Vietnam and Venezuela have signed five cooperation agreements in five fields including oil and gas during the visit by Vietnamese Deputy Prime Minister Tran Luu Quang to the Latin American country.

These agreements were concluded following the talks between deputy PM Quang and Venezuelan President Nicolás Maduro Moros in Caracas on Thursday (local time), as part of the former’s three-day visit to the oil powerhouse starting on Wednesday.

Specifically, the two sides signed an action plan to deploy cooperation between the two agriculture ministries for the 2024-30 period, and four memoranda of understanding and letters of intent in the fields of oil and gas, petrochemical refining, telecommunications, and construction material production.

During the talks, President Maduro expressed his impression at Vietnam’s development achievements in recent years, considering it a model for Venezuela, according to the Vietnam Government Portal (VGP). 

The Venezuelan leader believed that Quang’s visit will open a new stage of cooperation between the two countries that are celebrating the 35th anniversary of establishing diplomatic relations this year.

The host pledged to direct and urge Venezuelan ministries, agencies and localities to soon negotiate with their Vietnamese counterparts to launch specific projects with Vietnam. 

He promised that the Venezuelan government will offer the best possible facilitation to Vietnamese firms to do business in Venezuela.

Deputy PM Quang affirmed that Vietnam considers Venezuela one of its traditional friends and important partners in the Latin America region, and expressed his wish that the bilateral relationship would continue growing more practically and effectively for the development of each country.

He suggested the two sides increase delegation exchanges, consolidate the existing cooperation mechanisms and dialogues, and promote trade and investment cooperation in commensurate with the potential and political relations of the two countries.

The host and guest will encourage and facilitate cooperation and investment projects between businesses of the two countries, especially in the fields of oil and gas, agriculture, telecommunications and construction.

They agreed that the two governments will actively prepare for mutual high-ranking visits, convene the fourth session of the Inter-Governmental Committee soon, and implement the two foreign ministries’ political consultation mechanism, according to the Vietnam News Agency.

Regarding global and regional issues of mutual interest, the two leaders stressed the need to resolve differences in peaceful ways in accordance with international law and the United Nations Charter.

A founding member of the Organization of the Petroleum Exporting Countries (OPEC), Venezuela had the world’s largest proven crude oil reserves in 2023 with approximately 303 billion barrels, accounting for approximately 17 percent of global reserves, according to the U.S. Energy Information Administration. 

Vietnam and Venezuela established diplomatic relations in 1989 and the two nations entered a comprehensive partnership in 2007.

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