Signed MoU on economic and trade cooperation between Vietnam and Brunei

The signing ceremony took place within the framework of the State visit of President Tran Dai Quang and his wife to Brunei Darussalam.

The signing ceremony was witnessed by President Tran Dai Quang, Vietnamese Ambassador to Brunei Nguyen Truong Giang, Minister of Industry and Energy of Brunei Haji Mohammad Yasmin bin Haji Umar, Minister and Chairman of the Office of the President Dao Viet Trung, Minister of Planning and Investment Nguyen Chi Dung, Minister of Education and Training Phung Xuan Nha, Chairman of the Vietnam and Brunei Chamber of Commerce and Industry and representatives of more than 80 Vietnamese and Brunei enterprises.

This is an important event, creating a legal basis for strengthening cooperation between the two Ministries, promoting the goals of the Trade Agreement between the Government of Vietnam and the Royal Government of Brunei Darussalam signed in 2001.

The memorandum of understanding will create a premise to promote cooperation between the two ministries in the fields of trade promotion, energy, Halal product fields and connecting businesses of the two countries. The signing of the Memorandum also affirms the two sides' desire to cooperate at multilateral economic and trade forums in the region and the world such as ASEAN, RCEP, APEC, TPP, etc.

According to data from the General Department of Vietnam Customs, trade turnover between Vietnam and Brunei in the period 2010-2015 increased more than three times from 24.2 million USD in 2010 to more than 73.7 million USD in 2015.

The memorandum of understanding will contribute to promoting the implementation of cooperative activities between the two ministries to promote the potential for economic and trade cooperation between the two countries in the coming time.

Source: Ministry of Industry and Trade