“Vietnam and Saudi Arabia have many similarities in their vision and development orientations, especially in their breakthroughs for socio-economic development. The two economies have their own potential, which can be supplementary. So, investors can be reassured about the stable, healthy, and sustainable business environment in Vietnam.”
Prime Minister Pham Minh Chinh made the comments at the Vietnam - Saudi Arabia Business Forum in Riyadh on October 19 (local time), held as part of his trip to Saudi Arabia to attend the Association of Southeast Asian Nations - Gulf Cooperation Council (ASEAN - GCC) Summit and to pay an official visit to the country.
He briefed the Forum on Vietnam’s situation, saying many reputable international organizations have forecast that the country will maintain a growth rate among the highest in the region and the world.
Its achievements can be attributed to international support, including from the Government and businesses of Saudi Arabia, Prime Minister Chinh said.
He noted that the friendship and cooperation between Vietnam and Saudi Arabia have been developing well, adding that the two sides have maintained high-level contacts and mutual support at multilateral forums, and put in place many legal frameworks and cooperative mechanisms, creating an important foundation to boost bilateral economic, investment. and trade ties.
According to the Prime Minister, Saudi Arabia is Vietnam’s leading partner in the Middle East, while Vietnam is an important partner of Saudi Arabia and a bridge between it and ASEAN.
However, bilateral cooperation outcomes so far have not matched the two countries’ potential.
Figures show that as of September, investors from Saudi Arabia had operated seven projects in Vietnam with total registered capital of $8.27 million. Two-way trade in the first nine months of 2023 exceeded $2 billion. Vietnam and the Public Investment Fund of Saudi Arabia have signed more than ten projects funded by official development assistance (ODA) worth over $165 million.
Prime Minister Chinh stressed that there is space to expand the partnership, especially in such fields as urban development, Halal food, employment, and human resources training, along with emerging areas like digital transformation, green transition, the circular economy, the sharing economy, and the knowledge-based economy.
Vietnam prioritizes green growth, infrastructure, energy, high-tech industry, innovation, and startups, which are expected to create motivation for the country to restructure its economy and reform its growth model, he noted.
With favorable geography, Vietnam and Saudi Arabia play important roles in ASEAN and the GCC, the Vietnamese leader said, expressing a hope that the two will coordinate their businesses to not only participate in each other’s markets but also expand operations in ASEAN and the GCC.
The Prime Minister stated that in a 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.
At the Forum, the potential for cooperation between Vietnam and Saudi Arabia as well as their policies for attracting foreign investors were identified and discussed. Businesses from Saudi Arabia expressed their appreciation of Vietnam’s improved investment environment. They consider the Forum a chance to seek investment opportunities in and business links with Vietnam.
President of the Federation of Saudi Chambers Hassan Al-Huwaizi emphasized that Saudi Arabian businesses want to invest in Vietnam in urban development, petrochemicals, mining, tourism, entertainment, steel production, renewable energy, the food industry, IT, and textiles and garments, aiming to double the scale of investment cooperation.
Prime Minister Chinh and officials from both countries witnessed the signing of MoUs at the Forum 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.
Google translate