LUCRATIVE DEAL: The two countries have an existing $40m joint venture in Vietnam National Oil and Gas Group (PetroVietnam) (Getty Images)

LUCRATIVE DEAL: The two countries have an existing $40m joint venture in Vietnam National Oil and Gas Group (PetroVietnam) (Getty Images)

January 11, 2011 BY CLAIRE FERRIS-LAY

Oman will invest billions of dollars in Vietnam’s stock exchange, oil and gas industries and industrial zones, the Minister’s of Commerce and Industry, Maqbool Ali Sultan, has said.

On Monday, the Gulf state signed a joint agreement with Vietnam to boost capital investment between the two countries and pledged to raise its capital in the Vietnam-Oman Investment Joint Stock Company from $100m to $1bn.

The two countries have an existing $40m joint venture in Vietnam National Oil and Gas Group (PetroVietnam), a $100m investment company, and are looking at further opportunities, said Vietnam News.

Last year bilateral trade between the two countries was $25.3m, a figure which is expected to rise to $37.9m in the first eleven months of this year.

Source: www.arabianbusiness.com