Riyadh (VNA) – Prime Minister Pham MinhChinh pointed to substantial potential for Vietnam and Saudi Arabia to fostertheir cooperation while addressing a business forum in Riyadh on October 19(local time) as part of his trip to the Middle East nation to attend theAssociation of Southeast Asian Nations - Gulf Cooperation Council (ASEAN - GCC)Summit.

The Government leader briefed the Vietnam-Saudi Arabia BusinessForum on Vietnam’s situation, saying many reputable international organisationsforecast that the Southeast Asian nation will maintain its growth rate amongthe highest in the region and the world.

He attributed achievements Vietnam has recorded tointernational support, including that from the Government and businesses ofSaudi Arabia.

The PM noted that the friendship and cooperationbetween Vietnam and Saudi Arabia have been developing well, adding the two sides have maintained high-levelcontacts and mutual support at multilateral forums, and put in place many legalframeworks and cooperation mechanisms, creating an important foundation toboost the bilateral economic, investment and trade ties.

He affirmed that Saudi Arabia is Vietnam's leadingpartner in the Middle East, while Vietnam is an important partner of Saudi Arabiaanda 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 personneltraining, along with emerging areas like digital transformation, green transition,circular economy, sharing economy, and knowledge-based economy.

Vietnam prioritises green growth, infrastructure,energy, high-tech industry, innovation and startup, which are expected to createmotivation for the country to restructure its economy and reform its growthmodel, he went on.

Chinh asked ministries, agencies, associations andthe Chamber of Commerce and Industry of Saudi Arabia to continue their support for Vietnam in promoting its investment environment, and boosting cooperation betweenenterprises of the two countries.  
 
With favourable 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 marketsbut also expand their operations in ASEAN and GCC.

In the spirit of "harmonious benefits, sharedrisks", Vietnam is committed to ensuring the legal and legitimate rights andinterests of businesses, and facilitating the long-term, sustainable operationsof foreign firms, particularly those from Saudi Arabia, he said.

On this occasion, the PM and leaders witnessed the signing of memoranda ofunderstanding between businesses, including one between the Vietnam Chamber ofCommerce and Industry and the Federation of Saudi Chambers, and others coveringconstruction steel production, tourism and trade.

Statistics show that as of September, Saudi Arabiaran seven projects in Vietnam with a total registered capital of 8.27 millionUSD, ranking 79 out of the 144 countries and territories investing in theSoutheast Asian nation.

Bilateral trade turnover in the first nine months of 2023 exceeded2 billion USD. Vietnam and the Public Investment Fund of Saudi Arabia havesigned more than 10 projects funded by official developmentassistance (ODA) worth over 165 million USD. 

President of the Federation of Saudi Chambers HassanAl-Huwaizi emphasised that Saudi Arabia’s businesses want to invest in Vietnamin 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./.