(VOVWORLD) - Prime Minister Pham Minh Chinh and a high-ranking Vietnamese delegation are currently in the Middle East for official visits to the United Arab Emirates (UAE) and Qatar, the 8th Future Investment Initiative Conference in Saudi Arabia, and a working visit to Saudi Arabia. This trip, from Sunday to Friday, seeks to foster political trust, strengthen Vietnam's ties with the UAE, Saudi Arabia, and Qatar, pave the way for a new era of cooperation with these countries, and create breakthroughs in economic, trade, and investment cooperation, expanding the reach of Vietnamese products into Gulf markets.
 Prime Minister Pham Minh Chinh, his wife, and a high-ranking Vietnamese delegation, are on an official visit to the United Arab Emirates (UAE). (Photo: VOV) |
This marks the first visit by a Vietnamese Prime Minister to the UAE and Qatar in 15 years, and coincides with the 25th anniversary of diplomatic relations between Vietnam and Saudi Arabia (1999-2024). All three Gulf countries are key economic and energy players in the Middle East.
Vietnam enhances cooperation with economic and energy powers
The UAE, the Gulf’s second-largest economy, is a prominent financial and commercial hub in the Middle East and the fourth-largest oil producer within the Organization of the Petroleum Exporting Countries (OPEC). Vietnam and the UAE established diplomatic relations in 1993, with annual bilateral trade reaching 5 billion USD in recent years. As of June 2024, the UAE had invested in 41 foreign direct investment (FDI) projects in Vietnam, totaling nearly 72 million USD. The UAE has promoted its relations with Asia, including Vietnam, as part of its "Look East" policy.
Vietnam’s Ambassador to the UAE, Nguyen Thanh Diep, said that during Prime Minister Chinh’s visit, the two sides plan to elevate relations and sign a Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA) and other cooperation documents.
Diep said: "With the elevation of bilateral ties and the signing of the CEPA, the Vietnam-UAE relationship will grow steadily. The CEPA—the first free trade agreement Vietnam has negotiated with an Arab country will open up new strategic cooperation prospects between the two nation."
Saudi Arabia, the Gulf region’s largest economy, holds significant influence in the Muslim world and OPEC. Since diplomatic relations were established in 1999, trade between Vietnam and Saudi Arabia has reached nearly 2.7 billion USD.
As of December 2023, there had been 4,000 Vietnamese living in Saudi Arabia. Ambassador Dang Xuan Dung said: "Prime Minister Pham Minh Chinh’s visit to Saudi Arabia coincides with the 25th anniversary of bilateral diplomatic ties. This is also the Prime Minister’s second visit to Saudi Arabia in two consecutive years. It showcases the Prime Minister’s special attention to boosting Vietnam’s ties with Saudi Arabia and Gulf countries in general and reflects the Gulf countries’ interest in Vietnam. The visit marks an important milestone in bilateral cooperation."
Prime Minister Chinh’s visit to Qatar provides Vietnam an opportunity to exchange expertise in digital transformation and energy transition, as well as to explore potential joint ventures and investments.
Opportunity to promote Vietnam’s potential in the Gulf region
At the 8th Future Investment Initiative Conference (FII8) in Saudi Arabia, Prime Minister Chinh will highlight the promising landscape for economic and investment cooperation between Vietnam and the Middle East. Mr. Chinh will be the main guest and the only Asian leader to address this forum.
Deputy Foreign Minister Nguyen Minh Hang said: "The Gulf region, with its market opportunities, financial resources, and technological advancements, offers ample scope for cooperation with Vietnam. The Prime Minister’s visit is expected to inject new momentum into traditional areas of cooperation while fostering new avenues for cooperation in potential areas."
Prime Minister Pham Minh Chinh's visit to the UAE, Qatar, and Saudi Arabia, along with his attendance at the 8th Future Investment Initiative Conference, reflects the 13th National Party Congress’s foreign policy direction promoting multilateralization, diversification, and international integration, prioritizing the diversification of markets, partnerships, and supply chains, strengthening a peaceful and cooperative environment, and enhancing Vietnam's ability to attract resources essential for national development.