Qatar and Vietnam to boost business ties

The Qatari and the Vietnamese sides holding talks in Doha yesterday.

By Ayman Adly/Staff Reporter

Seeking to enhance business and economic relations, Qatar and Vietnam yesterday agreed to increase joint investments and raise the volume of bilateral trade.

The joint Qatari-Vietnamese committee for economic, business and technical co-operation held its first meeting yesterday in Doha. The Qatari side was led by Mirah bint Hamad al-Attiya, assistant deputy minister in the Ministry of Business and Trade (MBT), while the Vietnamese side was represented by Nguyen Thanh Hoa, deputy minister in the Ministry of Labour, Invalids and Social Affairs (MOLISA).

“The two countries have signed several agreements and memoranda of understanding covering all fields of joint interests. Despite all that has been achieved, it still falls short of our expectations,” al-Attiyah said, adding that what have been achieved could be considered a good step to build on through this meeting to broaden the horizons of co-operation.

She hoped that the meeting, which concludes today, would help in establishing a common ground for more economic co-operation between the two countries, which have enjoyed strong relations for more than two decades.

The volume of trade between the two countries has grown considerably over the years. In 2012, Qatar’s exports to Vietnam amounted to QR737mn, compared to QR167.5mn in 2010, an increase of 340%, while Qatar’s imports from Vietnam in 2012 amounted to QR416.4mn, compared to QR103mn in 2010, a rise of 304.4%.

Al-Attiya said that Qatar investment in the oil and gas sector has increased significantly at Vietnam’s Long Son Petrochemical Complex. She expected more participation of Vietnamese workforce in the implementation of development projects in Qatar.

“We have always worked to make Qatar an open economy and business friendly, especially for the investment coming from the friendly nations, and Vietnam is one of the most important of those,” she said.

“Through the single window policy, investors could be issued a business licence in Doha within a single working day. Also, foreigners could invest 100% in certain businesses with no cap on transfer of profits abroad, while other privileges include low taxation.

Nguyen said that Vietnamese economy has attained remarkable growth amounting to 5.1% in 2012 in spite of the world economic downturn. He added that due to the rapid economic progress in Vietnam, its demand for crude oil, fertilisers and various raw materials has risen.

Vietnam is a key exporter of rice, coffee, rubber and seafood. Vietnam has also been honing its manpower and human resources through various educational and training initiatives to improve the life of people.

The Vietnamese minister suggested that Qatar assign a piece of land in central Doha to build a commercial centre for Vietnamese goods and products such as machinery, home appliances, electronics, clothes, shoes and agricultural products. The two countries should also increase the exchange of commercial exhibitions and fairs.

He invited Qatari businessmen to invest in food security projects in Vietnam as the country has great potential for farming and fisheries.

Stressing the need for increasing the number of flights between the two countries to encourage tourism and business, Nguyen urged the Qatari authorities to recruit more Vietnamese.