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President wraps up Brunei visit, heads to Singapore

Released at: 10:17, 29/08/2016

President wraps up Brunei visit, heads to Singapore

Photo: VNA

Vietnam and Brunei determined to reach two-way trade targets by 2025 and will celebrate 25 years of diplomatic relations next year.

by Ha Nguyen

Vietnam and Brunei vowed to reach the two-way trade target of $500 million by 2025 during an official visit by State President Tran Dai Quang to Brunei from August 26 to 28.

President Quang and Bruneian Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah affirmed they will continue with high-level visits and intensify people-to-people diplomacy in order to tighten mutual understanding and trust, according to the Vietnam News Agency (VNA).

The two leaders also agreed to soon organize the first meeting of the bilateral cooperation committee in Vietnam to set forth measures to strengthen cooperation in specific areas, especially economics, trade and investment.

Bilateral economic, trade and investment cooperation with Brunei has made big strides forward, with two-way trade jumping from $24.2 million in 2010 to $73.7 million in 2015. The figure had hit $17 million for this year as at the end of June, according to official figures.

Vietnam mostly exports seafood and rice to Brunei while importing chemicals. The two countries also resumed a direct air route linking Brunei and Ho Chi Minh City, in October 2014.

They will coordinate activities to celebrate the 25th anniversary of bilateral diplomatic ties, in 2017, including exchanging delegations and holding exhibitions and workshops on their land, people and culture.

Significantly, the two leaders emphasized the importance of maintaining peace, stability, security and safety in the East Sea, while agreeing to push for the settlement of disputes by peaceful means and join other parties in implementing the Declaration on the Conduct of Parties (DOC) in the East Sea fully and effectively, working towards the formation of a Code of Conduct (COC) in the East Sea, in order to maintain peace, stability, cooperation and development in the region and the world, according to the joint statement.

President Quang and the Bruneian Sultan agreed to boost defense collaboration and consider negotiating and signing agreements on trans-national crime prevention, mutual legal assistance on penal affairs, extradition, and the transfer of prisoners.

President Quang then flew to Singapore on August 28 to begin his official visit to the island state, which will end on August 30, according to VNA.

Two-way trade between Vietnam and Singapore has grown 12 per cent annually in the last three years. Singapore is now Vietnam’s third-largest investor, behind Japan and South Korea, with investment totaling $36 billion.

Singapore has prioritized investments in manufacturing, processing and real estate in Vietnam, suggesting additional measures be sought to attract more Singaporean investments in other fields while enhancing bilateral cooperation in politics, security, national defense, culture and sports, according to the Embassy of Vietnam in Singapore.

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