Timor Leste's billion-dollar investment fund 'rolls out the red carpet' to welcome Vietnamese businesses

Timor Leste President Jose Ramos Horta expressed his hope that the two countries will expand cooperation in important areas such as agriculture, food security, water resources, pharmaceuticals and health.

Timor Leste President Jose Ramos Horta gives an interview to The Gioi and Viet Nam Newspaper on the sidelines of the ASEAN Future Forum on February 26. (Photo: Jackie Chan)

During his visit to the Diplomatic Academy in August 2024, the President affirmed his affection for the country, the Vietnamese people and President Ho Chi Minh . Returning here for the second consecutive year, participating in lively discussions on Vietnam's future in ASEAN, what do you see as the biggest attraction of Vietnam in general and the ASEAN Future Forum 2025 in particular?

I would like to congratulate the Government and the Ministry of Foreign Affairs of Vietnam for organizing the Forum professionally and effectively. Hopefully, in the future, this will become an important and indispensable forum, attracting the participation of many countries outside the region.

Vietnam has achieved remarkable success in all fields. A peaceful country, this is the great attraction of Vietnam. That comes not only from current policies, but also from the history of Vietnam - a great nation, resilient to overcome unimaginable challenges.

Vietnam has fought and won against the world's leading military powers, until the war for independence and national reunification. The Vietnamese people are not only great in war, but also excellent in peacetime. They know how to rebuild the country, unite the nation and heal the wounds of the past.

Vietnam has achieved impressive economic growth, which has not only benefited a small group of people in society. In many countries, high growth rates do not mean equitable distribution, sometimes only enriching a few. But in Vietnam, economic development has helped reduce poverty, helping the country become an equal society.

Vietnam has won the respect of the international community. Therefore, hosting the Forum is completely appropriate to Vietnam's position. The issues discussed here are very diverse, especially in the current world context with many challenges and opportunities.

Vietnam not only has a strong economic development, but is also a leader in digitalization, artificial intelligence and global connectivity. Right in Timor Leste, Viettel – through its subsidiary Telemor – has become the number 1 network operator, surpassing 2 to 3 other competitors. This brand is very famous and loved in Timor Leste. I hope that in the future, we will continue to expand and strengthen economic and trade cooperation, bringing benefits to both countries.

Excitedly entering a new era of the nation, Vietnam is actively promoting economic cooperation with foreign partners, first of all regional friends. What are the potential areas for cooperation between the two countries in the coming time, sir?

Areas where Timor Leste can upgrade and expand cooperation with Vietnam include telecommunications and connectivity. Vietnam is present in Timor Leste through Viettel’s subsidiary Telemore, with a strong presence that continues to expand.

However, I would like to see deeper cooperation between Timor Leste and Vietnam in important areas such as agriculture, food security, water resources, pharmaceuticals and health. I also hope that more Timor Leste students will study in Vietnam and more Vietnamese businesses will invest in Timor Leste.

Vietnam has a strong private sector, and I believe many companies can find investment opportunities in Timor Leste, supported by the country's sovereign wealth fund. Timor Leste has billions of dollars in this investment fund, which is being used to invest in international stock markets, US government bonds, European bonds and other investment funds.

Timor Leste President speaks at the ASEAN Future Forum 2025 high-level plenary session on February 26. (Photo: Tuan Anh)

On Timor Leste’s journey to join ASEAN, Vietnam affirms its support and companionship, aiming to help Southeast Asia become more united, inclusive and self-reliant. What is the President’s expectation of Vietnam’s role in this regard? If Timor Leste becomes an official member, how does it plan to contribute to the regional community?

Vietnam’s support is extremely important to Timor Leste. Vietnam has a profound influence in ASEAN and on the international stage. Vietnam’s support for joining the Association, along with the consensus from Cambodia, Laos and other countries in the region, has helped Timor Leste enter ASEAN with more confidence.

Economically and commercially, Timor Leste may not contribute much to ASEAN, as we are a small country with only 1.4 million people. However, Timor Leste does not depend on international aid, but can finance its development through the national oil and gas investment fund. We are completely financially self-sufficient, with international debt accounting for only 16% of GDP - a fairly healthy figure.

We maintain good relations with all our neighbours. Although our trade is small, Timor Leste can contribute to ASEAN in other ways, especially through regional cooperation and political stability.

Timor Leste has the potential to become a hub for air freight, freight, pharmaceuticals and fashion. We are a new, peaceful nation with favorable trade agreements with Australia, New Zealand and Europe. Timor Leste enjoys preferential tariffs, allowing any manufacturer operating here to export goods duty-free to Australia, New Zealand, the European Union, Japan, South Korea and China.

Companies investing in Timor Leste with at least 30% local content can take advantage of this to access rich and potential markets. This is a great advantage that Timor Leste brings to its neighbors and ASEAN. Besides economic benefits, our most important contribution in the current conflict-ridden and unstable world is stability and peace.

I would remind the people of Timor Leste that we should not bring tension or conflict to ASEAN, but rather keep the country peaceful and stable. That alone would please ASEAN leaders, especially when the region faces serious security challenges. We do not want to add to ASEAN’s burden, but instead, want to be a member that contributes to the unity and common development of the region.

Thank you very much Mr. President!