President Hugo Chávez Tuesday invited PetroVietnam to invest in oil production in Venezuela.

His remarks came during a meeting with Vietnamese businesspeople at the Vietnam Chamber of Industry and Commerce.

Chávez, who is paying a two-day visit to Vietnam, said the crude oil could be shipped from Venezuela "through the Panama Canal directly to Vietnam."

He added that the Vietnamese oil industry could invest in petrochemicals, development, steel industry, aluminum, electric system and telephone companies and manufacture.

Chávez stressed that the economy is vital for economic development and for a country's success.

He announced that Vietnamese businesspeople are to visit Venezuela to see the areas where they could invest such as agriculture, food, infrastructure, oil, gas, petrochemicals.