Tuesday, January 6, 2009

Oman diversifies investment into Vietnam. Omani youth probably think they can party forever

In what I think is an excellent move, Oman's investment fund is getting into Vietnam (above), as reported in vovnews. $100 million big ones.


It should be a good investment.

I only wish many Omani youth, currently out partying over a regional football game, would realise the incredible competition they have in the real world to pay their way. People in other nations, like Vietnam, with sure, a few natural resources, but a need to work due to population pyramid effects. These guys WORK.

And that is what Oman is up against long term. Countres that save, rather than borrow; and work - sun up to sunset, often as families, doing business. Making money the hard way .... by working their asses off.

Photo: Vietnamese people, working their asses off.

Oman is nice, I admit. Hey, that's why I'm here.

But it is sleepy here. Omani's do not generally have much of that SE Asian zest.

Here it's more 'Inshallah, man'. And the terrible inefficiency of low paid, unskilled/low skilled Indian labour doing almost everything. Which I can handle mostly, perhaps because I'm not really a business man trying to make a buck I guess. It has in parts that Caribbean feel sometimes.

So, good luck Oman in the football. Al Habsi is a total star player, and with him you have a great chance.

But the other 100,000 of you, who won't be playing in the premiership, err, better start working. Notice how few 'Go Oman!!!!' tricked up cars are a part of the morning commute?

'Cos oil income is not going to be enough. And your Dad can't do too much more borrowing against his ex-rising house/lands/stock market to keep supporting you in the lifestyle to which you have become accustomed, ...

Vietnam hails Omani investment
Deputy Prime Minister Nguyen Sinh Hung affirmed Vietnam’s commitment to strengthening economic ties with Oman while receiving leaders from an Omani-invested company on January 5.

At the meeting, Warith Mubarak Said Al Kharusi, Chief Executive Officer of the Vietnam-Oman Investment Company (VOIC), briefed the deputy PM on the company’s activities and its plan to expand investment and cooperation.

Mr Kharusi, who also heads the Oman State Reserve Fund, said the joint venture intends to raise its registered capital to US$5 million from the initial amount of US$1.5 million. He told the Deputy PM that the Omani partners pledge to invest US$100 million in Vietnam through VOIC, which will be developed strongly to attract other investors.

For his part, Mr Hung welcomed the partnership between Vietnam’s State Capital Investment Corporation (SCIC) and Omani partners and emphasized that the Vietnamese Government always encourage Omani expansion of investment and cooperation in Vietnam.

The state leader said Vietnam strives to grow at 6.5 percent in 2009 and VOIC should prepare comprehensively before investing in the Southeast Asian markets, which have potential consumer demands.

“The Vietnamese Government is accelerating reforms to perfect the investment climate,” said Nguyen Sinh Hung, adding that cooperative investment will help enhance Vietnam-Oman relations and boost their bilateral cultural cooperation.
VOIC came into being after the Deputy PM’s official visit to the Kingdom of Oman in December 2007, during which the two sides’ leaders agreed to set up a joint investment fund for strategic projects in Vietnam.


  1. Well you heard the man, lets go out and work harder, smarter and respect your jobs. This country needs to be built by us (Omanies), enough of completely depending on others.

    I'm very thankful to all the foreigners who have helped Oman become what it's today. But we have a wonderful leader with a vision to take Oman forward and we should be extending our arms to assist in realizing his vision.

    It's about time that we feel proud of the Oman we built, not the one built for us. May god bless Oman forever. Thanks

  2. LOOOL i really find this your best topic ever!!

    don't worry omanis will work, they do realise the current situation and how would life be in few years ( and being slapped by life will force them to)
    for instance i'm a young omani who is putting my future plans, ideas and planning my whole career thing and i know lots of youths in my age who are doing this and not only thinking of the job but also tring to find alternate incomes.

    i admit there are lots who are living aimless ( and those exist everwhere) but once life slap them they will start

    we may be spoiled, but we like to work as well
    So DON't worry and thanks for being concerned :)

  3. UD

    "Notice how few 'Go Oman!!!!' tricked up cars are a part of the morning commute?"

    Yep. There it is right there!


  4. U Dragon
    One of the best qualities of your blog is the focus you have on a subject. However, in this blog, you start out talking about our good investment in Vietnam *why is it so good?*, congratulate the Football Team *rah, rah, Ali*, then ramble a bit about the lazy Omani youth not being able to compete in the world market *like Vietnam*. Wats happenin' Man?

  5. Mr T
    It's about time that we feel proud of the Oman we built, not the one built for us.
    Nice quote.

    Just remember, no one gets killed by overwork! And keep learning.

    glad you noticed too!

    I think its all related. The Oman Government is investing in Vietnam, rather than here, and that is more likely to be a good investment. Why? Because the Vietnamese work hard, at their education and when they are working. They save. And they export the product of their skill and labour.

    Its my observation that many younger Omani, brought up on a couple of decades of easy money, would rather lounge around and cruise Shatti rather than getting off their butts to think about working hard at a job, any job, even one that seems too difficult. Education is a piece of paper that provides an entitlement and is to be obtained with a little effort as possible, rather than something that simply provides hard-won knowledge and skills to be applied in enterprise. They expect to be provided for: by family, and the State.

    Aspiring to be the sponsor of a few NRIs or to score a sweet PRO job, doesn't strike me as the work ethic Oman will need to compete in the world marketplace in the medium term. The growth in Oil and Gas industry related income will not keep up with your population growth - this year and next real GDP per person will certainly fall in Oman.

    Al Habsi is an example of what someone with talent can achieve with lots of hard work and exposure to the full force of international competition. I'd just like to see a lot more Omanis grasping their destiny and ... achieving things for themselves!

  6. Oman's investments in Vietnam are not new news. They were announced last year when a high level Omani team led by Ahmed Macki went on a Asian tour. Look it up online and you will find it all there. At the time the SGRF announced an investment of US $20 million in a company called Vinaconex which is developing a huge tourism project. And also the set up of the US$100 million joint investment company.



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