In 2021, Viet Nam was Brunei’s 10th largest export market in 2021 and subsequently, in 2022, trade flow between the two countries rose due to increased exports of mineral products to Viet Nam.
“In light of Viet Nam’s exponential economic growth, we recognise the potential to enhance our economic and trade partnership,” said Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah.
The minister underscored this in his welcoming remarks at the high level business forum between the business communities and energy companies of Brunei Darussalam and Viet Nam during the Vietnamese Prime Minister Pham Minh Chinh’s visit to Brunei Energy Hub Dermaga Diraja in the capital yesterday.
“Brunei Darussalam values its close relations with Viet Nam and I’m pleased to see that efforts to increase engagement in various areas of cooperation including in the economic and trade sectors.”
The minister added that Brunei also appreciates the engagements with Viet Nam in multilateral forums, which are pivotal in achieving their common goals of resilient, inclusive and sustainable economic development.
“At the regional and international level, our work through ASEAN and APEC as well as agreements such as the Regional Comprehensive Economic Partnership (RCEP) increases access to global markets, encourages rules-based trading and economic activities and facilitates efficient, diversified and resilient supply chains.”
He shared some of the progress made in achieving Brunei Vision 2035, where the country has stepped up efforts to diversify the economy, attract more foreign direct investments (FDIs) and increase public-private partnership engagement in projects.
The launch of Brunei Darussalam’s Economic Blueprint in January 2021 outlined the country’s journey towards becoming a dynamic and sustainable economy. Brunei has made significant developments in its economy especially in the non-oil and gas sector which has grown by about five per cent on average since 2019, contributed by new activities and expansion of existing ones.
Another sector that has seen rapid growth in recent years is the food sector, especially aquaculture and poultry, and the development of this sector, driven by both FDIs and local companies, is crucial in promoting export-oriented activities as well as supporting the country’s agenda in ensuring food security.
There is more work to be done to diversify the Sultanate’s economy and with the need for continuous improvement in regional and global connectivity, which will help businesses expand to external markets.
“It is in this context that we seek beneficial partnerships with close friends such as Viet Nam to ensure prosperity, for example, through collaborative projects in key areas such as our priority sectors which are downstream oil and gas, food, tourism, ICT and services.” Local businesses are also encouraged to venture out and participate in regional and global value chains, and explore international business partnerships.
“We look forward to work closely in identifying economic opportunities, with the goal to create meaningful and lasting partnerships for the mutual benefit of our countries and our people.”