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News > Latin America

Venezuela's Maduro Signs Deal to Improve Vietnam Ties

  • Venezuelan President Nicolas Maduro arrives in Vietnam.

    Venezuelan President Nicolas Maduro arrives in Vietnam. | Photo: @PresidencialVen

Published 31 August 2015

Venezuelan President Nicolas Maduro completed his first official visit to Vietnam, where the two countries signed agreements in energy and agriculture.

On his first official visit to Vietnam, Venezuelan President Nicolas Maduro signed important accords aimed at increasing cooperation between the two country’s in the agriculture and energy sectors.

"I am very happy that today we had signed a cooperation plan in which Vietnam will help to strengthen Venezuela's agriculture productivity in the next three years," President Maduro said.

RELATED: Bolivia, Vietnam Sign Energy Cooperation

The visit, which came at the invitation of the Vietnamese President Truong Tan Sang, also advanced cooperation and investment projects in energy.

"We have discussed about widening our strategic alIiance in the field of energy. Through that alliance, we will be able to discuss Vietnam's new oil and petroleum projects in Venezuela," added President Maduro.

As of April 2015, Vietnam invested US$1.8 billion into its projects in Venezuela, making the Latin American country among its top investment destinations, according to the Vietnamese Ministry of Planning and Investments.

Close to 10pm (Local Vietnam time) Nicolas Maduro Arrives in Vietnam for the start of his Asia tour.

Venezuela's state oil firm PDVSA and Vietnam's equivalent Petrovietnam formed a partnership, Petromacareo in 2012, with 60 percent and 40 percent equity stakes, respectively. The project looks to be producing 50,000 barrels of crude oil by 2016.

The two countries, which formally established diplomatic ties in 1989, vowed to continue cooperation in the area of energy, during a visit last March by Venezuela’s Communities Minister Elias Jaua.

President Maduro is scheduled to head to Beijing Monday evening to attend the celebrations of the 70th anniversary of the China’s victory against the Japanese occupation, which opened the path to a victory of Mao Zedong’s communist forces in the country’s civil war.

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