foodstuffs from Vietnam, in which Oman will support the provision of information on Halal policies and standards for imported food, as well as providing training for Halal business and certification organisations in Vietnam.

Regarding food imports, Minister Ali Al Sunaidy said that Oman was concerned about food security as the country hasn’t been able to secure sufficient food supplies due to the lack of water for agricultural production. Therefore, it is a promising area for agricultural products from Vietnam, especially rice and vegetables, not only for exportation to the Oman market but also to its neighbours in the region. In addition, Vietnam also has an advantage in aquaculture, so Oman also wants to learn experience and techniques in aquaculture, as well as the production of fish feed from Vietnam.

Vietnam’s Minister of Industry and Trade and Omani Minister of Commerce and Industry sign a minute of the meeting at the end of the third meeting of the Vietnam-Oman Joint Committee on Economic and Technical Cooperation, Hanoi, March 23. (Photo: NDO/Trung Hung)

At the meeting, the two ministers briefed each other on the socio-economic situation in each country and discussed a number of measures to boost their bilateral partnership, including accelerating negotiations towards the prompt signing of an agreement on visa exemptions for diplomatic and official passport holders, as well as signing a MOU on rice trade between the Ministry of Industry and Trade of Vietnam and the Oman Authority for Stores and Food Reserve.

They agreed to create favourable conditions for enterprises to approach each other's markets, to diversify the structure of import and export goods, and promote successful joint venture models, similar to the Vietnam - Oman Investment (VOI) Joint Venture, to attract more investment from Oman into Vietnam in potential areas, such as oil and gas, finance, banking, labour, agriculture, fisheries, transportation, culture, sports and tourism.

The two countries will enhance the cooperation between their Chambers of Commerce and Industry to encourage the business communities of both sides to increase delegation exchanges as well as trade and investment promotion activities. In addition, they will share information to update their businesses on trade policies, as well as import-export regulations, market demand, business opportunities and projects in each country.

Statistics from the General Department of Vietnam Customs show that in 2017, the two-way trade turnover reached US$116.7 million, up 122.2% over 2016, of which Vietnamese exports to Oman reached US$ 40.9 million, an increase of 74%. The main export items of Vietnam to Oman include mobile phones and components, machinery and equipment, automobile components and agricultural products, such as coffee, seafood, vegetables and pepper. Vietnam mainly imports minerals and ores, plastic raw materials and animal feed from Oman. Oman currently has five investment projects in Vietnam with a total registered capital of nearly US$340 million, ranking 33rd out of 126 countries and territories investing in Vietnam.