Vietnam, Venezuela Agree to US$200 Million Joint Fund

Posted by Reading Time: < 1 minute

Nov. 24 – Vietnam and Venezuela have agreed to work together through a US$200 million joint fund in addition to 15 cooperation projects.

The Vietnam president, Nguyen Minh Triet was in Venezuala for two-day visit.“We won’t lack resources. While right now there’s a worldwide crisis of funds, a credit crisis, we’re creating funds and banks and finance mechanisms,” Chavez told AFP.

The first project using the joint fund will be for an energy-saving light bulb factory to produce 74 million bulbs annually. The factory is currently under construction in western Venezuela.

The 15 cooperation deals ranged from the fields of technology to tourism and energy, including an agreement that should set-up a joint venture to develop reserves in eastern Venezuela’s oil-rich Orinoco basin.

“A new international financial system will be created. It won’t come from Washington, it’s from here, from the south and from our allied countries like Russia, China – countries like us, Vietnam, Venezuela,” Chavez added.

From Venezuela, Triet moved to Lima, Peru, for the Asia-Pacific Economic Cooperation (APEC) summit.

Last year, Vietnam and Venezuela bilateral trade amounted to only US$$11.7 million.