WITH the setting up of bilateral business councils between Brunei and
Vietnam in last November, the newly-established Brunei-Vietnam Business
Council, is optimistic for more progress in terms of opportunities in trade and
commerce for both countries.
Under the umbrella of the
National Chamber of Commerce and Industry of Brunei Darussalam (NCCIBD),
business council seeks to become the contact point for business activities
between both countries.
The Brunei Times spoke to council
Chairman Abd Halim Saim about the council's roles and plans for the near
future.
What are the roles of the council?
Basically, we are the focal point
for small-medium enterprises (SMEs) activities between both Brunei and Vietnam.
We are working under the NCCIBD
and are handling the affairs relating to the bilateral business activities and
potential opportunities. In the event that a Bruneian company is interested in
conducting business in Vietnam, we can help with the enquires. In addition to
that, we will try our best to assist SMEs from Vietnam by helping them connect
with the local businesses and facilitate the business processes.
Are there any plans for the year 2013?
There are suggestions for a few
business activities in April 2013, in which our Bruneian business delegates will
participate in the Vietnam Expo 2013. Likewise, the Vietnamese business
delegates will also be participating in our Brunei Halal Expo. This is in line
with the objectives laid out in the Agreement of Cooperation which was signed
on the November 28, 2012, to foster the development and diversification of
economic cooperation and widening the commercial exchanges between companies
and enterprises on a mutually advantageous basis.
We are also in the process of
matching up some Vietnamese manufacturers to our Bruneian business people. This
would involve exchanging available information pertaining to foreign trade,
production and export opportunities of both countries businesses and exchange
of trade delegations, to name a few.
In order to achieve business networking
to a greater effect, we are also working closely with the Chairman of BIMP-EAGA
Business Council. This will also help us a better picture of what happens on a
regional level and how it would affect the bilateral business relationship that
has been established through the agreement.
What opportunities do you see with the signing of the agreement?
There has been interest shown
from some Bruneian businessman who are looking for investment opportunities in
the food processing sector. Some have also voiced out interest for plantation
and agriculture. Likewise, the Vietnamese have also expressed interest
investing in Brunei, but these are in preliminary discussions.
We are currently also working on
a data system. The main purpose of such a system is to collect information and
compile it into a database. This database is then used by the businessmen from
both countries who can look up to see background information about each other
in the economic aspects.
The database will also allow
businessmen to ask the council their questions. This is an important project
for a few reasons. Firstly, both business councils can use this as an avenue
for exchange of information about the laws and regulations that are in place
from their respective countries.
Secondly, any of the businessmen
are in doubt about the authenticity of a particular company, they can confirm
it with the councils who are tasked to help them out with this process.
On top of that, you can see now
that more bilateral visits will be made and that there will be more programmes
all of which are part of the objective to increase mutual awareness about both
countries and the business opportunities. I think that a level of interest in
investment has also been generated with the large projects that are happening
in the country, which require cooperation. This also opens doors for more
opportunities.
What types of challenges do you think you will face?
I think there are some minor
challenges that we will face but as long we are able to maintain the close
business relationship between both parties, we should be able to overcome those
challenges. And also with the ongoing support from both governments, it means
that those challenges can be solved by working together.
We will also be visiting Vietnam
in March and this will definitely be an opportunity for us to share and explain
on what business opportunities there are in Brunei.
LEO KASIM
The Brunei Times
Business & Investment Opportunities
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