Taking economic cooperation as the focus, bringing Vietnam - Saudi Arabia relations to new heights

(Chinhphu.vn) – During his working trip to Saudi Arabia, chairing the Vietnam - Saudi Arabia Investment Forum held on the afternoon of October 27 (local time), Deputy Prime Minister Nguyen Chi Dung emphasized the need to bring the bilateral relationship to a new level, with economic cooperation as the focus. In particular, how to make Saudi Arabia a "gateway" for Vietnam to enter the Middle East market and Vietnam a "door" for Saudi Arabia to open up opportunities to penetrate deeper into the ASEAN market.

Deputy Prime Minister Nguyen Chi Dung attended the Vietnam - Saudi Arabia Investment Forum held on the afternoon of October 27 (local time) - Photo: VGP/Thu Sa

Attending the program were Chairman of the Saudi Arabia – Vietnam Business Council Ahmed Altheeb, Deputy Minister of Finance Nguyen Duc Tam, Ambassador Extraordinary and Plenipotentiary of the Socialist Republic of Vietnam to Saudi Arabia Hoang Huu Anh. On the Saudi side, there were Senior Advisor to the Ministry of Industry and Minerals, Deputy Minister of Investment; Vice Chairman of the Saudi Arabia – Vietnam Business Council.

Along with that were representatives of Vietnamese enterprises operating in Saudi Arabia and about 25 Saudi Arabian enterprises in fields such as renewable energy, finance - banking, real estate, trade services, investment, high-tech agriculture intending to research investment and expand investment in Vietnam.

After listening to the Ministry of Finance introduce Vietnam's investment and business environment, representatives of businesses from both sides presented their aspirations, areas of investment interest, as well as some proposals to promote cooperation between the two sides.

Deputy Prime Minister Nguyen Chi Dung chaired the Vietnam - Saudi Arabia Investment Dialogue - Photo: VGP/Thu Sa

Keeping the "fire of reform" burning, striving for the Top 2 best investment environments in Southeast Asia

Speaking at the seminar, the Deputy Prime Minister welcomed and highly appreciated the Ministry of Finance, the Ministry of Foreign Affairs, the Vietnamese Embassy in Saudi Arabia for coordinating with the Saudi Arabia - Vietnam Business Council to successfully organize today's important event.

Noting that Vietnam has undergone extensive reforms in recent times, the Deputy Prime Minister affirmed that Vietnam will continue to be determined to keep the "flame" of strong reform alive to strive to become one of the Top 2 best investment environments in Southeast Asia.

Commenting that the investment, economic and trade relations between the two countries are not really commensurate with the political relations and the great potential of Saudi Arabian investors, the Deputy Prime Minister encouraged businesses of both sides to increase their understanding and promote cooperation. The Vietnamese Government is committed to creating and supporting a safe and effective investment environment and hopes that Saudi Arabia in general and the Saudi Arabia-Vietnam Business Council will support Vietnamese businesses.

In 2024, Vietnam and Saudi Arabia signed a Memorandum of Understanding on economic and trade cooperation, creating a legal framework to promote cooperation in areas where both sides have strengths and needs such as: Supply chain development, industry and digital economy.

The two countries have many similarities, both located in important strategic positions in each region (ASEAN and the Middle East), the midpoint between Europe and Asia. At the same time, the two economies have many potentials to complement and support each other; both sides share a vision of a prosperous, rich and sustainable future.

Representatives of businesses from both countries speak at the seminar - Photo: VGP/Thu Sa

To make economic relations commensurate with the foundation of political relations

In that spirit, the Deputy Prime Minister suggested a number of contents for the authorities and business communities of both sides.

The first, It is necessary to strengthen the connection between the two economies. Specifically, research on opening direct flights connecting major economic centers of the two countries; promote cooperation in the fields of services and tourism.

Second, promoting trade cooperation through: (i) increasing imports of Vietnamese agricultural and aquatic products; (ii) supporting Vietnam in accessing the market for goods and services according to Halal standards; (iii) researching investment in developing Halal industrial zones in Vietnam.

"Associations and businesses should speak up with the Saudi Arabian Government to support and speed up the negotiation process of the Free Trade Agreement (FTA) between Vietnam and Saudi Arabia," the Deputy Prime Minister suggested.

Deputy Prime Minister suggests some contents for the authorities and business communities of both sides - Photo: VGP/Thu Sa

Tuesday, Promote cooperation in renewable energy. In particular, encourage Saudi Arabian partners to participate in developing solar power projects, wind power projects, green hydrogen production and energy storage technology in Vietnam.

Fourth, Saudi Arabian investment funds and businesses are interested in expanding investment and business cooperation in areas where both sides have strengths and potential to complement each other, including: science and technology, innovation, digital transformation; digital economy; smart cities; developing new economic models, "free zone" models such as financial centers, free trade zones, duty-free zones, etc.

"I hope that Saudi Arabian businesses will pay attention to investing in large-scale complex tourism projects in Vietnam," the Deputy Prime Minister especially noted.

Photo: VGP/Thu Sa

Fifth, enterprises that have invested in Vietnam and associations should play the role of a bridge between the business communities of the two countries. It is necessary to expand the scale and frequency of organizing cultural exchange events, trade connection activities, promoting science and technology, innovation, digital transformation, and exchanging business delegations to enhance mutual understanding.

According to the Deputy Prime Minister, with high determination, long-term vision and great aspirations, the goal of rising up in the new era is not only a task but also a mandate of the times and a mission of history. That mission requires the companionship, cooperation and sharing of the international partner community, including Saudi Arabia.

Vietnam - Saudi Arabia Investment Seminar - Photo: VGP/Thu Sa

"The Vietnamese Government is committed to always accompanying and creating favorable conditions for domestic and foreign investors, including Saudi Arabian investors, to invest in sustainable, effective and long-term business in Vietnam," the Deputy Prime Minister affirmed.

Deputy Prime Minister met and talked with Mr. Ahmed Altheeb, Chairman of the Saudi Arabia - Vietnam Business Council - Photo: VGP/Thu Sa

Before the Dialogue, the Deputy Prime Minister had a meeting and conversation with Mr. Ahmed Altheeb, Chairman of the Saudi Arabia - Vietnam Business Council.

Photo: VGP/Thu Sa

Thu Sa

Source: https://baochinhphu.vn/lay-hop-tac-kinh-te-lam-trong-tam-dua-quan-he-viet-nam-saudi-arabia-len-tam-cao-moi-102251027210012648.htm