Vietnam and Brunei plan to work on oil and gas production, food processing and export-import promotion activities as they seek to boost trade by five-fold to $500 million by 2025, the Vietnamese government said.
State-run Brunei National Petroleum Company Sendirian Berhad, or PetroleumBRUNEI, and state oil and gas group PetroVietnam will work together in oil and gas tapping and processing, Vietnam's Industry and Trade Ministry said in a statement, citing a deputy minister.
Brunei is the third-largest oil exporter in Southeast Asia and the world's fourth-largest natural gas exporter.
Vietnam has asked Brunei for training in food processing aimed at Muslim consumers in Brunei, the statement said.
The two Southeast Asian nations have agreed to boost trade and investment ties, aiming to reach two-way trade value of $500 million by 2025.
Last year their total trade jumped 32.6 percent to $97.7 million from 2015, the statement said.