Vietnam appreciates Brunei’s efforts to diversify economy

Vietnam welcomes Brunei's diversification efforts to improve its business environment to attract foreign direct investment (FDI), develop the private sector, and promote the production of more value-added and non-oil goods, Ambassador Mai Phan Dung, Permanent Representative of Vietnam in Geneva, has affirmed.

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Addressing the fourth review of the trade policies and practices of Brunei recently held by World Trade Organization (WTO), Dung appreciated Brunei's positive economic growth, with a GDP growth rate of 1.4% and inflation remaining stable at 0.4% in 2023.

Ambassador Mai Phan Dung, Permanent Representative of Vietnam in Geneva, (right) addresses the fourth review of the trade policies and practices of Brunei.

Vietnam also highly values Brunei's efforts to facilitate foreign investors' entry into the market, particularly by improving the national single-window mechanism and reducing international trade costs, he said, adding that Brunei is recognized for having a relatively free trade regime.

WTO members also acknowledged Brunei's efforts in overcoming external shocks, including fluctuations in oil prices and the COVID-19 pandemic.

They noted that Brunei has worked to implement reforms aimed at strengthening and diversifying its economy, including enhancing sectors such as food production, information technology and services, tourism, as well as both material and digital infrastructure; and promoting sustainable development.

Some stressed that maintaining an open trade and investment policy, along with a business-friendly environment, is essential for the sustainable diversification of the economy.

Source: VNA