Sultan Haji Hassanal Bolkiah of Brunei begins a three-day visit to Viet Nam from today.

Sultan Haji Hassanal Bolkiah of Brunei.

The visit is made at the invitation of Vietnamese Party General Secretary, State President Nguyen Phu Trong. Viet Nam and Brunei established diplomatic ties on 29 February 1992. Since then, the two countries have regularly exchanged visits and high-ranking meetings.

As of February 2019, two-way trade had reached US$43 million, with $39 million coming from Viet Nam’s imports. In 2018, bilateral trade exceeded $54 million, of which Việt Nam’s import revenue was $36 million. Viet Nam mainly exports seafood and rice to Brunei, and imports chemicals from the country.

As of late 2018, Brunei ranked 21st among 128 countries and territories investing in Viet Nam, and fourth among Viet Nam’s ASEAN  investors after Singapore, Malaysia, and Thailand, with 179 projects worth more than $1 billion.

Meanwhile, Viet Nam is running two projects in Brunei with total registered capital of $3.6 million.

The two countries have set a goal of raising bilateral trade to $500 million in two-way value by 2025.

(Source: VNS)