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Prime Minister Pham Minh Chinh speaks the eighth Edition of the Future Investment Initiative in Saudi Arabia. (Photo: VNA)

PM calls for future-oriented investment at Saudi Arabia conference

Vietnamese Prime Minister Pham Minh Chinh called for effective, responsible, and future-oriented investment, while addressing the eighth Edition of the Future Investment Initiative which is taking place in Riyadh, Saudi Arabia from October 29-31.

Lauding the event’s theme “Infinite Horizons: Investing Today, Shaping Tomorrow,” the leader said it offers an excellent opportunity to exchange views and propose initiatives for investment cooperation, aimed at overcoming all boundaries to achieve a sustainable and prosperous future.

He noted that "amid a fragmented world, we must not politicize 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," the PM said.

He also recalled the tireless efforts of Vietnam in Doi moi (renewal) to transform itself from a poverty-stricken backward nation into one of the 34th largest economies in the world today, cited VNA.

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

"It is Vietnam’s hope that partners in the international community of businesses and investors live up to the role of 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 Chinh said.

Geographical distance has proven no hindrance to the people of Vietnam 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 Vietnam 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, the PM continued.

Vietnam 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.

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

"We would especially welcome areas where you enjoy the advantage and Vietnam has needs, such as digital transformation, renewable energy, cloud computing, smart cities, and smart infrastructure,” he said, stressing Vietnam’s consistent policies to draw on all resources in and outside the country.

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

The country 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 Chinh said.

"There's an aphorism in Saudi Arabia that one hand creates no sound. In Vietnam, President Ho Chi 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 Vietnam," the PM said.

The leader then had a discussion with Editor-in-Chief of The Economist magazine Zanny Minton Beddoes, where he highlighted Vietnam’s resolve to build an independent and self-reliant economy, while actively pursuing intensive, comprehensive, substantive, and effective international integration.

Vietnam recognizes the importance of digital transformation and technology application to enhance national competitiveness, he said, noting, the country is implementing a wide range of solutions, including the adoption of the National Strategy on Fourth Industrial Revolution.

He said the resources required for Vietnam's energy transition over the next decade are substantial, calling on the leaders attending the conference to support the country in accessing essential resources and strengthening investment cooperation, and help the country further consolidate its institutions and policies to achieve its net-zero emissions commitment.

Regarding Vietnam’s development vision and choices, the PM affirmed that the country will always adapt and balance the interests of all parties.

For her part, Beddoes held that Vietnam will soon hold a significant position in the "Look East" policy of Middle East countries, and expressed her strong confidence in the Southeast Asian nation’s success.

RoK, Da Nang partners to intensify investment in industrial parks

Local industrial property developer the Sai Gon Da Nang JSC (SGD) and the Korea CEO Summit organization signed a business agreement on the development of industrial parks and urban zones with a view to attracting more foreign direct investment projects to the central city of Da Nang.

Mai Cong Ho, general director of SGD, said the business deal will focus on funding for SGD’s projects and restructuring, as well as designing of urban and industrial park real estate projects in Da Nang.

He said that the two partners also agreed to draw more FDI flow to industrial parks and business promotions in the central city.

Ho stated that SGD has been developing four residential urban and two industrial park projects, of which Lien Chieu and the expanded Hoa Khanh amount to 67 projects value at US$850 million in FDI and VND20 trillion in domestic investment, thereby creating 9,000 jobs, according to VOV.

Consul General of the Republic of Korea Kang Boosung speaking in Da Nang city. (Photo courtesy of the Consulate General of the Republic of Korea)

SGD, a member of Sai Gon Investment Group, also plans to join investment in new parks in Hoa Ninh and Hoa Nhon in Hoa Vang district, as well as mega projects of the Free Trade Zone, Lien Chieu deep-sea port, and international logistics center in Da Nang.

According to the central city’s Hi-Tech park and the Industrial Zones Authority (DHPIZA), a supportive industries park across a 58.5ha site is looking for investment from both domestic and foreign businesses.

Korean giant investor Samsung debuted the Samsung Innovation Campus (SIC) in the city’s Duy Tan Private University and is supporting two businesses, including Trung Nam Group and Tan Long Paper and Package Company, in building the first smart factories in the coastal city.

The Republic of Korea (RoK)’s LG Electronics also introduced its R&D center, only the second of its kind in the nation, in Da Nang.

RoK investors have since poured US$371 million into a total of 378 projects, in IT and communications, hi-tech industries, automation, and workforce training in the semiconductor sector and AI, in the city.

