Vietnam is willing to create favourable conditions for foreign investors, including Brunei, to do business in the country, State President Truong Tan Sang announced at a business forum in Brunei on November 28.

President Sang made the comments to the Vietnam-Brunei business forum, during a day of meetings with Oil and Gas Company Brunei Shell, the Vietnamese Embassy and representatives from the Vietnamese community.

 In his speech at the forum, President Sang praised Brunei for increasing its investment in Vietnam and maintaining its status as one of the leading ASEAN investors with a total capitalisation of US$4.9 billion, despite the global economic woes.

 He applauded the results of recent trade cooperation between the two countries which, he noted, is still far from reaching its full potential.

 Sang asked businesses from both countries to promote bilateral trade and investment by strengthening the exchange of market information to benefit the two nations as well as their business communities.

 Regarding the negotiations on the Trans Pacific Partnership Agreement (TPP), Sang affirmed that the agreement will give businesses the chance to cooperate, develop and compete with each other for mutual benefit. He also said that Vietnam hails Brunei’s determination to complete the TPP negotiations soon.

President Sang also witnessed the signing of a Memorandum of Understanding (MoU) on cooperation between the Vietnam Chamber of Commerce and Industry (VCCI) and its Brunei counterpart.

Earlier, during his visit to Oil and Gas Company Brunei Shell, Sang congratulated the company on its significant achievements which have made it one of the leaders in oil and gas production across Brunei and Southeast Asia.

 Vietnam is ready to develop the ideal conditions required for the Vietnam Oil and Gas Group (PVN) to facilitate international cooperation, particularly with high-tech foreign partners like Brunei Shell, Sang said.

President Sang described the two sides’ signing of a crude oil agreement worth US$250 million as vivid testimony to their effective bilateral cooperation.

Visiting the Vietnamese Embassy, Sang spoke highly of its efforts to implement Party and State policies and guidelines and briefed embassy staff about the current security, political and socio-economic situation in the country.

 He urged them to work harder to fulfil all assigned tasks set for next year as Brunei takes up the ASEAN Chair and  ASEAN Inter Parliamentary Assembly (AIPA) Chair.

Sang also called on the Vietnamese community in Brunei to continue making solid contributions to the strengthening of friendship and cooperation between the two nations.

VOV