Prime Minister Pham Minh Chinh (R) receives Abdulla Mohammed Al Zamil, Chairman of the Board of Directors of Zamil Industrial Investment Company (Zamil Industrial) under Zamil Group.
Prime Minister Pham Minh Chinh had meetings with leaders of Saudi Arabia’s major enterprises on October 30 morning (local time) in Riyadh to boost investment cooperation on the occasion of the Vietnamese Government chief’s trip to Saudi Arabia and attendance at the 8th Edition of the Future Investment.
Meeting with Abdulla Mohammed Al Zamil, Chairman of the Board of Directors of Zamil Industrial Investment Company (Zamil Industrial) under Zamil Group, Saudi Arabia's largest industrial investment group with presence in 60 countries around the world, PM Chinh suggested that, alongside expanding production, the group should continue to diversify its products, supply chains, and distribution networks; and promote the application of science and technology, and digital transformation for green production, clean manufacturing, environmental protection, and sustainable development.
He proposed Zamil invite more Saudi Arabian and international businesses to invest and do business in Vietnam.
Zamil has invested in Vietnam since 1993 and now has 3 production facilities, with an output accounting for 70% of steel exports in Southeast Asia. During the favorable investment process in Vietnam, Zamil realized that Zamil's identity is consistent with Vietnamese values and it wishes to expand investment in the Southeast Asian nation.
Vietnam is in the process of spurring development based on science, technology, and innovation, while prioritizing the development of high-tech industries, green transformation, digital transformation, and environmental protection, Chính went on to say.
It is also focusing on fine-tuning institutions, boosting strategic infrastructure development, reforming administrative procedures, training high-quality human resources, thereby helping businesses reduce production costs, lower input costs, increase labor productivity, and investment efficiency for businesses. This is along with improving the quality of social infrastructure such as healthcare, culture, education, and ensuring welfare for investors.
Meeting with CEO of the Saudi Agricultural and Livestock Investment Company (SALIC) Sulaiman bin Abdulrahman AlRumaih, PM Chinh welcomed SALIC’s investment policy in the nation and said that the country is continuing to refine its institutions towards fairness and transparency; prioritising areas according to new development trends; promoting strategic infrastructure breakthroughs, including hard infrastructure and soft infrastructure towards "open policies, smooth infrastructure, smart governance".
Furthermore, the country is stepping efforts in a bid to ensure political stability, security, and national defence, thereby enabling businesses to confidently devise a hundred-year investment strategy in the Vietnamese market without worry.
Appreciating the Vietnamese development strategy, as well as the important foundations that create favourable and effective conditions for businesses to invest and develop in the country, the SALIC leader said that the company has indirectly invested in the nation through partners. Accordingly, it has imported and distributed to other countries about 100,000 tonnes of Vietnamese goods.
The company representative said that SALIC carries out the mission of global food security and is the largest red meat exporter in South America, exporting to more than 100 countries.
SALIC aspires to expand co-operation and investment in the Vietnamese market, especially in the production, processing, and export of rice; along with animal feed; poultry; livestock; and aquaculture. It is also willing to share technology and exchange experience with Vietnamese partners in this regard.
In the current world situation with many impacts, thanks to appropriate steps and choices, the Vietnamese socio-economic situation has achieved outstanding and comprehensive achievements with a stable macro-economy, controlled inflation, and ensured major balances.
Most notably, in the context of a decline in total global investment, the nation still attracted up to US$40 billion in foreign investment, with disbursed capital standing at up to US$25 billion this year.
The country has so far signed 17 free trade agreements (FTAs) with most of the world's major economies. Thanks to these efforts, the nation’s trade has grown remarkably, with its export forecast to reach roughly US$800 billion this year, therefore ranking among the leading 20 economies with large trade scale in the world.
Welcoming SALIC's co-operation and investment in the nation, especially in the agricultural sector, PM Chinh requested that SALIC to send a working delegation to conduct field research and work specifically with relevant Vietnamese agencies in a bid to devise specific projects.