The delegation is composed of high government officials, businessmen, banking sector and environment sector that have generated interest in fostering a stronger tie between Palau and Vietnam.
Vietnam and Palau forged a formal diplomatic relationship in 2009. This is the first time that the country sent a delegation to the country.
“The relationship between Palau and Vietnam is newly established and we are here to pursue and develop economic relationship,” Huong said.
He added that the government and the private sector representatives which are part of the delegation like to continue to explore potential areas of cooperation.
Officials of the Bank of Investment and Development of Vietnam were also part of the delegation. The commercial bank plays the leading role in development investment and project financing in Vietnam.
He noted that the areas that will be tapped are cooperation in informatics, fisheries, mariculture and seafood processing and electronics industry among others.
Manufacturing, information technology and high-tech industries form a large and fast-growing part of the national economy. Vietnam is a relative newcomer to the oil business, but today it is the third-largest oil producer in Southeast Asia with output of 400,000 barrels per day.
Vietnam’s tourism sector is also fast-growing and is popularly known for its beaches.
Huong said that the two governments can form bilateral cooperation to expand tourism sector.
He stated that it is also possible in the future for Palau and Vietnam to enter into air service agreement to bridge the issue of flight availability.
He said that the businessmen are “anxious to look into the investment.”
The delegation is composed of at least 20 individuals and arrived in Palau on Saturday.
Ambassador Nguyen Vu Tu is scheduled to present his credentials soon to the president.
The delegation met members of the Executive Branch and the Olbiil Era Kelulau while the business sector held separate meetings with its counterpart here in Palau.
The delegation will depart Palau this Wednesday but stated that future visits will be scheduled anew.
