Vietnamese Prime Minister Phạm Minh Chính on October 30 delivered an address to the 8th Future Investment Initiative conference themed 'Infinite Horizons: : Investing Today, Shaping Tomorrow' in Saudi Arabia. — VNA/VNS Photo Dương Giang

RIYADH — Vietnamese Prime Minister Phạm Minh Chính on Wednesday called for investment from the Middle East into Việt Nam as he delivered a keynote speech at the 8th Future Investment Initiative conference held in Riyadh, Saudi Arabia, with the theme: 'Infinite Horizons: Investing Today, Shaping Tomorrow.'

In his address, the Vietnamese Government leader noted that "amid a fragmented world, we must not politicise investment, and all of us need to be cognisant of the need to invest effectively and responsibly with a clear direction for the future of sustainable development of nations and countries and for the happiness and welfare of people".

"We have to focus all investment into development, especially science, technology, innovation, improving human resource quality, digital transformation, circular economy and climate action, to fully harness the strength of each country, each nation, and each actor, so that we can all rise together to the infinite horizons," PM Chính said.

He also recalled the tireless efforts of Việt Nam in Đổi mới (renewal) efforts to transform itself from a poverty-stricken backward nation into one of the 34th largest economies in the world today.

Việt Nam has signed 17 free trade agreements with foreign partners, and opened its market to more than 60 countries and territories around the world, he noted.

Việt Nam is enjoying diplomatic relations with 194 countries, including eight Comprehensive Strategic Partnerships, 10 Strategic Partnerships, and 14 Comprehensive Partnerships.

"It is Việt Nam's hope that partners in the international community of businesses and investors live up to the role as pioneers who guide and shape growth in the spirit of 'investing today, shaping tomorrow.' We especially count on you to redouble efforts to support, assist, and work with, and drive investment in developing and poor countries, for a better world without poverty, where no one should be left behind," PM Chính said.

Geographical distance has proven no hindrance to the people of Việt Nam and the nations of the Middle East, especially Saudi Arabia, in forging long-standing traditional friendship, according to the PM.

Many countries in the Middle East in recent years have identified Việt Nam as a priority in their respective eastward policies, he noted.

These are especially important cornerstones for both sides to tap into each other's strength and potential and elevate bilateral ties to new heights, PM Chính added.

Việt Nam and Saudi Arabia share much in common, with strengths that are mutually complementary, and both sides have placed importance on accelerating innovation, digitisation and climate action.

With suitable geographical locations, both sides should work in close concert to coordinate between ASEAN and the Middle East and the Gulf.

Việt Nam hopes that its partners and the community of businesses, investors from Saudi Arabia, the Middle East and the whole world, continue to strengthen investment and business in their undertakings in Việt Nam and with Vietnamese partners.

"We would especially welcome areas where you enjoy the advantage and Việt Nam has needs, such as digital transformation, renewable energy, cloud computing, smart cities, and smart infrastructure. Việt Nam's consistent policies to draw on all resources from within without, especially public-private partnership, to enable and ensure the legitimate and lawful rights and benefits of businesses and investors," PM Chính said.

He added that Việt Nam is committed to creating a fair, convenient, and open business environment, continuing to streamline and simplify administrative procedures, and prioritising emerging sectors.

Việt Nam pays keen attention to developing high-quality human resources hand in hand with science technology and innovation to boost productivity and improve the effectiveness of investment, PM Chính said.

"There's an aphorism in Saudi Arabia that one hand creates no sound. In Việt Nam, President Hồ Chí Minh had the philosophy of 'Solidarity, solidarity, great solidarity. Success, success, great success. We hope and believe that businesses and investors from Saudi Arabia as well as the Middle East and the broader world would join hands with Việt Nam," PM Chính said.

Prime Minister Phạm Minh Chính at the discussions following his keynote speech at the 8th Future Investment Initiative conference. — VNA/VNS Photo Dương Giang

In the short question and answer session following his speech, addressing the possibility of higher taxes under a Donald Trump administration should he win the upcoming US election in November, PM Chính said that Việt Nam respects the decisions of the American people, and that whoever got elected to the leadership of the US and whoever their policies, Việt Nam will “do our best to adapt to the circumstances in the spirit of harmonised benefits and shared risks between Việt Nam and the United States”.

Whatever the US policy will be, Việt Nam will strive to consistently harmonise benefits between the business sector, investors, and the people, PM Chính said.

Regarding the capital to fund Việt Nam's ambitious goal of net zero by 2050, PM Chính said Việt Nam has to build the right policy, the right institution, to diversify resources, including from the state sector, from loans, from investors, from partners, such as from the Just Energy Transition Partnership (JETP) or from Public Private Partnership, in order to deliver on energy transition, which deals with energy source, transmission, distribution and use in all sectors from transportation, to agriculture and all other sectors.

"We are ready for this journey," the Prime Minister concluded. — VNS