Prime Minister Pham Minh Chinh hosted a reception for Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Ibrahim Al-Khorayef on October 30, as part of his attendance at the eighth edition of the Future Investment Initiative (FII8) and working trip to Saudi Arabia, the Vietnam News Agency reported.

The Saudi Arabian minister, who is also Chairman of the Saudi Arabian sub-committee of the Saudi Arabia - Vietnam Intergovernmental Committee, praised Vietnam’s strides in industrialization and modernization over the past two decades. He said aligned with its Vision 2030, Saudi Arabia wishes to promote cooperation with Vietnam, especially in areas where one side has strengths and the other side has demand, focusing on priority fields such as automobile, high technology, food processing, chemicals, pharmaceuticals, mining, Halal products, and other tech-related industries.

The Vietnamese PM congratulated Saudi Arabia on its major achievements, particularly its economic diversification, development of non-oil sectors, application of technological advancements, and expansion of international economic relations. He expressed confidence that Saudi Arabia’s Vision 2030 will be realized and that FII8, known as the “Davos in the Desert”, will be a success, furthering the country's global reputation.

He acknowledged the positive progress in bilateral relations over the past 25 years but also noted that economic, trade, and investment ties have yet to match the sound political relationship.

PM Chinh said that in his talks with Crown Prince and PM of Saudi Arabia Mohammed bin Salman bin Abdulaziz Al Saud, the two sides shared a commitment to innovation, strategic vision, and the aspiration for fast and sustainable development.

They agreed to work towards elevating bilateral relations and upgrading cooperation mechanisms from the deputy minister level to the ministerial one. They also agreed to conduct negotiations to soon establish agreements on free trade, labor cooperation, investment protection, and cultural, educational, and training collaboration between Vietnam and Saudi Arabia, according to the Vietnamese leader.

The Vietnamese PM urged ministries and sectors from both sides to swiftly carry out the agreements reached between the two countries' leaders. Specifically, Saudi Arabia’s Ministry of Industry and Minerals and Vietnam’s Ministry of Industry and Trade should send working delegations to each other's countries to discuss and soon conclude negotiations towards signing cooperation agreements that will create a legal framework for businesses in the implementation.

PM Chinh congratulated Minister Al-Khorayef on his role as head of the Saudi Arabian sub-committee of the Saudi Arabia - Vietnam Intergovernmental Committee, expressing his belief that the minister will properly coordinate with the Vietnamese side to connect the two economies more strongly, raise bilateral trade to $5-10 billion in the time to come, promote investment, and foster cultural and people-to-people exchanges.

Echoing the PM’s view, Minister Al-Khorayef pledged close collaboration with the Vietnamese Minister of Industry and Trade to enhance economic and trade partnerships through specific projects as previously discussed by the Saudi Arabian Crown Prince and the Vietnamese PM.

He also extended an invitation to Vietnam to participate in the Future Minerals Forum hosted by Saudi Arabia in January next year.