UKVFTA greatly benefits Vietnam-UK trade: Experts

The UK-Vietnam Free Trade Agreement (UKVFTA), signed into law three years ago, has clearly benefited trade cooperation between the two countries, particularly in the context of Vietnam’s exports to most other major markets declining due to geopolitical tensions and headwinds in the global economy, said experts at a conference in Hanoi on October 30.

Vu Viet Thanh from the Department of European-American Market under the Ministry of Industry and Trade said that the UKVFTA has become an important driving force for promoting economic, trade and investment cooperation between the two sides. Vietnam's increasing exports to the UK is clear evidence, he said.

Thanh noted that two-way trade has expanded 8.9% per year in the past three years, of which Vietnam's exports to the UK grew by an average of 9.4% per year. Vietnam's trade surplus with the UK in the past nine months also rose 24% year on year to 5.1 billion USD.

Meanwhile, the UKVFTA with its comprehensive tariff removal also contributes significantly to increasing the market share of some of Vietnam's strong product groups in the UK market, VNA reported.

Gemalink international port in southern Ba Ria-Vung Tau province. (Photo: VNA)

According to data from ITC's Trade Map, some important export products of Vietnam are holding the top position in the UK market, including pepper, shelled cashew nuts, footwear, and coffee. Meanwhile, Vietnamese seafood is in fifth place and garments in sixth place in terms of market share.

Last year, many additional agricultural products of Vietnam were allowed to officially be sold in the UK, such as orange, pomelo, lychee and durian. Nguyen Hoai Nam, Deputy Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP) said that thanks to preferential tax rate in the British market, so far, shrimp products account for 70% of the total turnover of Vietnamese seafood exported to the UK, followed by tra fish products at 20%.

Nguyen Canh Cuong, former Minister Counsellor to the UK said that businesses need support from authorities in order to improve the effectiveness of the market approach strategy as well as increase business access to market information.

Thanh affirmed that in the coming time, his department will continue to increase the provision of market information, while working to raise awareness of sustainable development, green production and trademark building.

It will continue to work with trade partners to remove trade barriers, and strengthen trade promotion to bring more Vietnamese products to distribution chains and world's leading purchasing groups.

PM begins visit to Qatar, meets Qatar Investment Authority’s leader

Prime Minister Pham Minh Chinh, his spouse, and a high-ranking delegation of Vietnam landed at Doha International Airport on October 30 evening, beginning their official visit to Qatar at the invitation of Qatari Prime Minister Sheikh Mohammed bin Abdulrahman bin Jasim Al-Thani.

The Vietnamese Government leader and his delegation were welcomed at the airport by Qatari Minister of State Ahmed bin Mohammed Al Sayed and Director of the Department of Protocol at the Qatari Ministry of Foreign Affairs Ibrahim Yousuf Abdullah Fakhro, alongside Vietnamese Ambassador to Qatar Nguyen Huy Hiep, and Vietnamese community representatives .

Qatar is the final stop on PM Chinh’s trip to three Middle East nations. This marks the first official visit by a Vietnamese Prime Minister to Qatar in 15 years and comes at a time when the bilateral relations are flourishing, obtaining numerous tangible results. However, both sides have recognised that there remains huge potential to further foster bilateral cooperation, particularly in promising areas such as politics-diplomacy, economy, energy, tourism, and labor.

The visit is designed to promote the relationship in a more comprehensive and effective manner, particularly in market opening, high-quality investment attraction, and cooperation in labor, education, culture, sports, tourism, people-to-people exchange, and climate change response, as well as emerging fields like science -technology, clean energy, digital transformation, innovation, and the Halal industry.

Last year, two-way trade posted a year-on-year rise of 32% to US$497.2 million. Vietnam’s main imports included gas, plastics, and chemicals, while its key exports were aquatic products, electrical wires and cables, wooden and bamboo products, VOV reported.

Prime Minister Pham Minh Chinh and his spouse arrive at Doha International Airport for an official visit to Qatar (Photo:VGP)

Immediately after his arrival in the capital Doha for an official visit to the Middle East nation, PM Chinh received Governor of Qatar Central Bank (QCB) and Chairman of Qatar Investment Authority (QIA) Sheikh Bandar bin Mohammed bin Saoud Al-Thani.

QIA is the sovereign wealth fund of Qatar. As of late 2023, QIA had an estimated asset value of approximately US$475 billion.

In Vietnam, the State Capital Investment Corporation (SCIC) and QIA have twice signed memoranda of understanding (MoUs) to enhance information exchange and seek measures to promote cooperation and investment opportunities, especially investment in Vietnam.

Based on the MoUs, SCIC and QIA have established a joint committee between the two agencies. Currently, SCIC and QIA have discussed and agreed to sign an MoU to establish a joint investment fund with QIA.

