His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam and Her Majesty granted an audience to His Excellency Truong Tan Sang, The President of the Socialist Republic of Vietnam and spouse, Madam Mai Thi Hanh yesterday at the Istana Nurul Iman.
Vietnam president to sign 3 agreements during visit
THREE memorandums of understanding (MoUs) are expected to be signed throughout the three-day visit of Vietnamese President Truong Tan Sang to Brunei, the republic's envoy to Brunei said yesterday.
His Excellency Nguyen Truong Giang, the ambassador of Vietnam to Brunei Darussalam, told The Brunei Times that two of the MoUs are likely to be signed at the Istana Nurul Iman (Royal Palace) when the Vietnamese leader arrives in the Sultanate today.
The MoUs will be signed between Petroleum Brunei and PetroVietnam and the Autoriti Monetari Brunei Darussalam (AMBD) and the Vietnam State Bank, he said.
The third MoU, which will be undertaken between the National Chamber of Commerce and Industry of Brunei Darussalam and the Viet Nam Chamber of Commerce and Industry, will be signed on November 28 at the Empire Hotel & Country Club, during which he is also expected to attend a business forum, the ambassador added.
He said further details of the MoUs were not available as of press time.
The Vietnamese leader is also expected to visit the Brunei Shell Headquarters in the Belait District on November 28.
In the afternoon of the same day, President Sang will be attending a business forum which will see discussions on business and investment opportunities in Brunei and Vietnam. He is expected to leave the country on November 29.
In an earlier interview with The Brunei Times last week, Giang said cooperation between the two countries have been constantly "improving", particularly in the areas of labour, education, culture and defence, as this year marked the 20th anniversary of diplomatic relations between Brunei and Vietnam.
In 2011, two-way trade turnover reached over US$200 million, which Giang said was "a big jump, considering that many years ago, the turnover was only about US$4.3 million".
He said the Vietnamese government expects the trade relations will continue to grow.
He pointed out that only a few Bruneian joint-venture companies have invested in Vietnam's manufacturing sector, which illustrates the limited investment activities between the two countries.
Giang also said that one area of great interest for Vietnam is agricultural collaboration, as it is keen on providing assistance to Brunei in its drive to become self-sufficient in food, particularly in rice cultivation.
According to a tentative programme provided by the Vietnam embassy in Brunei, the president's state visit will lean towards encouraging growth of the existing bilateral trade with Brunei, and to reaffirm the importance of continuing to create favourable investment conditions for investors from both countries.
Talks to establish a bilateral agreement on investment encouragement and protection in the near future is also expected to take place. Discussions will also revolve around potential areas such as labour, oil and gas, education, agriculture, fisheries and tourism.
Brunei and Vietnam signed the Agreement between the Authority Monetary of Brunei Darussalam (AMBD) and the State Bank of Vietnam and Memorandum of Understanding (MoU) on the field of Oil and Gas between Petroleum Brunei and Petrovietnam.
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