Prime Minister Pham Minh Chinh's Middle East visit has not only solidified diplomatic ties but also unlocked new economic and investment opportunities with major energy powerhouses like the UAE, Saudi Arabia, and Qatar.
Expanding presence in the Middle Eastern market
Vietnam established diplomatic relations with the UAE, Saudi Arabia, and Qatar in the 1990s. Over three decades, these relationships have shown positive growth.
In recent years, Middle Eastern countries have prioritized Vietnam in their “Eastward Policy.” However, economic, trade, and investment partnerships between Vietnam and these nations have not yet matched the robust political ties or the potential and aspirations of both sides.
The Prime Minister's successful visit yielded significant results, reinforcing partnerships and paving the way for exploring potential economic, trade, and investment opportunities with the UAE, Saudi Arabia, and Qatar, as well as the broader Middle East market.
A major highlight of the trip was elevating Vietnam-UAE relations to a “Comprehensive Partnership,” opening up new avenues for collaboration. The UAE became Vietnam's first Comprehensive Partner in the Middle East, expanding Vietnam’s network of Comprehensive Partners to 14 countries.
The CEPA between Vietnam and the UAE is particularly historic, aiming to increase bilateral trade from the current $5 billion to $20 billion.
The CEPA between Vietnam and the UAE presents valuable opportunities for businesses. Photo: Nhat Bac.
Building economic pillars with Saudi Arabia and Qatar
Vietnam and Saudi Arabia agreed to make economic cooperation the main pillar of their bilateral relationship, with a goal to elevate trade from $2.7 billion in 2023 to over $10 billion by 2030.
Similarly, Vietnam and Qatar committed to deepening their partnership, focusing on substantial and effective economic, trade, and investment cooperation. The two countries also plan to negotiate bilateral agreements in areas like visa exemptions, labor, and trade to facilitate market access.
During his meetings with leaders and partners in the three Middle Eastern countries, Prime Minister Pham Minh Chinh emphasized that Vietnam shares many similarities with these nations, including strategic visions, innovative thinking, and a commitment to national prosperity and citizen well-being.
The Prime Minister praised the swift and strategic management in the Middle East, such as the UAE's policy enabling business registration in just five minutes, which has helped the country register 1.5 million businesses - triple the 500,000 registered three years ago. Initiatives like the golden visa program for researchers, experts, and students also impressed him as key examples for Vietnam to study and potentially adopt.
Prime Minister Pham Minh Chinh's commitment to taking swift, action-oriented steps was evident as he worked with various ministries from host countries to implement cooperative agreements promptly.
He tasked Vietnamese and Saudi Arabian ministers with negotiating a free trade agreement by Q1 2025, under the watchful eye of the Saudi Arabian Prime Minister and Crown Prince.
Prime Minister Pham Minh Chinh and the Prime Minister of Qatar witnessed the signing of a Memorandum of Understanding on cooperation between the Diplomatic Academy of Vietnam's Ministry of Foreign Affairs and the Diplomatic Academy of Qatar's Ministry of Foreign Affairs. Photo: Nhat Bac.
For Vietnam-Qatar collaboration, the Prime Minister stressed the formula of “financial resources from Qatar, human resources from Vietnam, and bilateral relations” to create products for the Middle Eastern market.
“Time waits for no one. To achieve great things, we must overcome ourselves,” Prime Minister Pham Minh Chinh concluded.
In discussions with leading business figures, the Prime Minister underscored: "With ambition, resources, and willingness, there is no reason we should not cooperate."
Middle Eastern leaders reciprocated the Prime Minister's enthusiasm, praising Vietnam’s rich history and its growing role on the global stage.
Qatar’s Emir Sheikh Tamim Bin Hamad Al Thani affirmed, “There are no limits to our relationship with Vietnam.”
Saudi Arabia's Minister of Industry and Mineral Resources remarked, “Prime Minister Pham Minh Chinh’s messages have been profoundly inspiring.”
Leaders of investment funds and major corporations from all three countries committed to sending delegations to Vietnam to explore opportunities and implement high-level agreements with urgency.
Vietnam is entering a new era with the goal of becoming a high-income developed nation by 2045. Photo: Nhat Bac.
Impressive figures from the trip
- 60 activities held across three countries.
- Vietnam-UAE trade target: $20 billion.
- Vietnam-Saudi Arabia trade goal: surpassing $10 billion by 2030.
- 33 cooperation agreements in various sectors, including trade, finance, energy, and education.
- ACWA Power from Saudi Arabia expressed readiness to invest $5 billion in Vietnam for rapid project deployment.
The Prime Minister’s visit to the Middle East has laid the groundwork for Vietnam to access new resources and valuable lessons, providing momentum for traditional cooperation and new potential fields. This will maximize resource attraction for Vietnam's swift and sustainable development.
Vietnam aims to achieve high-income developed nation status by 2045, following a path of resilience and ambition akin to “miracles in the desert” and driven by a commitment to turn vision into measurable outcomes.
Vietnamnet.vn
Podcast
.svg){kind=icon}