At the reception, PM noted his appreciation for the effectiveness of QIA's activities, its contributions to the economic development and investment of Qatar and the Middle East as well as the cooperation between QIA and SCIC.

According to the Vietnamese Government leader, the relationship between Vietnam and Qatar is growing steadily, with mutual trust and great potential for rapidly developing economic cooperation, which serves as a solid foundation for businesses of the two countries to expand cooperation. However, investment cooperation between the two countries is still modest, Chinh added.

He suggested that QIA consider boosting investment in Vietnam, focusing on strategic infrastructure projects (hard and soft infrastructure, such as transport infrastructure, including highways, high-speed railways, urban railways, subways, seaports, transit airports, telecommunications infrastructure, climate change response infrastructure, digital transformation, social infrastructure, healthcare, education); wind power projects, solar power projects, power storage systems, and power transmission.

The PM affirmed that the Vietnamese Government ensures the legitimate rights and interests of investors.

For his part, Sheikh Bandar Al Thani said that QIA is ready to expand investment in Vietnam in the coming time and will send a working delegation to the nation to promote specific projects, especially in the field mentioned by PM Chinh.

He also hailed the sound political relations between the two, saying that Vietnam is an emerging market with many investment opportunities, while QIA's strategy is to increase investment in the Far East and East Asia, choosing places where long-term investment is possible.

Prime Ministers of Vietnam and Pakistan set US$10 billion trade goal

Pakistan’s Prime Minister Shehbaz Sharif has proposed an ambitious goal for Vietnam and Pakistan to reach $10 billion in bilateral trade in the coming years, expressing hopes to welcome Prime Minister Pham Minh Chinh to Pakistan soon.

On October 30, during his visit and participation at the 8th Future Investment Initiative Summit in Saudi Arabia, Prime Minister Pham Minh Chinh met with Pakistani Prime Minister Shehbaz Sharif.

Affirming that Vietnam values its friendly and cooperative relationship with Pakistan, Prime Minister Chinh expressed a desire to deepen this partnership, particularly in trade, tourism, and people-to-people exchanges.

Prime Minister Chinh acknowledged that economic and trade cooperation remains limited, falling short of the strong political ties between the two nations, VNN reported.

Prime Minister Pham Minh Chinh meets with Prime Minister Shehbaz Sharif of Pakistan (Photo: Nhat Bac)

With a combined market of over 300 million people, he emphasized that both countries have vast potential for expanding trade cooperation. The Prime Minister underscored the importance of further opening markets and strengthening ties through determination and concerted efforts.

He also recommended organizing more business, investment, and tourism forums to foster understanding, increase information sharing, and build a foundation for deeper, more meaningful bilateral ties.

Prime Minister Shehbaz Sharif fully agreed with Prime Minister Chinh’s approach to prioritizing time and intellectual collaboration, emphasizing a new mindset and vision from both leaderships.

Sharif proposed the ambitious trade target of $10 billion and expressed his eagerness to welcome Prime Minister Chinh and other Vietnamese leaders to Pakistan.

With a shared commitment to elevating bilateral relations, the two Prime Ministers agreed to enhance delegation exchanges, particularly high-level exchanges between foreign ministers and ministers of key sectors, such as information technology, agriculture, science and technology. They also expressed a desire to collaborate in new areas like digital transformation, green transition, and circular economy.

Exploring trade agreements with Egypt

Earlier, on October 29, Prime Minister Pham Minh Chinh met with Egyptian Prime Minister Mostafa Madbouly.

Prime Minister Chinh acknowledged Egypt’s influential role in the region and on multilateral platforms, praising the values of the Nile civilization.

Building on their traditional friendship and strong political trust, Prime Minister Chinh proposed further advancing relations in all areas to elevate the partnership to new heights.

Prime Minister Mostafa Madbouly highlighted Egypt’s status as one of the first Middle Eastern and African nations to establish diplomatic ties with Vietnam in 1963, reaffirming Egypt’s appreciation for its relationship with Vietnam. He reiterated his admiration for President Ho Chi Minh.

Egypt’s Prime Minister expressed his eagerness to strengthen ties with Vietnam and emphasized that Vietnamese businesses investing in Egypt would benefit from free trade agreements Egypt holds with Arab nations.

Both leaders agreed to explore and negotiate agreements to establish a legal framework for bilateral trade.

They noted that both economies complement each other and have substantial untapped potential. They agreed to explore bilateral trade cooperation frameworks to increase trade volumes in the near future.

Prime Ministers Pham Minh Chinh and Mostafa Madbouly also encouraged mutual investments in electric vehicles, software development, renewable energy, solar power, green transition, and digital transformation. They committed to promoting training, cultural exchanges, and tourism to foster deeper mutual understanding.

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