Oman and Vietnam talk business

Oman is keen to invest billions of dollars in Vietnam, according to Minister of Commerce and Industry Maqbool bin Ali bin Sultan

During his visit to Vietnam last week to attend the Vietnam-Oman Joint Commission, the minister said that Oman abounded in investment capital and wanted to increase investment in Vietnam.

Oman’s investors were particularly interested in the finance, banking, tourism, real estate, oil and gas, ship building and thermo-electricity sectors, said Khonji.

He said that total investment capital might amount to billions of dollars.

“Besides cooperating with Vietnam’s government on petroleum, we also want to work with Vinashin in ship building and with Vinacomin on thermo-electricity projects,” Khonji said

“Oman Oil and Gas Company has just inked a $2.3 billion deal with PetroVietnam to build an oil refinery,” he added.

Ahmed Salim Al Wahaibi, chief executive officer of Oman Oil Company, said his company was now seeking Vietnamese partners.

Wahaibi was just one of 20 leaders from leading companies in Oman who had come to Vietnam in search of investment opportunities.

During his visit, bin Sultan and Vietnamese Minister of Planning and Investment Vo Hong Phuc signed off on the Agreement for the Encouragement and Mutual Protection of Joint Investments. The agreement will provide the legal framework for the burgeoning joint investment between the two countries.

“We are looking forward to witnessing Omani-Vietnamese joint projects in the fields of oil, gas and energy, and to seeing Vietnamese projects in the Sultanate” Phuc said.

Bin Sultan also said Oman wanted to import Vietnamese labourers and that the two governments would negotiate a labour cooperation agreement soon. At present, 70 per cent of labourers in Oman are foreigners.

The Vietnam – Oman Joint Commission also saw Vietnam Chamber of Commerce and Industry and OCCI inking an agreement to establish the Vietnam – Oman Joint Business Council, which will include a joint banking commission. The council, which is charged with supporting Omani and Vietnamese enterprises, will operate from this year’s second quarter.

In 2008, Vietnam and Oman established the Convention for the Avoidance of Double Taxation and the Prevention of Tax Evasion on Income. – VIR