The New Nation - Internet Edition

AFP, Caracas

Vietnamese President Nguyen Minh Triet arrived in Venezuela where he was set to promote oil and gas cooperation during a two-day official visit, the first by a head of state from the communist nation. Triet was set to meet President Hugo Chavez on Thursday before traveling to Lima, Peru, for an Asia-Pacific summit.

The two leaders planned to discuss a joint development fund similar to deals Venezuela has with China and Iran, according to officials in Caracas. Since Chavez toured Vietnam in 2006, his government has stepped up bilateral relations with the Southeast Asian nation, whose Communist Party General Secretary Nong Duc Manh visited Caracas early last year. During his Vietnam trip, Chavez, one of Washington's fiercest critics, praised Vietnam's revolutionary history and attacked the United States for its "imperialist" crimes in the Vietnam War and other conflicts. State-run energy companies Petroleos de Venezuela and PetroVietnam have announced a number of joint projects since the Chavez visit.

PetroVietnam has a concession in the oil-rich Orinoco basin in eastern Venezuela.

Following a meeting of officials last August, Venezuela's Energy and Oil Minister Rafael Ramirez said both companies had agreed to deals for transporting Venezuelan oil to Vietnam, where they would also build a joint oil refinery.

Rich in offshore oil reserves, Vietnam lacks refining capacity, forcing the country of 86 million to import refined petroleum products.

Vietnam and Venezuela set up diplomatic ties in 1989, but bilateral trade reached only 11.7 million dollars last year, according to the Vietnam News Agency.