A consultation will be held by the Ministry of Industry and Trade’s Department of Trade Promotion (Vietrade) on June 1 to boost export to Kuwait where demand for agricultural, industrial and consumer products are on a rise.
Hanoi (VNA) – A consultation will be held by theMinistry of Industry and Trade’s Department of Trade Promotion (Vietrade) onJune 1 to boost export to Kuwait where demand for agricultural, industrial andconsumer products are on a rise.
Economic relations between Vietnam and Kuwait have grown constantlyover the years, with the bilateral trade exceeding 4.78 billion USD in 2021, up49 percent from the previous year.
However, Vietnam has registered a significant trade deficit withKuwait as it only generated over 60 million USD from the export of mainlymobile phones, electronics, aquatic products, wood and timber products and farmproduce to the Middle Eastern country last year.
Its import from Kuwait totaled more than 4.7 billion USD in2021, a year-on-year increase of 49 percent, a majority of which was crude oilto be used as input for Nghi Son Oil Refinery.
Kuwait has a population of about 4.3million and its per capita GDP hits some 52,000 USD. It exports around 60billion USD worth of commodities, mostly crude oil, and imports about 30billion USD annually.
During the consulting session, Tran Trung Hieu, second secretaryat the Vietnamese Trade Office in Kuwait, will give an overview of theagricultural product and food market in Kuwait as well as its standards andrequirements for exports.
There will be also other speakers to share experience and whatVietnamese companies should know when doing business in the Middle East nation.
The session is the 18th among a series of 30 eventssupporting domestic firms to gain access to foreign markets to be heldby Vietrade this year./.
Deputy Prime Minister Le Minh Khai affirmed Vietnam always attaches importance to promoting sound relations with Kuwait while receiving visiting Kuwaiti Minister of Oil Mohammad Abdullateef M A Alfares in Hanoi on October 29.
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Illustrative photo. (Source: VNA)
