Vietnam and Kuwait agreed to increase cooperation in various areas in talks held in Kuwait city on March 10; various documents were signed at the meeting including an agreement for the avoidance of double taxation.
Kuwaiti Finance Minister Mustafa Jassim Al-Shimali and Vietnamese Minister of Foreign Affairs Pham Gia Khiem signed the agreement for the avoidance of double taxation. Once both parties have completed their individual protocols and exchanged formal notes, the agreement will come into force and encourage increased trade and investment between the two countries, by removing double taxation.
Officials from both countries agreed to meet on a regular basis in order to strengthen relations and discuss areas where cooperation could be enhanced in the future.
The two delegations also signed a cooperation agreement between the Vietnam State Capital Investment Corporation (SCIC) and the Kuwait Investment Authority (KIA) and an agreement on increasing agricultural cooperation.
Trade levels between Kuwait and Vietnam more than tripled last year; from just USD44m in 2007 to USD150m in 2008.
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