Prime Minister Phạm Minh Chính (right) had talks with Saudi Arabia's Minister of Investment Khalid bin Abdulaziz Al-Falih on Wednesday. — VNA/VNS Photo Dương Giang

RIYADH — Prime Minister Phạm Minh Chính received Saudi Arabia's Minister of Investment Khalid bin Abdulaziz Al-Falih in Riyadh on October 30, as part of his attendance at the eighth Edition of the Future Investment Initiative (FII8) and working trip to the Middle Eastern country.

PM Chính lauded Saudi Arabia’s recent socio-economic achievements and highlighted that Vietnam attaches importance to the expansion of investment cooperation with the Middle East, including Saudi Arabia - one of the top priorities.

Recently, economic cooperation has been promoted, with total bilateral trade in the first seven months of 2024 estimated at nearly US$4 billion. However, the results of investment cooperation have not matched the potential and expectations of both sides, he noted.

The Vietnamese leader asked the minister to accelerate the negotiation on an investment protection agreement, and share experiences in creating a favourable, equitable, and attractive business and investment environment. He called on the Saudi Arabian side to work with Vietnamese Ministry of Planning and Investment to soon reach agreement on the contents of a memorandum of understanding on direct investment cooperation, and to translate these contents into an action plan with specific goals to strengthen investment relations between the two countries in the coming time.

He also encouraged Saudi Arabian investment funds, with their capabilities, resources and influence, to consider engaging in key projects of Việt Nam, including building a petroleum storage and distribution centre for Southeast Asia and implementing renewable energy projects.

PM Chính informed the Saudi Arabian minister that Việt Nam is currently amending its Electricity Law and related plans to streamline investment procedures in the electricity sector. Việt Nam can also help Saudi Arabia ensure food security, with products meeting Halal standards, through a project on cultivating one million hectares of high-quality and low-emission rice.

For his part, Al-Falih expressed his appreciation for the sound personal relationship between Crown Prince and PM of Saudi Arabia Mohammed bin Salman Bin Abdulaziz Al Saud and PM Chính, along with the agreements achieved at their "historic" talks during the visit.

He emphasised that many Saudi Arabian investors, such as Zamil Steel, have successfully operated in Việt Nam, demonstrating the country as a stable and attractive destination for long-term investments.

Agencies and businesses of Saudi Arabia are ready to actively discuss with the Vietnamese agencies and partners to speed up negotiations on cooperation documents and carry out projects in the fields that the PM mentioned, including the building of a petroleum storage and distribution centre, he noted.

At the meeting, representatives of major Saudi Arabia’s companies proposed cooperation opportunities in different fields, including Halal, electricity, digital transformation, and electric vehicle manufacturing.

A leader of ACWA Power stressed the substantial cooperation potential, highlighting Vietnam’s rapid growth, young population, skilled workforce, and status as a worth-living place. He expressed a desire for long-term collaboration, including in human resources training.

PM Chính pledged that Việt Nam will act swiftly to meet investors' needs. He welcomed the minister and businesses of Saudi Arabia to visit the country to advance specific cooperation projects.

Regarding the minister's invitation, the Vietnamese leader said that he will assign leaders of the Ministry of Planning and Investment to attend Saudi Arabia’s investment promotion conference in the time to come. — VNA/VNS