Promoting cooperation in the field of trade and investment between Vietnam and Timor-Leste

For Vietnam and Timor-Leste (East Timor) to have a basis for implementing cooperation and investment activities and solving arising problems following the law and in the spirit of good relations between the two countries, Ministry Minister Nguyen Hong Dien suggested that East Timor soon ratify the bilateral Trade Agreement signed in 2013 on the occasion of the official visit to Vietnam by the President of East Timor so that this Agreement could be put into effect.

Minister of Industry and Trade Nguyen Hong Dien had a courtesy meeting with Ms. Maria Olandina Isabel Caeiro Alves, Ambassador Extraordinary and Plenipotentiary of the Democratic Republic of Timor-Leste (East Timor) in Vietnam.

On April 19, Minister of Industry and Trade Nguyen Hong Dien held an informal meeting with the ambassador of the Democratic Republic of Timor Leste (Timor Leste) to Vietnam, Maria Olandina Isabel Kello Alves.

During the meeting, Minister of Industry and Trade Nguyen Hong Dien raised some concerns regarding cooperation in the fields of trade and investment between the two countries. Regarding the field of trade, Minister Ruan Hongyan suggested that both sides study and establish bilateral cooperation mechanisms in the economic and trade fields, such as the Joint Committee on Economic Cooperation, Trade or Trade Mixed Subcommittee to promote an increase in bilateral import and export volume between the two countries. In addition to importing rice from Vietnam, the Minister also suggested that East Timor coordinate the introduction of import leads and increase imports of textiles, footwear, beverages, dairy and dairy products, canned food, processed food, agricultural products, seafood and other products. Promote trade relations between enterprises of the two countries.

Regarding the investment field, Minister Nguyen Hung yan suggested that East Timor create favorable conditions for Vietnamese enterprises to carry out investment and commercial cooperation activities in East Timor. In addition, there is still great potential for cooperation in oil and gas exploration and development between the two countries; Cooperate in the development of forest resources and mineral resource processing; Cooperate in the mining of metal ores and non-ferrous metals, especially in producing and exporting to countries with preferential treatment mechanisms.

In order to enable the two countries to carry out cooperation and investment activities, and in the spirit of good relations between the two countries, to solve problems that arise in accordance with the law, Minister Nguyen Hung yan suggested that on the occasion of the official visit of the President of East Timor to Vietnam, East Timor should approve the bilateral trade agreement signed in 2013 as soon as possible, so that it can be implemented.

Image at the meeting

On the East Timor side, the Ambassador highly appreciated the relationship between the two countries. The Ambassador said that East Timor has always attached great importance to the exchange visits of the two countries’ officials over the years and also wishes to start the implementation again with official visits after the pandemic-affected period.

The Ambassador said that the fields of bilateral cooperation of interest between the two countries include agriculture, forestry and fishery, trade, education, tourism, and aviation. Besides, the Ambassador also affirmed that the Government of East Timor always creates favorable conditions to support companies to invest in East Timor. Therefore, the Ambassador encouraged Vietnamese businesses to seek investment opportunities in East Timor.

At the meeting, the Ambassador informed about the Embassy’s organization of a Business Forum at the end of this April in Vietnam with the participation of representatives of Ministries, Enterprises, and East Timorese economic experts. At the same time, the Embassy also sent invitations to ministries, businesses and economic experts in Vietnam to attend the Forum. This is an opportunity for the two sides to study and discuss the development of the economy, and for businesses of the two countries to seek investment opportunities.

Regarding a number of bilateral agreements between the ministries and branches of the two countries, the Minister and the Ambassador hoped that the two sides could soon reach an agreement and proceed to sign it, contributing to the development of a close and deep cooperation relationship between the two countries.

At the end of the meeting, Minister Nguyen Hong Dien shared and believed that the Ambassador, during her tenure, will always give support and support to Vietnam in general and the Ministry of Industry and Trade in particular, contributing to promoting Investment and business activities between the two countries and enterprises are increasingly expanded and developed.

Source: Vietnamese Communist Party E- News