Prime Minister Pham Minh Chinh pointed to substantial potential for Vietnam and Saudi Arabia to foster their cooperation while addressing a business forum in Riyadh on October 19 (local time) as part of his trip to the Middle East nation to attend the Association of Southeast Asian Nations - Gulf Cooperation Council (ASEAN - GCC) Summit.

The Government leader briefed the Vietnam-Saudi Arabia Business Forum on Vietnam’s situation, saying many reputable international organisations forecast that the Southeast Asian nation will maintain its growth rate among the highest in the region and the world.

He attributed achievements Vietnam has recorded to international support, including that from the Government and businesses of Saudi Arabia.

The PM noted that the friendship and cooperation between Vietnam and Saudi Arabia have been developing well, adding the two sides have maintained high-level contacts and mutual support at multilateral forums, and put in place many legal frameworks and cooperation mechanisms, creating an important foundation to boost the bilateral economic, investment and trade ties.

He affirmed that Saudi Arabia is Vietnam's leading partner in the Middle East, while Vietnam is an important partner of Saudi Arabiaand a bridge between it and the Association of Southeast Asian Nations (ASEAN).

Nevertheless, the cooperation outcomes so far have not matched the two countries' potential, Chinh said, stressing that there is great room to expand the partnership, especially in such fields as urban development, Halal food, employment and personnel training, along with emerging areas like digital transformation, green transition, circular economy, sharing economy, and knowledge-based economy.

Vietnam prioritises green growth, infrastructure, energy, high-tech industry, innovation and startup, which are expected to create motivation for the country to restructure its economy and reform its growth model, he went on.

Chinh asked ministries, agencies, associations and the Chamber of Commerce and Industry of Saudi Arabia to continue their support for Vietnam in promoting its investment environment, and boosting cooperation between enterprises of the two countries.  
 
With favourable geography, Vietnam and Saudi Arabia play an important role in ASEAN and GCC, the PM said, expressing his hope that the countries will coordinate businesses to not only participate in each other's markets but also expand their operations in ASEAN and GCC.

In the spirit of "harmonious benefits, shared risks", Vietnam is committed to ensuring the legal and legitimate rights and interests of businesses, and facilitating the long-term, sustainable operations of foreign firms, particularly those from Saudi Arabia, he said.

On this occasion, the PM and leaders witnessed the signing of memoranda of understanding between businesses, including one between the Vietnam Chamber of Commerce and Industry and the Federation of Saudi Chambers, and others covering construction steel production, tourism and trade.

Statistics show that as of September, Saudi Arabia ran seven projects in Vietnam with a total registered capital of 8.27 million USD, ranking 79 out of the 144 countries and territories investing in the Southeast Asian nation.

Bilateral trade turnover in the first nine months of 2023 exceeded 2 billion USD. Vietnam and the Public Investment Fund of Saudi Arabia have signed more than 10 projects funded by official development assistance (ODA) worth over 165 million USD. 

President of the Federation of Saudi Chambers Hassan Al-Huwaizi emphasised that Saudi Arabia’s businesses want to invest in Vietnam in urban development, the petrochemical industry, mining, tourism, entertainment, steel production, renewable energy, the food industry, IT, and textile- garment, aiming to double the scale of investment cooperation.

PM receives Saudi Arabia's ministers of economy-planning, human resources

Prime Minister Pham Minh Chinh met with Saudi Arabia's Minister of Economy and Planning Faisal Al-Ibrahim and Minister of Human Resources and Social Development Ahmed Al-Rajhi in Riyadh on October 19 (local time), as part of his trip to attend the Association of Southeast Asian Nations - Gulf Cooperation Council (ASEAN - GCC) Summit and visit to Saudi Arabia.

Talking to Minister of Economy and Planning Al-Ibrahim, Chinh affirmed that the Vietnam-Saudi Arabia cooperation is developing well and holds great potential for further expansion. He proposed the two countries strengthen their economic connectivity, cooperate in organising trade-investment promotion activities, particularly in energy and finance-banking, and boost teamwork in such new areas as the production and processing of Halal products and digital transformation.

The Vietnamese Government leader suggested both sides facilitate market access for each other's strong products and work closely to address issues related to the export of Vietnam's aquatic products to Saudi Arabia. He also called for increased bilateral exchanges, cultural interactions, knowledge sharing, and transportation and aviation connectivity.

In response, the minister pledged to collaborate with the Saudi Arabian Ministry of Industry and Mineral Resources, the Saudi Arabian co-chair of the Saudi Arabia-Vietnam Joint Government Committee, in order to deepen economic cooperation with Vietnam.

The two countries should take advantage of each other's markets to reach other regional markets, he said.

Al-Ibrahim also expressed his wish to visit Vietnam in the near future to complete the negotiation and signing of cooperation agreements with Vietnamese partners.

To achieve the aforementioned goals, the two sides agreed to study the establishment of joint working groups for economic affairs and to hold the 5th meeting of the Joint Government Committee soon.
 
At the meeting with the Saudi Arabian Minister of Human Resources and Social Development, PM Chinh lauded positive developments in the nations’ ties and highlighted labour as a crucial area of their bilateral cooperation, especially considering Saudi Arabia's implementation of extensive urban and infrastructure projects under its Vision 2030.

To step up collaboration in this field, Chinh recommended the sides increase exchanges between their labour management agencies, promote collaboration in training, and connect their labour markets. Also important is the enhancement of legal frameworks for labour cooperation serving mutual support in the supply of high-quality workforce for national development, he noted.

For his part, Al-Rajhi said Saudi Arabia holds ambitious goals in this area, including a plan to admit 10 million more foreign workers, particularly in the sectors of industrial production, energy, healthcare, and tourism.

The minister spoke highly of the quality of Vietnam's labour force, especially skilled workers, and underscored the enormous potential for bilateral collaboration in this field. He hoped both sides will join hands to promptly resolve current challenges in labour cooperation, particularly concerning the legal framework, training cooperation, and the establishment of effective recruitment mechanisms, so as to bring more Vietnamese workers to Saudi Arabia in the near future.

Prime Minister receives executives of Aramco, Saudi Fund for Development