HCM City pledges favorable conditions for Kuwaiti investors

09:34 | 13/03/2017 Economy

Ho Chi Minh City will create optimal conditions for Kuwaiti businesses to invest and develop in the city, stated Tran Vinh Tuyen, Vice Chairman of the municipal People’s Committee.

Vice Chairman of the HCMC People’s Committee Tran Vinh Tuyen and representatives from Kuwaiti Consul General in the city join in a group photo at the celebration (Credit: VNA)

Addressing a ceremony in Ho Chi Minh City on February 23 to mark Kuwait’s 56th National Day anniversary and its 26th Liberation Day, Tuyen expressed hope that Kuwait will become a gateway for HCM City firms to forge stronger cooperation with Persian Gulf countries.

He congratulated the Kuwaiti people on achievements they have made so far, noting that the Vietnam-Kuwait partnership has been growing in all fields, especially in politics, economy and trade.

For his part, Khaled Al-Mutairi, Kuwaiti Consul General in Ho Chi Minh City said that relations between Vietnam and Kuwait have progressed strongly, especially in trade and investment since the two sides set up their diplomatic ties in 1976.

He held that Kuwait’s investment in Vietnam will continue to surge in the coming time, calling on Vietnamese businesses to invest more in development projects in Kuwait, thus contributing to boosting bilateral trade.

So far, Kuwait has invested US$172 million in projects on infrastructure and rural development in remote and mountainous areas of Vietnam.

Kuwait has been one of the largest trade partners of Vietnam in the Middle East with two-way trade hitting US$184 million in 2016. The figure is expected to reach US$2 billion in 2020 after Nghi Son oil refinery and the first Vietnam-Kuwait petrochemical project become operational.