Viet Nam, Saudi Arabia talk food-for-oil deal

Saudi Arabia has agreed to help Viet Nam ensure its energy supplies in a time of high demand. Viet Nam, in turn, will help secure food security in Saudi Arabia.

This was announced at a meeting of experts from both sides in Ha Noi yesterday.

Efforts already made between Viet Nam and Saudi Arabia indicated there was room for more dynamic co-operation in trade and investment between the two countries, said Minister of Industry and Trade Vu Huy Hoang yesterday.

Speaking at a reception for the Saudi Minister of Petroleum and Mineral Resources, Ali Ibrahim Al Naimi, Hoang said this could include co-operation in oil, gas and minerals.

"Saudi Arabia has many experiences in the development of energy and stands ready to become a long-term partner with Viet Nam," Hoang said.

Hoang asked the Arabian kingdom to recognise that Viet Nam now had a full market economy. He suggested an early start for negotiations on investment and transport co-operation - and pushed for more exchanges of delegations.

He also outlined ideas to help enterprises explore for oil and gas and build refineries.

The Saudi minister said his country also wanted to explore co-operation in developing infrastructure - and in engineering, civil construction and energy.

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