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Vietnam Prime Minister Wraps Up Brunei Visit, Regional Trip

Vietnam's prime minister returned from Brunei Thursday, wrapping up a two-day official visit to the country as completing his swing through five Southeast Asian countries.

While in Brunei, PM Nguyen Tan Dung held talks with Sultan Haji Hassanal Bolkiah on regional and bilateral issues.

Brunei National Petroleum and PetroVietnam have signed an oil and gas cooperation contract but no details on the deal have been disclosed.

The two countries have also signed a memorandum of understanding on the avoidance of double income taxation and another on cooperation agreement in sports and youth affairs.

Dung met with Brunei's business communities to expand foreign investment opportunities at a luncheon Wednesday.

He assured them of Vietnam’s determination to accelerate its economic reforms and improve the state’s administrative effectiveness to create an open, transparent and business-friendly environment for investors.

Brunei was the last leg of Dung’s trip to five member states of the Association of Southeast Asian Nations (ASEAN) to reaffirm Vietnam's commitment to further expand cooperation with its neighbors.

The premier had visited Indonesia, the Philippines, Singapore and Myanmar, where he held talks with the countries’ leaders and was party to the signing of dozens cooperation agreements.

Diplomatic relations between Brunei and Vietnam were established in 1992.

Brunei hosted membership ceremonies when Vietnam joined ASEAN in July 1995.

The two countries have also been engaged closely in regional and international forums, including the Asia Pacific Economic Cooperation summits and the United Nations.

More than 600 Vietnamese are currently working in Brunei in the construction industry and the services sector.

Trade between the two countries was recorded at US$3 million, which represented an increase of Vietnamese exports such as textiles, fruits and vegetables, handicrafts, ceramics and batteries.

Brunei has 37 foreign direct investment projects in Vietnam worth US$125.8 million.

At present, Vietnam is the fastest growing economy in the ASEAN region, attracting more than US$10 billion in foreign direct investments last year. Its economy yielded an 8 per cent growth in 2006.

The sultanate supported Vietnam's bid to sit on non-permanently on the UN Security Council next year.

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