RIYADH: Prime Minister Pham Minh Chinh received Saudi Arabia’s Minister of Investment Khalid Abdulaziz Al-Falih here on Oct 30, as part of his attendance at the eighth edition of the future investment initiative and working trip to the Middle Eastern country.

Chinh 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 its top priorities.

Total bilateral trade between the two countries in the first seven months of 2024 was estimated at nearly US$4bil.

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 reach an 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.

Saudi Arabian investment funds are also encouraged to utilise their resources and influence to engage in Vietnam’s key projects, including building a petroleum storage and distribution centre for South-East Asia and renewable energy initiatives.

Chinh informed the Saudi Arabian minister that Vietnam is currently amending its Electricity Law and related plans to streamline investment procedures in the electricity sector.

Vietnam can also help Saudi Arabia ensure food security, with products meeting halal standards, through a project to cultivate one million hectares of high-quality and low-emission rice.

Chinh pledged that Vietnam will act swiftly to meet investors’ needs. 

 - ANN