Addressing the eighth Edition of the Future Investment Initiative which is taking place in Riyadh, Saudi Arabia from October 29-31, Prime Minister Pham Minh Chinh called for effective, responsible, and future-oriented investment, according to a report from the Vietnam News Agency.

Lauding the event’s theme “Infinite Horizons: Investing Today, Shaping Tomorrow,” the Vietnamese leader said it offers an excellent opportunity to exchange views and propose initiatives for investment cooperation, aimed at overcoming all boundaries to achieve a sustainable and prosperous future.

He noted that "amid a fragmented world, we must not politicize investment, and all of us need to be cognizant of the need to invest effectively and responsibly with a clear direction for the future of sustainable development of nations and countries and for the happiness and welfare of people".

"We have to focus all investment into development, especially science, technology, innovation, improving human resource quality, digital transformation, circular economy and climate action, to fully harness the strength of each country, each nation, and each actor, so that we can all rise together to the infinite horizons,"  PM Chinh said.

He also recalled the tireless efforts of Vietnam in Doi moi (renewal) to transform itself from a poverty-stricken backward nation into one of the 34th largest economies in the world today.

Vietnam has signed 17 free trade agreements with foreign partners, and opened its market to more than 60 countries and territories around the world, according to the PM.

"It is Vietnam’s hope that partners in the international community of businesses and investors live up to the role as pioneers who guide and shape growth in the spirit of 'investing today, shaping tomorrow.' We especially count on you to redouble efforts to support, assist, and work with, and drive investment in developing and poor countries, for a better world without poverty, where no one should be left behind," PM Chinh said.

Geographical distance has proven no hindrance to the people of Vietnam and the nations of the Middle East, especially Saudi Arabia, in forging long-standing traditional friendship, according to the PM.

Many countries in the Middle East in recent years have identified Vietnam as a priority in their respective eastward policies, he noted.

These are especially important cornerstones for both sides to tap into each other's strength and potential and elevate bilateral ties to new heights, the PM continued.

Vietnam and Saudi Arabia share much in common, with strengths that are mutually complementary, and both sides have placed importance on accelerating innovation, digitization and climate action.

With suitable geographical locations, both sides should work in close concert to coordinate between ASEAN and the Middle East and the Gulf, the PM proposed.

Vietnam hopes that partners, businesses, and investors from Saudi Arabia, the Middle East and the whole world continue to strengthen investment and business in their undertakings in Vietnam and with Vietnamese partners.

"We would especially welcome areas where you enjoy the advantage and Vietnam has needs, such as digital transformation, renewable energy, cloud computing, smart cities, and smart infrastructure,” he said, stressing Vietnam’s consistent policies to draw on all resources in and outside the country.

He added that Vietnam is committed to creating a fair, convenient, and open business environment, continuing to streamline and simplify administrative procedures, and prioritizing emerging sectors.

The country pays keen attention to developing high-quality human resources hand in hand with science technology and innovation to boost productivity and improve the effectiveness of investment, PM Chinh said.

"There's an aphorism in Saudi Arabia that one hand creates no sound. In Vietnam, President Ho Chi Minh had the philosophy of 'Solidarity, solidarity, great solidarity. Success, success, great success. We hope and believe that businesses and investors from Saudi Arabia as well as the Middle East and the broader world would join hands with Vietnam," the PM said.

The Vietnamese leader then had a discussion with Editor-in-Chief of The Economist magazine Zanny Minton Beddoes, where he highlighted Vietnam’s resolve to build an independent and self-reliant economy, while actively pursuing intensive, comprehensive, substantive, and effective international integration.

Vietnam recognizes the importance of digital transformation and technology application to enhance national competitiveness, he said, noting that the country is implementing a wide range of solutions, including the adoption of the National Strategy on Fourth Industrial Revolution.

He said the resources required for Vietnam's energy transition over the next decade are substantial, calling on the leaders attending the conference to support the country in accessing essential resources and strengthening investment cooperation, and help the country further consolidate its institutions and policies to achieve its net-zero emissions commitment.

Regarding Vietnam’s development vision and choices, the PM affirmed that the country will always adapt and balance the interests of all parties.

For her part, Ms. Beddoes held that Vietnam will soon hold a significant position in the "Look East" policy of Middle East countries, and expressed her strong confidence in the Southeast Asian nation’s success.