Vietnam, Oman celebrate 31 years of diplomatic relations - VOI

Vietnam and Oman marked 31 years of diplomatic relations on June 9, 2023. The two countries have continuously strengthened their bilateral relations, especially in economic cooperation.

This close bilateral cooperation is reflected in mutual support in international forums, high-level official visits, meetings, and trade promotion between businesses from the two countries. Economic cooperation between Vietnam and Oman has been continuously strengthened, with bilateral trade turnover reaching an impressive $338.1 million in 2021.

Vietnam, Oman celebrate 31 years of diplomatic relations

Economic cooperation between Vietnam and Oman is constantly being promoted with about 10 agreements and 3 MoUs signed in various fields.

One of the typical models of economic cooperation between Vietnam and Oman is the Vietnam-Oman Investment Fund (VOI). Established in 2008, the fund is a joint venture between the Oman Investment Authority (OIA), formerly the State General Reserve Fund (SGRF), and the Vietnam State Capital Investment Corporation (SCIC), with support from the governments of both countries. From an initial committed capital of $100 million in 2009, it has disbursed over $330 million for projects in Vietnam.

VOI’s mission is to create long-term and sustainable economic value through investments focused on Vietnam’s competitive growth sectors. Since 2011, VOI has invested in more than 17 projects in various economic sectors, including highways, renewable energy, clean water in cities, hospitals, pharmaceuticals, universities, consumer goods, construction materials, real estate, agriculture, hydropower plants, and wastewater treatment plants.