Vietnam will provide Oman with a stable amount of farm products and foods in the long term as agreed at the first meeting of the two countries’ first joint cooperation committee.

At the meeting, which took place in Hanoi on Jan. 10, Vietnam said it expected to receive a stable quantity of crude oil and natural gas from the Arabian country in the long term.

Vietnam also asked Oman to consider the signing of agreements on customs, mutual recognition on standards, maritime freight and food security.

For its part, Oman hoped the Southeast Asian country will soon ratify an agreement that will give visa exemption to Omani holders of official and diplomatic passports.

Minister of Industry and Trade Vu Huy Hoang stressed the previously signed cooperation documents in aviation and taxation, the freshly inked agreement on investment protection and the establishment of the Vietnam-Oman Business Council created a legal framework for both countries.

Hoang suggested the Oman Bank and the Vietnam Bank for Industry and Trade soon set up a joint venture bank serving the two countries’ investors and business people.

Oman Minister of Trade and Industry Maqbool Ali Sultan expected Vietnam will open an embassy in Oman as soon as possible and called on Vietnamese business people to invest in his country.

He also said the Oman Education Ministry is willing to provide post-graduate scholarships for Vietnamese students.

Oman plans to raise its investment in the Vietnam-Oman Investment Joint Stock Company, which was partnered by the State Capital Investment Corporation and Oman partners, from 100 million USD to 1 billion USD.

In 2010, two-way trade between Vietnam and Oman hit 41.4 million USD, doubling the 2009 figure.

Both countries have already cooperated in the fields of investment, finance, energy and real estate, and reached cooperation agreements on energy, fertiliser and construction.