MUSCAT: Vietnam has captured the attention of Ithraa, the Sultanate’s inward investment and export promotion agency, as an emerging and growing market for Omani exporters. Mazin al Siyabi, Ithraa’s Head of Exports, led a small team on an exploratory trade visited Vietnam during July 23 till 27, where he held meetings with government officials as well as representatives from the Vietnamese business community. The mission aimed at exploring trade relations between the Sultanate and Vietnam and for Ithraa management to strengthen their knowledge of the many and growing commercial opportunities in Vietnam.
Fuelled by rapid growth and increased foreign direct investment (FDI), 2017 emerged as one of the strongest years for Vietnam. With GDP growing at 6.81 per cent, record FDI levels and trade figures reaching an all-time high of $400 billion. Nasima al Balushi, Ithraa’s Director-General of Export Development and Acting Director General of Investment Promotion said, “Vietnam’s long-term economic prospects are being driven by demographics, a growing middle class and the dynamism of its workforce. It all looks very promising,”.
She added: “With a population of 95.5 million, Vietnam is set to become increasingly important for companies worldwide. And we are keen to get more Omani exporters interested in this dynamic market.” Research estimates that Vietnamese import demand is expected to grow by around 250 per cent between 2010 and 2020, faster than any other emerging power, including China. — ONA
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