Energy cooperation constitutes bright spot in Vietnam-Qatar relations

The year 2024 has marked significant progress Vietnam-Qatar economic, trade, and investment ties, with energy collaboration and labour partnership in the energy sector forming a bright spot, Vietnamese Ambassador to Qatar Nguyen Huy Hiep has said in an interview with the Vietnam News Agency (VNA)'s resident reporter in the Middle East and North Africa.

Vietnamese Ambassador to Qatar Nguyen Huy Hiep

The diplomat cited Qatar's statistics showing that the two countries’ January-October trade turnover exceeded 2.7 billion QAR (over 740 million USD), nearly equaling their total figure for the whole 2023 (752 million USD). Qatar enjoyed a trade surplus, primarily due to exports of oil, gas, and petrochemical products. Overall, bilateral trade is expected to maintain steady growth in the years to come.

In terms of economic cooperation, the two countries have not only enhanced trade in oil and gas products but also sustained key oil-gas service projects. At times, nearly 600 skilled Vietnamese workers were employed in Qatar, serving these projects and companies involved such as Qatar Energy and Qatar Energy LNG.

Notably, Vietnamese Prime Minister Pham Minh Chinh's official visit to Qatar in October, which focused on strengthening economic, trade, and investment ties, garnered significant attention from governmental agencies and businesses in both countries. This trip was anticipated to propel bilateral cooperation to a higher level with a more practical and effective manner in the near future.

The ambassador expressed his optimism about the bright prospects for Vietnam-Qatar cooperation next year and stressed that the catalyst comes not only from the keen interest of their high-ranking leaders but also from the proactive engagement of their business communities.

According to the diplomat, with its abundant oil and gas resources as well as robust financial and technological capacity, Qatar has great potential to partner with Vietnam in technology transfer and the development of energy projects, particularly in renewable energy. Meanwhile, with its rapidly growing economy, attractive investment environment, and open-door policies, Vietnam is a compelling destination for Qatari investors in industries, agriculture, and services.

Hiep noted that skilled Vietnamese workers can meet Qatar’s demands in its a new development phase of green transition, digital transformation, and economic diversification. Tourism and culture are also highly promising areas for collaboration, given the rich cultural diversity of both nations and their increasing interest in exploring each other, he added.

For extensive and effective cooperation in the time to come, particularly in areas of mutual interest, he recommended both nations to focus on enhancing existing cooperation mechanisms, notably the Vietnam-Qatar intergovernmental committee for economic, trade, and technical cooperation.

The ambassador also suggested exploring and establishing new cooperation frameworks aligned with current priorities and circumstances. These could include subcommittees for labour and trade exchange mechanisms, or investment working groups between their relevant agencies./.

VNA