After a successful official visit to the UAE, Prime Minister Pham Minh Chinh, accompanied by his spouse and a high-level Vietnamese delegation, has traveled to Saudi Arabia to attend the 8th Future Investment Initiative (FII) Summit and conduct bilateral discussions.

Arriving in Riyadh on October 29 (local time), Prime Minister Chinh and his delegation were warmly received at King Khalid International Airport by high-ranking Saudi officials, including representatives from Saudi Arabia’s Ministry of Foreign Affairs and Vietnamese Ambassador Dang Xuan Dung, along with staff from the Vietnamese embassy.

This is the second leg of the Prime Minister’s Middle East trip. Following his participation in the Future Investment Initiative Summit, held at the invitation of Saudi Crown Prince and Prime Minister Mohammed Bin Salman, he will meet with Saudi leaders, representatives from major investment funds, and executives from leading Saudi businesses.

The visit marks the first official trip by a Vietnamese head of government to Saudi Arabia since diplomatic ties were established in 1999. Prime Minister Chinh recently attended the ASEAN-GCC Summit in Saudi Arabia in October 2023, further strengthening these relations.

Saudi Arabia holds significant potential for cooperation with Vietnam as a strategic, long-term partner across various sectors. Saudi Arabia is Vietnam’s third-largest trading partner in the Middle East-North Africa region, with bilateral trade reaching $2.68 billion in 2023. Vietnam’s main exports to Saudi Arabia include electronics, textiles, timber products, cashew nuts, rice, and various machinery. Meanwhile, imports from Saudi Arabia feature plastic materials, chemicals, liquefied petroleum gas, animal feed, metals, and rubber.

As of June 2024, Saudi Arabia had eight investment projects in Vietnam worth a combined $8.57 million. Additionally, the Saudi Fund for Development has granted preferential loans for 12 projects in Vietnam, totaling over $164.1 million.

Large Saudi corporations are increasingly interested in Vietnam as an investment destination, while approximately 4,000 Vietnamese nationals currently work in Saudi Arabia.

Vietnam and Saudi Arabia established diplomatic relations on October 21, 1999, and their partnership has since flourished. The two nations continue to exchange delegations regularly and support each other in international forums.

Thu Hang