Vietnam breaks into Middle East, North Africa markets

At the forum policy makers will meet to identify specific areas of economic cooperation and discuss measures to improve relations Vietnam and Middle East-North African countries.

Vietnam will avail itself of this opportunity to introduce its new policies to businesses and investors who are seeking cooperation partners.

The Middle East-North African region stretches from Iran through the Persian Gulf, Arabia Peninsula, Suez Canal, the eastern bank of the Mediterranean to North-West Africa and the southern bank of the Mediterranean. Its mineral resources, mostly oil and gas, account for 60% of world oil reserves and 45% of world gas reserves.

With a total population of more than 520 million, the region has great potential for economic development to meet the growing demand for diversified products.

In recent years, the traditional ties of friendship and cooperation between Vietnam and Middle East-North African countries have continued to grow and flourish through the regular exchange of visits by high-level officials.

Vietnam has so far established diplomatic ties with most countries in the region and set up 12 diplomatic representative offices there.

Its two-way trade turnover in 2012 reached US$7.4 billion, up 87% from 10 years ago.

Many Middle East businesses have invested in big projects in Vietnam, such as Nghi Son Oil Refinery Complex (Kuwait). Long Son Oil Refinery Complex (Qatar), Ha Long Star Hotel and Hiep Phuoc Container Port (UAE).

Vietnamese businesses have also invested in some projects in Middle East – North African region, such as the National Oil and Gas Group in Algeria.

Around 26,000 Vietnamese workers are working in infrastructure development projects in the region.