Vietnamese premier’s visit to Saudi Arabia paves way for cooperation opportunities in $2.2 trillion markets

Vietnamese Prime Minister Pham Minh Chinh’s visit to Saudi Arabia between Wednesday and Friday has created an important premise to enhance the two countries’ political trust and open up new cooperation opportunities in a region whose GDP is about $2.2 trillion, said Deputy Minister of Foreign Affairs Do Hung Viet.

This is PM Chinh’s first visit to Saudi Arabia since he took office in 2021 and the first trip to the Middle Eastern country by a Vietnamese premier.

PM Chinh and a high-ranking Vietnamese delegation returned to Hanoi on Saturday, successfully wrapping up the trip to Saudi Arabia to attend the Association of Southeast Asian Nations (ASEAN) – Gulf Cooperation Council (GCC) Summit and visit this nation.

Assessing the results of the trip, Deputy Minister Viet said the Vietnamese delegation actively participated in the first ASEAN – GCC Summit and made important contributions to the success of the event.

PM Chinh, while delivering a statement at the summit, emphasized the event’s importance to open a new era where the two blocs would continue to spend efforts to lift their ties to a new height.

The occasion also helped Vietnam tighten its relations with Gulf countries, which have a total GDP of up to US$2.2 trillion.

The Vietnamese government leader suggested that ASEAN and GCC support each other to turn economy, trade, and investment into key pillars of their cooperation and motivations for their development.

The two blocs should soon realize their leaders’ commitments and enhance their cooperation to jointly maintain a peace and stable business environment.

Deputy Minister Viet said PM Chinh’s visit would open up more cooperation opportunities.

During talks with Crown Prince and Prime Minister of Saudi Arabia Mohammed bin Salman Al Saud in Riyadh and bilateral meetings with leaders of GCC countries, PM Chinh expressed Vietnam’s determination to boost the relations with these countries in a practical and effective manner.

Viet informed that the countries highly evaluated Vietnam’s role, position as well as economic growth prospects.

Saudi Arabia leaders voiced their wish to cooperate with Vietnam in specific projects, while Emir of Qatar Sheikh Tamim bin Hamad al-Thani affirmed there was no limit in any cooperation with Vietnam.

They agreed that room for further collaboration with the Southeast Asian country remains ample and Vietnam should widen its doors to attract large investments in both traditional and new sectors, such as digital transformation, energy transition, and response to climate change.

They also expressed their willingness to open their markets to Vietnam’s agro-fishery products and help Vietnam develop the Halal industry, thus leading to a new way for the development of Vietnam’s food products. Halal refers to food products and services that adhere to Muslim law.

The two sides were also expected to foster cooperation in tourism, culture, and people-to-people exchanges.

Saudi Arabia expected Vietnam’s skilled laborers to join its large projects.

A $620-billion public investment fund of Saudi Arabia was committed to spending further on major infrastructure projects in Vietnam, Viet added.

Many Saudi Arabian groups in the steel, retail, agriculture, and clean energy sectors consider expanding their operations in the Southeast Asian nation as a way to venture into other Southeast Asian markets.

By Thanh Ha & Ngoc An – Tuoi Tre News – October 22, 2023