Prime Minister Pham Minh Chinh has called for measures to step up collaboration between Vietnam and Brunei in energy, chemicals, and Halal food production.

Speaking at a roundtable discussion with Brunei energy and oil and gas enterprises in the capital Bandar Seri Begawan on February 11, as part of his ongoing visit to the country,  Prime Minister Chinh also called for both sides to focus on promoting emerging economic fields such as green, digital, circular, and knowledge-based economies and innovation, and diversifying markets, products, and supply chains.

He said that amid rapid and unpredictable changes around the world, any country that longs for rapid and sustainable development needs to uphold and optimize its unique potential, opportunities, and competitive advantages in combination with development trends of the era.

Prime Minister Chinh told the roundtable that during his talks with Sultan of Brunei Hassanal Bolkiah the two agreed with measures and solutions to raise bilateral economic, trade, and investment ties to new heights, which will help exploit the potential, advantages, and opportunities of both sides.

He said that Vietnam is implementing three strategic breakthroughs, in institutions, infrastructure, and human resources, satisfying requirements for development and links with other economies.

A representative from the Brunei Government shared the vision, socio-economic development strategy, and economic restructuring and diversification plans under the Brunei Vision 2035 that will turn the country into an economy with dynamic and sustainable development.

Brunei is currently ranked 26th out of 142 countries and territories investing in Vietnam, with 156 valid projects and nearly $1 billion in capital, mostly in industry, manufacturing and processing, construction, and real estate. Vietnam has two investment projects in Brunei, with total capital of over $3.6 million.

Bilateral trade hit $726 million in 2022, surpassing their leaders’ goal of $500 million set for 2025.