PM points to potential for Vietnam, Saudi Arabia business cooperation

By VNA   October 19, 2023 | 05:25 am PT
PM points to potential for Vietnam, Saudi Arabia business cooperation
Prime Minister Pham Minh Chinh speaks at the Vietnam-Saudi Arabia Business Forum in Riyadh, October 19, 2023. Photo by Nhat Bac
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 Thursday (local time).

The government leader briefed the Vietnam-Saudi Arabia Business Forum on Vietnam’s situation, saying many reputable international organizations 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 Arabia and 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 prioritizes 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 favorable 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 US$8.27 million, 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. 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.

President of the Federation of Saudi Chambers Hassan Al-Huwaizi emphasized 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.

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