Prime Minister Pham Minh Chinh's recent visit to Saudi Arabia has underscored Vietnam's commitment to fostering economic cooperation between the two nations. During the ASEAN-GCC Summit on October 19, the Vietnamese PM engaged with high-level Saudi officials, aiming to enhance bilateral relationships.

In a meeting with Saudi Minister of Economy and Planning Faisal Al-Ibrahim, PM Chinh congratulated the positive trajectory of Vietnam-Saudi Arabia cooperation, highlighting the abundant untapped opportunities.

"We believe that both economies must fortify their ties, jointly organise initiatives to promote trade, and invest in various sectors. Our immediate focus is on energy, financial services, and the new frontier of collaboration, encompassing areas like Halal product manufacturing and the digital transformation," said the PM.

Furthermore, in a separate meeting with Yasser M. Mufti, deputy CEO of Aramco, the prime minister emphasised Vietnam's commitment to diversifying its market presence, with a particular focus on the petroleum industry.

Vietnam seeks investments for the construction of oil refineries, and the Vietnamese PM expressed his aspiration for Aramco to invest in these projects, concurrently bolstering workforce development in this field.

Mufti noted, "While Aramco has been involved in the Asia-Pacific region, direct investments in Vietnam have yet to materialise. However, we have been a significant supplier of crude oil products to various Vietnamese enterprises."

He expressed Aramco's keen interest in exploring investment opportunities for new oil refinery projects within Vietnam, and asked the Vietnamese government to help streamline Aramco's market research and assessment, thus facilitating collaboration and economic growth.

Saudi Aramco is the state-owned petroleum and natural gas company of Saudi Arabia. As of 2022, it has been the second-largest company in the world by revenue and is headquartered in Dhahran.