At a Vietnam-Norway Business Summit (Source: VNA)Hanoi (VNA)– An official visit to Norway by Prime Minister Nguyen Xuan Phuc and his spouselooks to boost the traditional friendship and multi-dimensional cooperation,especially trade and investment, between the two countries.
PM Nguyen Xuan Phuc and his spouse will pay an official visit to Norway fromMay 24-26 at the invitation of Norway’s Prime Minister Erna Solberg.
Vietnam and Norwayset up diplomatic ties in November, 1971.
Bilateral trade reached 363 million USD in 2018, with Vietnam exporting mainlyapparel, footwear, wooden furniture, and cashew to Norway and importing mostlyseafood, machinery, equipment, fertilizers, chemicals, steel and iron from thecountry.
Norway established a section called Innovation Norway at its Embassy in Vietnamin 2006 and the two countries signed a memorandum of understanding on tradecooperation assistance and the establishment of a bilateral working group inNovember the same year, with a view to stepping up trade-investment activities.
Vietnam and the European Free Trade Association (EFTA) that groups Norway,Switzerland, Iceland, and Liechtenstein began negotiations for their Free TradeAgreement (FTA) in March, 2012, and have so far conducted 16 rounds of talks.The EFTA has already recognized Vietnam’s market economy status.
Norway is running 41 projects with total registered investment capital of 166million USD, ranking 41st among 130 countries and territoriesinvesting in Vietnam.
Some 40 Norwegian businesses are operating in Vietnam, mostly in Ho Chi MinhCity, the southern province of Binh Duong, the southern city of Vung Tau, thesouth central province of Khanh Hoa, Hanoi, and the northern city of Hai Phong.Their projects have engaged mostly in the manufacturing of timber, constructionmaterials and interior design products; agriculture, forestry, and aquaculture;information and communications.
However, Vietnamese businesses have yet invested directly in any projects inNorway.
The two countries resumedtheir development cooperation following the signing of a framework agreement ondevelopment cooperation in October 1996.
Norway is one of the largest sponsors for Vietnam in the United NationsProgramme on Reducing Emissions from Deforestation and Forest Degradation(UN-REDD) as it pledged to finance over 30 million USD for the UN-REDD inVietnam from 2013-2015 under a joint statement signed in December 2012.
Norway-funded projects in education, health care, natural resources managementand renewable energy have been implemented well in Vietnam.
Norway provided atotal aid of 320 million USD for Vietnam.
Cultural cooperation between the two countries has been boosted. Norway begansponsoring cultural development in Vietnam through the “Transposition” projectthat has helped connect art institutions, organize concerts, training courses, andshort-term profession improvement trips for students and artists, assist theteaching of music, and develop libraries, among others.
Norway provided scholarships for lecturers and researchers from Vietnameseuniversities and research institutes, along with helping train officials inhuman rights and peacekeeping for Vietnam.
The two countries signed a number of agreements, including the one on theavoidance of double taxation and prevention of tax evasion, the other onarticles and mutual procedures for development cooperation, the agreement oneconomic and trade cooperation, and a memorandum of understanding on childadoption.-VNA
VNA
