Vietnam is nascent market for Omani exports: Ithraa

MUSCAT, AUG 1 - Vietnam has captured the attention of Ithraa — Oman’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 visit to Vietnam last week where he held meetings with government officials as well as representatives from the Vietnamese business community. The aim of the mission was to explore trade relations between Oman 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. Ho Chi Minh City continues to lead amongst all cities and provinces, followed by the northern province of Bac Ninh and the central province of Thanh Hoa. Other major FDI destinations include Nam Dinh, Binh Duong, Kien Giang, and Hanoi.

“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,” explained Nasima al Balushi, Ithraa’s Director- General of Export Development and Acting Director-General of Investment Promotion. 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.”