Prime Minister calls on Saudi funds to diversify investment in Viet Nam
VGP – Prime Minister Pham Minh Chinh met with Governor of the Public Investment Fund of Saudi Arabia Yasir Al-Rumayyan and Chief Executive Officer of the Saudi Fund for Development (SFD) Al-Marshad in Riyadh on October 19.
Prime Minister Pham Minh Chinh meets Governor of the Public Investment Fund of Saudi Arabia Yasir Al-Rumayyan in Riyadh, October 19, 2023. Photo: VGP
Governor Yasir Al-Rumayyan said PIF has poured US$160 million through indirect investment in Viet Nam and pledged to invest more in the Southeast Asian country's infrastructure projects.
Prime Minister Pham spoke highly of PIF's role in promoting development, digital transformation and diversification of the Saudi economy, significantly contributing to the realization of Saudi Arabia's Vision 2030.
He suggested PIF expand and diversify its investment in Viet Nam, including through multi-party investment cooperation model in such priority areas like digital transformation, green economy, circular economy, innovation, renewable energy, high technology, tourism, Halal industry, and especially transport infrastructure development and climate change in the Mekong Delta region.
Pham also suggested Viet Nam and Saudi Arabia mull over the establishment of a joint invest fund similar to those that had been set up between Saudi Arabia and other countries while strengthening the effectiveness of cooperation between the two sides' investment agencies, particularly in sharing information, policies, investment opportunities in potential projects, and enhancing investment promotion in Viet Nam.
As a global impactful investor, PIF has a world-class investment portfolio with a focus on sustainable investments, both in Saudi Arabia and internationally.
Prime Minister Pham Minh Chinh meets Chief Executive Officer of the Saudi Fund for Development Al-Marshad in Riyadh, October 19, 2023. Photo: VGP
Meanwhile, CEO Al-Marshad said SFD has invested US$165 million in 12 projects in Viet Nam since 2010, committing to further increase investment in the country.
Prime Minister Pham underscored that SFD loans have helped Viet Nam to improve its infrastructure and living standard of Vietnamese people in remote and disadvantaged areas.
He suggested Viet Nam and SFD maintain regular contact and exchanges so that the former could acquire more preferential loans from the latter./.
