The Crown Prince and Prime Minister of Saudi Arabia said that the country's Public Investment Fund and large corporations will expand into the Vietnamese market in the energy sector, especially renewable energy.
During a meeting with Prime Minister Pham Minh Chinh on the afternoon of October 20, on the occasion of the ASEAN-GCC Summit in Riyadh, Crown Prince and Prime Minister Mohammad bin Salman Al Saud said he would ask the Saudi Arabia Public Investment Fund to discuss and expand investment in Vietnam, especially in the field of renewable energy. In addition, a leading energy corporation of this country, which is investing and doing business in Asia, wants to expand investment in the Vietnamese market.
To create a breakthrough, Prime Minister Pham Minh Chinh suggested that Saudi Arabian Investment Funds consider investing large-scale capital in areas that Vietnam prioritizes for development, such as green economy, innovation, high technology, industry, and renewable energy.
Prime Minister Pham Minh Chinh held talks with Crown Prince and Prime Minister Mohammad bin Salman Al Saud on October 20. Photo: Minh Tien
Previously, meeting the Prime Minister on October 19, the leader of Aramco Oil and Gas Group also said he wanted the opportunity to invest in an oil refinery in Vietnam.
Renewable energy is also a field in which Vietnam and Qatar want to promote investment when Prime Minister Pham Minh Chinh met with Emir Sheikh Tamim bin Hamad al-Thani on October 20. Accordingly, the two leaders agreed to soon establish joint working groups in the fields of digital transformation, renewable energy, infrastructure and sign documents to facilitate the entry of citizens of the two countries to promote bilateral cooperation.
On the same day, meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan, the Prime Minister expressed his wish that UAE investment funds increase investment in the fields of green transformation, digital transformation, and circular economy in Vietnam. He also suggested that the two sides promote cultural and tourism exchanges.
In response, the UAE President said he would direct UAE investment funds to explore opportunities to participate in investment projects in Vietnam. The two leaders also agreed to speed up negotiations and soon sign the Comprehensive Economic Partnership Agreement (CEPA).
Receiving His Highness, Deputy Prime Minister of Oman Sayyid Shihab bin Tarik Al Said, the Prime Minister proposed creating conditions for Vietnamese goods and services to access the country's market. His Highness, Deputy Prime Minister of Oman agreed to consider opening the market for goods, cooperating in the Halal field, and improving the operational efficiency of the Vietnam - Oman Joint Investment Fund (VOI).
Prime Minister Pham Minh Chinh is visiting Saudi Arabia and attending the first ASEAN-GCC Summit, at the invitation of King Salman bin Abdulaziz Al Saud, from October 18-20. Regarding labor cooperation, the Prime Minister asked the Royal Family and Government of Saudi Arabia to increase the reception and create favorable conditions for Vietnamese citizens to do business and live in the country. Vietnamese workers will be an effective bridge for the friendship between the two countries, contributing to the development of Saudi Arabia.
At the talks, the two Prime Ministers agreed on the need to continue strengthening political and diplomatic relations through increasing the exchange of delegations at all levels, especially high-level delegations, promoting cooperation to open markets and promote trade.
On this occasion, the Government leader invited the Crown Prince and Prime Minister of Saudi Arabia to pay an official visit to Vietnam. In response, Mr. Mohammad bin Salman Al Saud said he would visit Vietnam in 2024, the year marking the 25th anniversary of the establishment of diplomatic relations between the two countries (1999 - 2024). This is the first time the leaders of ASEAN and GCC countries have met after 33 years of establishing relations. The leaders are expected to adopt a Joint Statement after the conclusion of the Summit.
Saudi Arabia is Vietnam's leading economic partner in the Middle East. Last year, trade between the two countries reached more than 2.7 billion USD. In the first seven months of this year, import-export turnover between the two countries reached 1.6 billion USD, up 7.4% over the same period in 2022.
Many Saudi Arabian corporations are investing directly and indirectly in Vietnam, such as Zamil Steel Group and Sabic Group. In addition, the Saudi Arabian Development Fund has provided 181 million USD for 13 preferential loan projects in Vietnam.
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