The two sides spotlighted the fruitful development of the bilateral relationship, and briefed each other on the economic and trade development of each country. They said that the bilateral trade still remains modest, reaching only USD 33.6 million in 2021.

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Vietnamese Minister of Industry and Trade Nguyen Hong Dien (L) and Minister of Tourism, Trade and Industry of Timor Leste Jose Lucas (Photo: VOV)

The Timor Leste side spoke highly of Vietnam’s trade potential and opportunities to strengthen cooperation with the country, showing the desire to further expand it with Vietnam in the fields of transportation, import - export, and seaports. It expressed its hope that Vietnam will support and share information and experience in developing the national one-stop-shop mechanism, and in trade and investment promotion.

Minister Dien affirmed that Vietnam is ready to cooperate and support Timor Leste in the fields that Vietnam needs and Timor Leste has advantages such as minerals, forest and aquatic industries.

The Vietnamese official called for Timor Leste's support to connect Timor Leste’s businesses with Vietnamese suppliers.

Cooperation with Vietnam will help both countries integrate deeper in regional and global value chains, he affirmed.

He called on the two sides to perfect the legal framework and economic and trade cooperation mechanisms, strengthen information sharing and exchange of business delegations.

The minister suggested Timor Leste to facilitate Vietnam’s research activities in oil and gas exploration and production; and cooperate in exploiting and processing forest and mineral resources, mining metal ores and non-ferrous metals, and in producing goods for export to countries with preferential mechanisms for Timor Leste.

Dien also said he hopes the Timor Leste side will soon ratify the trade agreement signed between the two countries.

Source: VNA