Abdulmohsen Al-Attar, Director of the Department of International Organizations at Kuwait’s Ministry of Commerce and Industry, affirmed that the trade agreement signed between Kuwait and Vietnam in 1995 marked a milestone in the economic relations between the two countries, he clarified that it laid down a legal framework that enhances the free flow of goods, services, and investments, and is based on the principles of the World Trade Organization.
This came during an event organized by the Vietnamese Embassy in Kuwait on the occasion of the 30th anniversary of the signing of the trade agreement between Vietnam and Kuwait, which was signed on May 3, 1995, between the commerce ministries of the two countries. The event was attended by a number of Kuwaiti officials, representatives of Vietnamese companies operating in Kuwait and the Middle East, as well as ambassadors of ASEAN countries in Kuwait and representatives of ASEAN companies.
Al-Attar also affirmed the Ministry’s commitment to supporting this partnership in line with global economic transformations, expressing his hope for the continued prosperity of the relations and friendship between Kuwait and Vietnam for years to come.
In his speech during the celebration, H.E. Nguyen Duc Thang, Ambassador of the Socialist Republic of Vietnam to Kuwait, emphasized that both countries possess broad potential to enhance economic cooperation in multiple fields, despite regional and international challenges such as geographic distance, global economic fluctuations, international conflicts, and climate change.
Thang pointed out that the 30th anniversary of the agreement coincides with preparations to celebrate the 50th anniversary of the establishment of diplomatic relations between the two countries in January 2026, giving the occasion special significance and offering an opportunity to evaluate and expand the horizons of bilateral cooperation.
He noted the potential to explore more areas of collaboration between the two nations, including free trade agreements, the oil and gas sector within the framework of green energy strategies, food security, digital transformation, artificial intelligence, infrastructure development, regional aviation, and halal tourism. He highlighted the growing presence of Vietnamese halal products in the Kuwaiti market, noting that this aspect could serve as a new platform for expanding bilateral trade.
Thang explained that Vietnam is one of the largest importers of Kuwaiti crude oil. Crude oil equals 95% of total exports from Kuwait to Vietnam. He noted that this partnership serves the economies of both countries and particularly contributes to strengthening energy security in Vietnam.
He also revealed that Kuwait is the largest Gulf investor in Vietnam, especially through its partnership in the Nghi Son Refinery and Petrochemical Complex, which is being developed by Kuwait Petroleum International (KPI). He expressed optimism about attracting more investments from the Middle East, including Kuwait, to the Vietnamese market in the near future.
He added that Kuwait ranks as Vietnam’s 19th largest trading partner globally, while Vietnam is one of Kuwait’s most prominent trading partners in Southeast Asia.
He stated that, according to data from the Vietnamese Customs Department, trade volume between the two countries rose from $350 million in 2005 to $6 billion in 2023, and then to $7.33 billion in 2024 — a growth of more than 24%. He noted that imports from Kuwait made up the vast majority ($7.2 billion), while Vietnamese exports remain relatively low ($75 million), calling for efforts to reduce the trade gap and enhance Vietnamese exports to the Kuwaiti market.
