THE HANOI TIMES — Vietnam has proposed that Saudi Arabia consider developing a crude oil and refined petroleum transit and storage hub in Vietnam to serve Southeast Asian markets.

Deputy Prime Minister Bui Thanh Son made the suggestion at a meeting with Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef on September 29.

Given its leading role in OPEC and influence over global energy markets, Son expected Saudi Arabia to ensure a stable, long-term supply of crude oil and liquefied natural gas (LNG) for Vietnam and expand cooperation in energy, trade and investment.

Deputy Prime Minister Son said that Minister Alkhorayef’s visit reflects Saudi Arabia’s commitment to advancing bilateral ties, particularly in economics, trade and investment, marking a concrete step after Prime Minister Pham Minh Chinh’s visit to Saudi Arabia in October 2024.

At the meeting, the two sides welcomed the completion of procedures to upgrade the Joint Committee from deputy-ministerial to ministerial level and called for active coordination to convene its next session soon.

He also voiced support for establishing a Vietnam–Saudi Arabia Business Council to better connect the business communities of both countries.

Based on growing ties and strong political trust, the deputy prime minister urged Saudi Arabia to consider elevating bilateral relations, given the potential and the role of each country in regional blocs.

Son expected Riyadh to promote the Gulf Cooperation Council (GCC) in finalizing procedures to launch negotiations on a Vietnam–GCC Free Trade Agreement, which would create a favorable legal framework for cooperation.

He also called on Saudi Arabia to involve Vietnamese firms in Saudi Vision 2030 projects in infrastructure, housing, transport and smart cities, while supporting Vietnam’s mining sector and expanding the role of Saudi investment funds, especially in infrastructure and energy.

He further announced that Vietnam will host its largest-ever Autumn Exhibition in Hanoi from October 20, and invited Saudi Arabia to send an official delegation and business representatives to promote trade, investment and import–export links.

Minister Bandar Ibrahim Alkhorayef praised Vietnam’s socio-economic achievements and said the two countries have strong potential for cooperation in both traditional and new areas such as start-ups, small and medium-sized enterprises and the private economy.

He invited Vietnam to attend the 2025 Global Industrial Summit organized by UNIDO and the Global Mining Conference scheduled for January 2026 in Saudi Arabia.

Energy cooperation

Vietnam and Saudi Arabia have strengthened economic ties over the past decade, with energy as the central pillar.

Bilateral trade rose from US$2 billion in 2021 to over $3 billion in 2023, driven by Vietnam’s growing imports of Saudi petroleum. Saudi Arabia is one of Vietnam’s leading economic partners in the Middle East.

In October 2024, Saudi Aramco and Petrovietnam signed a framework agreement to cooperate in refining, storage and petrochemicals, alongside Aramco’s interest in Vietnam’s refining and distribution sectors.

By September 2025, Vietnam proposed a crude oil and refined products hub in the country to serve Southeast Asia, while Saudi Arabia’s ACWA Power explored solar and wind projects with Vietnamese partners.

The partnership is expected to secure Vietnam’s energy needs and attract investment, while giving Saudi Arabia a strategic foothold in Southeast Asia and wider cooperation opportunities under the Vietnam–GCC FTA framework.

Vietnam–Saudi Arabia relations were also highlighted at a reception marking the kingdom’s 95th National Day in Hanoi on September 23, when Saudi Ambassador to Vietnam Mohammed Ismaeil A. Dhalwy said bilateral cooperation has grown significantly in recent years, with regular delegation exchanges and substantive meetings.

These efforts have brought results in trade, investment, people-to-people exchanges and in strengthening GCC–ASEAN ties.

He emphasized that economic cooperation remains central to the partnership, while tourism is emerging as a new area, with more than 10,000 Saudi visitors to Vietnam in recent months.

According to Deputy Foreign Minister Le Thi Thu Hang, Vietnam and Saudi Arabia are well placed to act as a bridge between two dynamic regions, ASEAN and GCC, to foster regional connectivity and economic growth.

Both countries have played active roles in the ASEAN–GCC Summits in 2023 and 2024.

Hang said that for Vietnam, Saudi Arabia is both an important partner and a trusted friend, bound by mutual respect, shared interests and vast potential for cooperation.