Bilateral trade between Vietnam and Kuwait doubled to $837 million in 2011 from the previous year, according to the latter's Consulate General in Ho Chi Minh City.
Abdulrazzaq Alkhuleefah, Kuwaiti Acting Consulate General, says in a press release the diplomatic agency issued ahead of Friday's celebration of Kuwait's independence day that trade exchange value between the two countries has steadily increased over years, with the Arab state's export revenue to Vietnam reaching almost $808 million last year.
The value will probably top $1 billion this year, he adds.
Vietnam and Kuwait first began their cooperation in 1976 when the Kuwaiti Fund for Economic Development started providing funds for a number of infrastructure projects in the Southeast Asian country.
The fund has financed 10 projects so far, and it continues to play an important role in forging the mutual relations between the two countries, the diplomat says.
One of the biggest developments the Kuwaiti government has invested in is the Nghi Son Oil Refinery Plant in the central province of Thanh Hoa where it contributes 35.1 per cent of the $6.2 billion total funding, Abdulrazzaq points out.