This was the first ever visit made by a Vietnamese head of State to Saudi Arabia since the two countries established their diplomatic ties 11 years ago.

The Vietnamese Ambassador to Saudi Arabia, Dao Thanh Chung, said that Saudi Arabia was looking forward to President Triet’s visit. King Abdullah Bin Abdul Aziz Al Saud decided to present the King Abdul Aziz Order of Merit - Saudi Arabia’s highest distinction - to President Triet to underline the friendly relationship that exists between the two countries.

In its Look East policy, Saudi Arabia wants to develop ties with Vietnam and considers this a top priority in its Southeast Asian strategy, said Ambassador Chung.

During their talks, President Triet and King Abdullah Bin Abdul Aziz Al Saud agreed to boost trade promotion to raise bilateral trade to US$1 billion over the next two or three years.

The King pledged to promote investments in Vietnam, not only in oil and gas but also in infrastructure, finance, banking and industrial production. Saudi Arabia will also grant preferential credits to help Vietnam develop infrastructure in rural and mountainous areas and to improve professional skills of Vietnamese guest workers.

Both parties also reached a consensus on drawing up a partnership framework to boost cooperation in food and energy.

They signed an agreement on double tax avoidance, a protocol on oil & gas and minerals cooperation, and an agreement on agricultural, livestock and fishery cooperation. A cooperation agreement was also signed between the Vietnam Chamber of Commerce and Industry and the Council of Saudi Chambers of Commerce and Industry.

The Chairman of the Zamil Steel Group, Abdul Rahman Al-Zamil, who is currently involved in a steel production project in Vietnam, described Vietnam as an ideal investment destination in Southeast Asia. “We are expanding our business operations in Vietnam after the success of projects worth more than US$100 million in Hanoi and Ho Chi Minh City,” he said.

The Vietnamese Deputy Minister of Foreign Affairs, Doan Xuan Hung, said during meetings with Mr Triet, the Saudi Arabian King and Ministers emphasised the need to strengthen their agricultural links with Vietnam to ensure its long-term food security.

As the world’s largest oil producer, Saudi Arabia wants to establish a strategic oil partnership with Vietnam. The Middle East country is willing to supply a large amount of oil to Vietnam when the latter is going to build large oil refineries in the future. Such long-term cooperation projects could be valued at billions of US dollars, said Deputy Minister Hung.

In June, a delegation from Saudi Arabia‘s Ministry of Agriculture and the Ministry of Industry and Trade will visit Vietnam to seek out investment opportunities.

The Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), Vu Tien Loc, underlined that by boosting cooperation with Vietnam, Saudi Arabia can expand its market to Southeast Asia, the Mekong region and East Asia. Vietnam can also penetrate the large Gulf markets and other Muslim countries through Saudi Arabia.

The two countries are working on draft agreements to be signed in the near future. They include agreements on investment encouragement and protection, customs cooperation and transport. These documents, together with those signed during Mr Triet’s visit are expected to offer bright prospects for Vietnam and Saudi Arabia to increase their economic and trade ties.