President Hosts Welcome Ceremony for Timor-Leste Leader
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Loading... - Tatsuki Kita
- 01 Aug 2024
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On Thursday, President Tô Lâm hosted a grand red-carpet welcome ceremony for President José Ramos-Horta of Timor-Leste, who is on a state visit to Vietnam from July 31 to August 3. Following the ceremony, the leaders engaged in discussions to review past cooperation and outline future collaboration, and they witnessed the signing and exchange of several cooperation documents.
This marks José Ramos-Horta's second visit to Vietnam, the first being in 2010, and it is the fourth visit by a high-ranking Timor-Leste leader. Since establishing diplomatic relations on July 28, 2002, Vietnam and Timor-Leste have significantly developed their friendship and multi-faceted cooperation. Both countries have maintained close ties, supporting each other in international arenas and ensuring high-level contacts between leaders.
The two nations have enhanced collaboration and coordination at both regional and international forums. Vietnam, along with other ASEAN nations and the ASEAN Secretariat, has consistently supported Timor-Leste in fulfilling the criteria necessary for ASEAN membership.
Trade and Investment
Bilateral trade between Vietnam and Timor-Leste remains modest, primarily driven by Vietnam's exports of rice and garment-textile products. In 2022, Vietnam exported goods worth US$15.49 million to Timor-Leste, while imports amounted to $371,000. In the first five months of 2023, Vietnam's exports to Timor-Leste reached $6.09 million, a 29.4% increase year-on-year.
Regarding investment, Viettel Telemor, operated by Vietnam's Military Industry and Telecommunications Group (Viettel), has established a strong presence in Timor-Leste. Viettel's investment in the country has grown from an initial $500,000 in 2012 to $15 million, making it one of the three largest telecom service providers in Timor-Leste.
Future Opportunities
Timor-Leste offers substantial potential for Vietnamese exports such as rice, processed food, milk and dairy products, footwear, beverages, household utensils, and machinery. Conversely, Vietnam will require more inputs for its economic activities in the coming years, such as fuels (oil and gas), raw wood, and minerals, which are abundant in Timor-Leste.
The visit by President José Ramos-Horta underscores the ongoing commitment to strengthening bilateral relations and exploring new avenues for cooperation between Vietnam and Timor-Leste.
