Prime Minister Pham Minh Chinh lands in Riyadh for the Future Investment Initiative, strengthening Vietnam-Saudi ties.
Vietnam’s Prime Minister Pham Minh Chinh, accompanied by his spouse and a high-ranking delegation, touched down at King Khalid International Airport in Riyadh on the afternoon of October 29. This marks the start of a significant working visit aimed at deepening the economic and diplomatic relations between Vietnam and Saudi Arabia.
The delegation was warmly received by Saudi officials, including representatives from the Government and the Ministry of Foreign Affairs. Vietnamese Ambassador Dang Xuan Dung, alongside embassy staff and members of the Vietnamese community in Saudi Arabia, greeted the Prime Minister, highlighting the strong bonds between the two nations.
Historical Context and Ongoing Cooperation
Since establishing diplomatic relations in October 1999, Vietnam and Saudi Arabia have enjoyed steady cooperation with tangible outcomes. Over the past 25 years, both countries have ramped up exchanges at all levels, hosting numerous investment forums that have bolstered economic and trade ties.
Recently, PM Chinh participated in the ASEAN-GCC Summit and visited Saudi Arabia in October 2023, further cementing the relationship. The ongoing working visit is expected to build on these foundations, aiming to elevate bilateral relations to new heights.
Economic and Trade Relations: A Growing Partnership
Saudi Arabia stands as Vietnam’s third-largest trading partner in the Middle East-North Africa region. In 2023, two-way trade reached $2.68 billion, and in the first nine months of 2024, it surged to $2.21 billion. This growth underscores the robust economic link between the two countries.
As of September 2024, Saudi Arabia ranked 79th out of 148 countries investing in Vietnam, with eight projects totaling $8.57 million. These investments span various sectors, reflecting the diverse interests and collaborative potential between Vietnam and Saudi Arabia.
Trade Metrics | Details |
---|---|
2023 Two-Way Trade | $2.68 billion |
2024 First Nine Months | $2.21 billion |
Saudi Investment Rank | 79th out of 148 countries |
Number of Projects | 8 |
Total Investment | $8.57 million |
Labor Cooperation and Workforce Development
Currently, around 4,000 Vietnamese workers are employed in Saudi Arabia across various fields, including construction, engineering, hospitality, and housekeeping. Both nations are actively working on a new labor cooperation agreement, anticipated to be signed soon, which aims to streamline workforce mobility and enhance labor conditions.
This agreement is expected to provide better support and opportunities for Vietnamese workers, ensuring their contributions to Saudi Arabia’s diverse industries are recognized and valued.
Future Prospects: Building on a Strong Foundation
With a quarter-century of diplomatic relations, the Vietnam-Saudi Arabia partnership is poised for further growth. The ongoing working visit by PM Chinh aims to reinforce political trust and explore new avenues for cooperation in economy, trade, investment, and emerging sectors.
Leaders from both countries are committed to meeting the aspirations and interests of their people, anticipating that the enhanced collaboration will bring about significant advancements and mutual benefits.
Key Objectives of the Working Visit
- Economic Cooperation: Exploring new investment opportunities and expanding trade.
- Trade Agreements: Negotiating terms to facilitate smoother and increased trade flows.
- Investment Forums: Organizing platforms for businesses to connect and collaborate.
- Labor Agreements: Finalizing the new labor cooperation deal to support Vietnamese workers in Saudi Arabia.
- Innovation and Technology: Discussing joint ventures in emerging technologies and sustainable projects.
Reinforcing Political Trust and Economic Collaboration
The Prime Minister’s visit is more than a diplomatic formality; it’s a strategic move to deepen the ties between two economically significant nations. By attending the 8th Edition of the Future Investment Initiative, PM Chinh is positioning Vietnam to leverage Saudi Arabia’s economic prowess and investment capabilities.
The collaboration is expected to create new momentum for both countries, fostering an environment where economic and trade cooperation can thrive, and paving the way for groundbreaking projects that benefit both nations.