Venezuela and Vietnam signed 15 industrial, energy and cooperation accords during the first visit ever by a Vietnamese president to Caracas. The pacts were signed at Miraflores Palace in the presence of Venezuelan President Hugo Chavez and Vietnam's Nguyen Minh Triet.
The most important was the memorandum between Petroleos de Venezuela S.A. and Vietnam Oil and Gas Corporation creating a mixed company that will exploit the reserves of the Junin 2 Block of Venezuela's Orinoco Belt with a production potential of 200,000 barrels of crude per day.
Another pact created a mixed company called the Fabrica Vietnam-Venezuela de Camiones Ligeros de Venezuela, C.A., a factory for building light trucks in the Andean nation. Another agreement was signed that dealt with the headquarters for the Vietnam-Venezuela Fund, which will have $200 million in capital for financing joint projects. Before signing the accords, Chavez decorated Triet with the Order of the Liberator, Venezuela's highest honor.
The presidents also exchanged neckties and coincided in praising the superiority of socialism over capitalism. Triet arrived in Caracas Tuesday with a delegation of 170 officials. The Vietnamese president was set to leave Caracas for Peru to take part in the annual summit of the Asia-Pacific Economic Cooperation forum.
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