VINACHEM

On the afternoon of October 30 (local time) in Riyadh, Saudi Arabia, Prime Minister Pham Minh Chinh met with Saudi Arabia’s Minister of Investment, Khalid bin Abdulaziz Al-Falih.

During his meeting with Crown Prince and Prime Minister Mohammed Bin Salman, Prime Minister Chinh emphasized the shared values of time and intellect, and the two leaders agreed to elevate relations between their countries, with a focus on trade, investment, and economic connectivity.

Prime Minister Chinh affirmed that Vietnam values expanding investment cooperation with the Middle East, with Saudi Arabia being a top priority.

The Prime Minister urged Minister Al-Falih to expedite negotiations on a bilateral investment protection agreement, share expertise in creating an equitable and attractive business environment, and swiftly finalize a Memorandum of Understanding on direct investment with Vietnam’s Ministry of Planning and Investment. He recommended defining specific goals to foster investment relations between the two nations.

He further proposed that Saudi Arabia and its investment funds, with their resources and influence, study and consider participating in key investment projects in Vietnam.

These projects include the development of a strategic oil reserve and distribution hub for Southeast Asia within Vietnam and the execution of renewable energy projects under Vietnam’s energy plan.

Vietnam can ensure food security for Saudi Arabia

Prime Minister Chinh added that Vietnam is amending its Electricity Law and related policies to expedite investment procedures in the power sector. He assured that Vietnam could support Saudi Arabia’s food security needs, meeting Halal standards with a program dedicated to cultivating one million hectares of high-quality, low-emission rice.

Saudi Arabia’s Minister of Investment, Khalid bin Abdulaziz Al-Falih, expressed delight in the personal rapport between Crown Prince Mohammed bin Salman Al Saud and Prime Minister Pham Minh Chinh, calling their historic meeting a milestone. He shared that Saudi Arabia’s government and people admire Vietnam’s achievements, especially its post-war recovery.

During the meeting, the Minister and representatives of major Saudi corporations discussed opportunities and proposed ideas for cooperation in various fields, including Halal certification, renewable energy, digital transformation, and electric vehicle production. ACWA Power’s leadership highlighted Vietnam’s rapid growth, youthful population, and ample labor force, stating that these factors make Vietnam an ideal place to live and work from any perspective. ACWA Power aims to establish a lasting partnership with Vietnam, investing up to $5 billion, including human resource training, provided that Vietnam ensures a favorable business environment.

Vietnam has recently implemented solutions to secure the global supply chain, including high-tech sectors.

Minister Al-Falih noted that successful Saudi investors in Vietnam, such as the Zamil Steel Group, show that Vietnam is a stable and attractive investment destination.

Saudi agencies and businesses are prepared to hold active discussions with Vietnamese authorities and partners to accelerate negotiations and finalize agreements on projects such as establishing an oil reserve and distribution center.

Prime Minister Pham Minh Chinh pledged that Vietnam would respond promptly to investor needs and welcomed Saudi Arabia’s Minister and business representatives to visit Vietnam to advance specific partnership projects.

In response to Minister Al-Falih’s request, the Prime Minister agreed to assign leadership from the Ministry of Planning and Investment to participate in Saudi Arabia’s upcoming investment promotion conference.

Later that day, in a meeting with Saudi Arabia’s Minister of Economy and Planning, Faisal bin Fadhil Al-Ibrahim, Prime Minister Pham Minh Chinh praised the positive developments in bilateral relations over the past 25 years. However, he noted that economic, trade, and investment relations have yet to match the strong political and diplomatic ties between the two nations.

Prime Minister Chinh urged the Ministry of Economy and Planning of Saudi Arabia and Vietnam’s Ministry of Industry and Trade to work together swiftly to complete agreements that would elevate economic cooperation to the same level as their diplomatic relations, fulfilling the potential of 25 years of partnership between Vietnam and Saudi Arabia.

Minister Faisal bin Fadhil Al-Ibrahim confirmed that the Ministry of Economy and Planning has had continuous discussions with Vietnam to foster cooperation in the economic, trade, and investment sectors.

Both parties plan to establish specific agreements in fields such as the Bilateral Investment Protection Agreement, Free Trade Agreement, and collaboration on agricultural development, aquaculture, and fisheries, with detailed roadmaps for cooperation in each area.