Vietnam and Saudi Arabia Strengthen Economic Cooperation

The Ministry of Economy and Planning (MEP) plays a pivotal role in implementing Saudi Arabia’s Five-Year Economic Development Plans and in executing the national Vision 2030, launched in April 2016 with the goal of diversifying the country’s economy. Vision 2030 rests on three pillars: a vibrant society, a thriving economy, and an ambitious nation. It emphasizes economic reforms—diversification, private-sector growth, and global investment—alongside social progress in tourism, leisure, and quality of life, as well as improving public-sector efficiency.
As a result, the non-oil economy now accounts for 53.2% of Saudi Arabia’s GDP, and non-oil exports reached US $137 billion in 2024, an impressive 113% increase compared with the starting point of Vision 2030.

Deputy Prime Minister Nguyen Chi Dung highly appreciates Saudi Arabia’s socio-economic development achievements. – Photo: VGP/Thu Sa

Deputy Prime Minister Nguyen Chi Dung highly appreciated Saudi Arabia’s remarkable socio-economic achievements, notably its success in economic diversification, technology adoption, innovation, digital transformation, and commitment to green and sustainable development.
He underscored the central role of the Ministry of Economy and Planning—under the leadership of Minister Faisal bin Fadhil Al-Ibrahim—as the “chief architect” of Vision 2030 and the national body guiding strategy formulation and coordination across ministries.

Sharing that Vietnam has completed the restructuring of its state administrative apparatus and local government system in 2025 and is now driving economic restructuring and growth-model reform, Deputy Prime Minister Dung expressed interest in learning from Saudi Arabia’s experience in this transformation.

Deputy Prime Minister presents a commemorative gift. – Photo: VGP/Thu Sa

Minister Al-Ibrahim warmly welcomed the Vietnamese delegation and expressed his appreciation for Vietnam’s participation in FII9 for the second consecutive year. He affirmed that bilateral relations between Saudi Arabia and Vietnam have been developing positively and emphasized the desire to further expand cooperation in investment, energy, and technology. The Minister believed that Deputy Prime Minister Dung’s presence would open new opportunities for enterprises of both countries to engage more proactively in the near future.

Deputy Prime Minister Dung congratulated the Kingdom on successfully hosting FII9, emphasizing that under the patronage of the Crown Prince and Prime Minister Mohammed bin Salman, the forum continues to advance global dialogue on investment, innovation, and sustainable development, thereby reinforcing Saudi Arabia’s leading and responsible role in addressing global challenges.

He noted that both nations hold strategic positions in their respective regions—Saudi Arabia as the gateway to the Middle East, and Vietnam as the hub of ASEAN—each with a dynamic and open economy. Strengthened cooperation, he said, would bring mutual benefits and regional impact.
Vietnam offers strong potential in human resources, agriculture, manufacturing, and services, while Saudi Arabia can complement these advantages with its capital and investment capacity. Both sides share the ambition to raise bilateral trade to US $10 billion by 2030.

The Deputy Prime Minister also highlighted the importance of advancing collaboration in energy and tourism, and encouraged both sides to facilitate partnerships that enable businesses and investors to achieve the highest efficiency in Vietnam.

On this occasion, Deputy Prime Minister Dung conveyed the invitation of Prime Minister Pham Minh Chinh to His Royal Highness Crown Prince and Prime Minister Mohammed bin Salman to attend the Autumn Economic Forum 2025 in Ho Chi Minh City.

The meeting opened new avenues for future economic cooperation between Vietnam and Saudi Arabia.

Meeting with FII Institute Board Member Peter H. Diamandis

Deputy Prime Minister meets with Dr. Peter H. Diamandis, Board Member of the FII Institute (Saudi Arabia). – Photo: VGP/Thu Sa

Also on October 28, Deputy Prime Minister Nguyen Chi Dung met with Dr. Peter H. Diamandis, Board Member of the Future Investment Initiative (FII) Institute, founder and executive chairman of the XPRIZE Foundation, and co-founder of Singularity University with Ray Kurzweil in 2008.

Dr. Diamandis, named by Fortune among the “World’s 50 Greatest Leaders,” has built a global innovation ecosystem encouraging breakthrough technologies to address humanity’s greatest challenges.
The XPRIZE Foundation currently runs over 30 global competitions with total prizes worth hundreds of millions of USD, focusing on climate, health, energy, and future technologies.
Key examples include the US $100 million XPRIZE Carbon Removal (funded by the Musk Foundation) and the US $101 million XPRIZE Healthspan dedicated to extending healthy human longevity.

Beyond XPRIZE, Dr. Diamandis co-founded BOLD Capital Partners, an investment fund specializing in deep-tech, health, and life sciences, and serves as an angel investor and strategic advisor to pioneering technology enterprises.
He also founded Abundance 360, a global leadership community of over 600 entrepreneurs and investors with combined assets exceeding US $25 billion, collectively operating 2,000 companies and mobilizing over US $5 billion in capital.

Thu Sa

 Source: Viet Nam Government Portal (chinhphu.vn)

#VietnamSaudi #GovernmentRelations #DiplomaticAffairs #InvestmentCooperation #FII9 #Vision2030