Deputy Prime Minister Nguyen Chi Dung chaired the conference 'Vietnam

According to a VNA reporter in Riyadh, the event was attended by Chairman of the Saudi Arabia - Vietnam Business Council Ahmed Altheeb, Deputy Minister of Finance Nguyen Duc Tam, Vietnamese Ambassador to Saudi Arabia Hoang Huu Anh, along with representatives of dozens of Vietnamese enterprises and nearly 30 Saudi Arabian enterprises operating in the fields of renewable energy, finance - banking, real estate, trade services, investment, high-tech agriculture, which are planning to invest and expand investment in Vietnam.

Photo caption — Many Vietnamese and Saudi Arabian businesses attended the Vietnam - Saudi Arabia Investment Forum.

Speaking at the "Vietnam - Saudi Arabia Investment Forum", Deputy Prime Minister Nguyen Chi Dung welcomed and highly appreciated the cooperation of the Ministry of Finance, the Ministry of Foreign Affairs, the Vietnamese Embassy in Saudi Arabia with the Saudi Arabia - Vietnam Business Council to successfully organize this important event. Emphasizing that Vietnam has carried out extensive reforms in recent times, the Deputy Prime Minister affirmed that Vietnam will continue to be determined to keep the "flame" of strong reform to strive to be in the Top 2 best investment environments in Southeast Asia. Believing that the cooperation in the fields of investment, economy and trade between the two countries is not really commensurate with the political relations of the two sides as well as the great potential of Saudi Arabian investors, the Deputy Prime Minister encouraged businesses of both sides to increase their exploration of opportunities to promote cooperation.

Deputy Prime Minister Nguyen Chi Dung emphasized the need to bring the bilateral relationship to a new level, with economic cooperation as the focus, while highlighting the role of Saudi Arabia as a "gateway" for Vietnam to enter the Middle East market and Vietnam as a "door" for Saudi Arabia to penetrate deeper into the Association of Southeast Asian Nations (ASEAN) market. The Deputy Prime Minister also suggested a number of contents for the governments and business communities of the two countries:

Firstly, Vietnam and Saudi Arabia need to strengthen economic connectivity between the two countries, specifically by studying the opening of direct flights connecting major economic centers of the two countries, as well as promoting bilateral cooperation in the service and tourism sectors.

Second, the two sides will further promote bilateral trade cooperation by increasing the import of Vietnamese agricultural and aquatic products, supporting Vietnam to access the market of goods and services according to Halal standards, as well as researching investment in developing Halal industrial zones in Vietnam. The Deputy Prime Minister asked associations and businesses to contribute their voices so that the Saudi Arabian Government can support and accelerate the negotiation process of the Free Trade Agreement (FTA) between Vietnam and Saudi Arabia.

Third, the two countries need to promote cooperation in the field of renewable energy, especially encouraging Saudi Arabian partners to participate in developing solar power projects, wind power, green hydrogen production and energy storage technology in Vietnam.

Fourth, Saudi Arabian investment funds and businesses need to pay attention to and expand investment 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. The Deputy Prime Minister expressed his hope that Saudi Arabian businesses would pay attention to investing in developing large-scale complex tourism projects in Vietnam.

Fifth, Saudi Arabian associations and businesses that have already invested in Vietnam need to promote their role as a bridge between the two countries' business communities. The Deputy Prime Minister suggested that both sides increase the organization of cultural exchange events and trade connection activities, as well as promote the exchange of business delegations to enhance mutual understanding between the two countries' business communities.

Deputy Prime Minister Nguyen Chi Dung emphasized that with high determination, long-term vision and great aspirations, the goal of rising up in the new era of Vietnam 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. The Deputy Prime Minister affirmed: "The Vietnamese Government is committed to always accompanying and creating favorable conditions for domestic and foreign investors, including Saudi Arabian investors."

At the conference, after listening to representatives of the Ministry of Finance introduce Vietnam's investment and business environment, representatives of Vietnamese and Saudi Arabian enterprises presented their aspirations and areas of investment interest as well as made a number of proposals to promote cooperation between the two sides.

Deputy Prime Minister Nguyen Chi Dung answered a number of questions from representatives of businesses from both countries; affirmed that the Vietnamese Government is committed to creating and supporting a safe and effective investment environment; and hoped that Saudi Arabia in general and the Saudi Arabia - Vietnam Business Council in particular would support Vietnamese businesses.

The economic and trade cooperation between Vietnam and Saudi Arabia has recorded very positive developments in recent times. The trade turnover between the two countries in 2024 reached 3.1 billion USD, an increase of 14.5% compared to 2023. The two countries expect to reach a bilateral trade turnover of 10 billion USD by 2030. In 2024, Vietnam and Saudi Arabia signed a Memorandum of Understanding (MoU) 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), connecting points between Europe and Asia. In addition, the two economies have a lot of potential to complement each other; sharing a vision of a prosperous, rich and sustainable future.

Source: https://baotintuc.vn/thoi-su/pho-thu-tuong-nguyen-chi-dung-chu-tri-hoi-nghi-toa-dam-dau-tu-viet-nam-saudi-arabia-20251028061359254.htm