17-Sep-2022 Intellasia |
Vietnamese minister of Industry and Trade Nguyen Hong Dien held talks with minister of Tourism, Trade and Industry of Timor Leste Jose Lucas Da Silva on September 14, as part of the Vietnamese delegation’s activities at the 54th Asean Economic ministers’ Meeting (AEM 54) and related meetings in Siem Reap, Cambodia.
The two sides spotlighted the fruitful development of the bilateral relationship, and briefed each other on the economic and trade development of each country. They said that the bilateral trade still remains modest, reaching only 33.6 million USD in 2021.
The Timor Leste side spoke highly of Vietnam’s trade potential and opportunities to strengthen cooperation with the country, showing the desire to further expand it with Vietnam in the fields of transportation, import export, and seaports. It expressed its hope that Vietnam will support and share information and experience in developing the national one-stop-shop mechanism, and in trade and investment promotion.
Minister Dien affirmed that Vietnam is ready to cooperate and support Timor Leste in the fields that Vietnam needs and Timor Leste has advantages such as minerals, forest and aquatic industries.
The Vietnamese official called for Timor Leste’s support to connect Timor Leste’s businesses with Vietnamese suppliers.
Cooperation with Vietnam will help both countries integrate deeper in regional and global value chains, he affirmed.
He called on the two sides to perfect the legal framework and economic and trade cooperation mechanisms, strengthen information sharing and exchange of business delegations.
The minister suggested Timor Leste to facilitate Vietnam’s research activities in oil and gas exploration and production; and cooperate in exploiting and processing forest and mineral resources, mining metal ores and non-ferrous metals, and in producing goods for export to countries with preferential mechanisms for Timor Leste.
Dien also said he hopes the Timor Leste side will soon ratify the trade agreement signed between the two countries.
Category: Business, Vietnam
Article source: https://www.intellasia.net/vietnam-timor-leste-eye-stronger-trade-investment-cooperation-1092177