During his working visit to Saudi Arabia and participation in the 8th Edition of the Future Investment Initiative (FII8), Prime Minister Pham Minh Chinh met with the Minister of Economy and Planning Faisal bin Fadhil Al-Ibrahim in Riyadh on October 30.

He called on both sides to realize commitments to strengthening economic ties between Vietnam and Saudi Arabia, the Vietnam News Agency reported.

The Vietnamese Government leader noted that he had successful talks with Saudi Arabian Crown Prince and PM Mohammed bin Salman Bin Abdulaziz Al Saud, emphasizing a shared vision and mutual respect for time and intelligence.

Underscoring the progress in bilateral relations over the last 25 years, PM Chinh acknowledged the need for further development in economic, trade, and investment ties. These areas have yet to fully match the strength of their political relationship.

The two sides have agreed to elevate bilateral relations to a new height and expedite the negotiation and signing of agreements on free trade, labor cooperation, and investment protection. They have tasked ministries and sectors with swiftly implementing the agreements reached by both sides’ leaders.

The PM urged the Saudi Arabian Ministry of Economy and Planning and the Vietnamese Ministry of Industry and Trade to finalize their negotiations promptly, aiming to align economic collaboration with the political - diplomatic ties. He emphasized the importance of both sides delivering on their promises and achieving concrete results.

At the event, the Saudi Arabian official expressed his ministry’s strong  interest in and discussions with the Vietnamese side to bolster economic, trade, and investment partnerships.

He voiced his belief that Vietnam and Saudi Arabia will fully tap into their potential under the leadership of their respective leaders, including PM Chinh and Crown Prince and PM Mohammed bin Salman Bin Abdulaziz Al Saud, to develop fast and sustainably.

The two sides should sketch out a plan and roadmap for economic cooperation, with specific agreements in each area such as the ones on investment protection, free trade, investment attraction, as well as agricultural, aquacultural, and fishing development, the minister suggested.

Following the meeting, PM Chinh witnessed the signing of a memorandum of understanding on economic and trade collaboration between the Vietnamese Ministry of Industry and Trade and the Saudi Arabian Ministry of Economy and Planning. This agreement established a long-term cooperation mechanism in the fields of trade, industry, investment, and the digital economy, among others.