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Friday, July 1, 2022

Vietnam, Oman boost economic partnership

The Saigon Times

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HCMC – Vietnam and Oman are constantly strengthening their economic cooperation, with bilateral trade in 2021 reaching US$338.1 million, up 100% against 2020.

A celebration on June 9 of the 30-year journey of establishing diplomatic relations between Vietnam and Oman highlighted outstanding achievements in political and diplomatic ties, especially in bilateral economic and trade cooperation.

The Vietnam-Oman Investment (VOI) is a bright spot in investment cooperation between the two nations. The fund has poured more than US$300 million into agriculture, renewable energy, infrastructure, hydro-power and clean water treatment projects in Vietnam.

Sheikh Nasser Al Harthy, Chairman of the VOI, said, “The joint venture’s investment in Vietnam has contributed to fostering the development of key industries, promoting regional economic development and improving the quality of local people’s lives.”

Oman, via the VOI, vows to coordinate with the Vietnamese Government to develop renewable energy to reach the target of net-zero emissions by 2050 as set out by Prime Minister Pham Minh Chinh at the COP26.

The VOI and its partners have developed 140-MWP solar power plants in the southern province of Long An and provided nearly 100 MWP of rooftop solar power for hundreds of local and foreign direct investment firms, said General Director of VOI Nguyen Hong Son.

In the next five years, the fund targets a generation capacity of at least 1GWP of renewable energy to reduce emissions of more than one million tons of CO2 annually, he added.

Besides, the VOI has joined hands with other partners to produce and distribute millions of cubic meters of clean water to tens of millions of people in HCMC, Hanoi and the Mekong Delta region.

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