On the morning of October 30, local time, in the capital Riyadh, Saudi Arabia, Prime Minister Pham Minh Chinh received Saudi Arabian Minister of Industry and Mineral Resources Bandar Alkhorayef, Chairman of the Saudi Arabian Subcommittee of the Vietnam-Saudi Arabia Intergovernmental Committee.
Saudi Arabia is currently Vietnam's leading trading partner in the Middle East (bilateral trade turnover in 2023 reached nearly 2.7 billion USD, of which Vietnam exported about 1.1 billion USD, an increase of 60%).
At the meeting, Prime Minister Pham Minh Chinh congratulated the great achievements that Saudi Arabia has made in recent times, especially in diversifying the economy, developing non-oil economic sectors, promoting the application of science and technology, expanding international economic relations...; believed that Saudi Arabia's "Vision 2030" Strategy will come true, as well as the Future Investment Initiative Conference (FII8) will be a great success, affirming the prestige of Saudi Arabia.
The Prime Minister highly appreciated the positive developments in the relationship between the two countries over the past 25 years (1999-2024), especially in the economic field. However, economic, trade and investment relations have not been commensurate with the good political relations.
The Prime Minister said that during the talks with Crown Prince and Prime Minister of Saudi Arabia Mohammed Bin Salman, the two sides agreed that the leaders of the two countries share innovative thinking, strategic and long-term vision, and the same desire to develop the country quickly and sustainably. They both focus on promoting "time and intelligence", agreeing to elevate the bilateral relationship and upgrade cooperation mechanisms in the coming time.
During the talks, Prime Minister Pham Minh Chinh assigned the ministers participating in the delegation to immediately promote exchanges with Saudi Arabian partners to concretize the results of the discussions between the two Prime Ministers.
In the coming time, the Prime Minister suggested that the two sides continue to concretize and realize the above-mentioned goals; negotiate a Free Trade Agreement, an Investment Protection Agreement, a Labor Agreement to send Vietnamese workers to Saudi Arabia, an Agreement on cultural, educational and training cooperation, connecting the two economies more strongly, promoting two-way trade to 5-10 billion USD in the coming years, more effective investment cooperation; more active cultural connection and people-to-people exchange.
Minister Bandar Alkhorayef expressed his admiration for Vietnam's socio-economic development achievements in recent years; expressed his delight at the vision and orientation of the bilateral relations of the senior leaders. Affirming that the Prime Minister's sharing had been a strong inspiration, the Minister said that he would work with the agencies of both sides to promote and expand economic cooperation commensurate with the political-diplomatic relations between the two countries, especially in the fields of automobiles, high technology, equipment, food processing, pharmaceuticals, vaccines, minerals and other industries, especially wanting to discuss and promote cooperation with Vietnam in the field of Halal.
Informing that Crown Prince and Prime Minister of Saudi Arabia Mohammed Bin Salman is looking forward to his visit to Vietnam and that Saudi Arabia wants to elevate relations with Vietnam, the Minister hopes that Vietnam will attend the Future Mining Forum organized by Saudi Arabia in early 2025.
The Prime Minister assigned the Minister of Industry and Trade to attend this event and welcomed Minister Bandar Alkhorayef to visit Vietnam soon to promote cooperation between businesses of the two countries, and cooperate in developing industries, especially in mining and oil and gas, in which Vietnam can supply minerals and construction materials to Saudi Arabia.
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