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Deputy Minister of Foreign Affairs Nguyen Minh Hang and Oman’s Undersecretary for Political Affairs Khalifa bin Ali bin Issa Al-Harthy co-chaired the fifth political consultation between the two foreign ministries in Hanoi on November 4, according to the Vietnam Government Portal. Both sides described the Viet Nam-Oman Investment Fund as a flagship of bilateral cooperation and the first intergovernmental investment vehicle between Vietnam and a Gulf state. They agreed to promote its effective operation with the aim of increasing its capital to $1 billion.
The consultation reviewed positive developments in relations since the previous round held in Muscat in September 2025, the portal stated. Bilateral trade reached $1.6 billion in the first eight months of 2026, more than five times the total recorded for the whole of 2025. Al-Harthy affirmed Oman’s readiness to act as a gateway for Vietnamese businesses into the Gulf market and to facilitate their investments and exports to the wider Middle East.
The two delegations pledged to implement existing agreements and explore new cooperation frameworks across areas of mutual interest, the Vietnam Government Portal added. Oman expressed support for a Vietnam-GCC free trade agreement or another suitable bilateral trade arrangement. Officials vowed to increase exchanges of delegations at all levels and work toward establishing resident diplomatic missions in each other’s capitals.
The Viet Nam-Oman Investment Fund was launched in 2008 as a partnership between Vietnam’s State Capital Investment Corporation and the Oman Investment Authority. In May 2025 Prime Minister Pham Minh Chinh had proposed expanding the fund to $1 billion during a meeting with a senior Omani delegation, a call that has now received explicit backing at the foreign ministry level. The fund has focused on infrastructure, energy, healthcare, education and other priority sectors while emphasizing sustainable and transparent investment practices.
Discussions also covered regional and international issues, with Nguyen speaking highly of Oman’s mediation efforts that have helped reduce tensions and open pathways for diplomatic solutions. The two sides expressed satisfaction with the trajectory of their multifaceted ties and committed to further strengthening collaboration in fields such as food security, fisheries, logistics, artificial intelligence and renewable energy. Building on the fund and a related New Era Growth vehicle, they aim to broaden investment and financial links.
The consultation forms part of ongoing high-level coordination that has lifted two-way trade significantly over the past year. Vietnamese data indicate the sharp increase reflects growing commercial exchanges that both capitals intend to sustain. Al-Harthy stressed the importance of maintaining this momentum while positioning Oman as a bridge for Vietnamese enterprises seeking Middle Eastern opportunities.
