Mr Triet made the statement during talks with King Abdullah Bin Abdul Aziz Al Saud in the capital Riyadh on April 10 (local time).

He praised Saudi Arabia for its achievements in national construction and development and its increasing role in the region and the rest of the world.

He briefed his host on Vietnam’s socio-economic development and thanked the King for sending relief aid to flood victims in central Vietnam in November 2009.

The King welcomed Mr Triet’s first-ever visit, describing it a milestone in relations between the two countries. He highly valued Vietnam’s efforts to cushion the impact of the global economic recession and secure high growth in the world.

The King confirmed that Saudi Arabia wants to increase ties with Vietnam, considering this a top priority in its Look East policy in Southeast Asia.

Both host and guest spent much time discussing specific measures to expand bilateral cooperation, particularly in investment, finance, oil & gas, agriculture, trade and labour. They also exchanged views on regional and international issues of mutual concern.

They agreed to increase the exchange of visits and establish a strategic partnership on energy and food. They welcomed the signing of a number of cooperation agreements during the visit to pave the way for promoting economic and trade ties.

The documents included an agreement on double tax avoidance, a protocol on oil & gas and minerals cooperation, and an agreement on agricultural, livestock and fishery cooperation.

Mr Triet invited the King to visit Vietnam, and the invitation was accepted with pleasure. The time will be arranged through diplomatic channels.

The King conferred the Order of Abdulaziz al Saud – named after the founder of the Saudi kingdom -- on Mr Triet.

While attending a joint business forum the same day, President Triet confirmed that Vietnam will create favourable conditions for the two countries’ business circles to establish partnerships and increase trade and investment ties.

Vietnam wants to boost cooperation with Saudi Arabia in oil & gas, agriculture, infrastructure, finance and transport, said Mr Triet.

He pointed out the fact that economic, investment and trade ties between the two countries have developed considerably in recent years, but they have yet to match their potential.

One of the purposes of our visit is to explore investment opportunities and increase cooperation in economics and trade, said Mr Triet.

He introduced Vietnam’s attractive investment environment, its abundant labour force and lucrative market of 86 million consumers. Despite the global economic and financial woes, Vietnam attracted more than US$20 billion in foreign investment last year.

He said Vietnam and Saudi Arabia have signed a framework agreement on economic, trade, investment and technological cooperation, laying a legal foundation for expanding trade and investment ties. Two-way trade last year reached US$460 million in spite of the global financial turbulence.

Two Saudi Arabian groups are operating in Vietnam, and around 7,000 Vietnamese nationals are working in the Middle East nation under contract.

Mr Triet witnessed the signing of a cooperation agreement between the Vietnam Chamber of Commerce and Industry and the Council of Saudi Chambers of Commerce and Industry.

President Triet also received Prince Saud Bin Thuyan Al-Saud and executives of major economic groups, including the Saudi Basic Industries Corporation (SABIC), Zamil Steel Industries, and Saudi Overseas Agriculture Investments.

The executives expressed their keen interest in the Vietnamese market, saying Vietnam has a transparent and attractive investment environment. They said Saudi Arabian businesses want to cooperate with Vietnam in oil and gas, agriculture, the manufacturing of medical equipment and household utensils, and labour.

President Triet welcomed Saudi businesses’ decision to invest and expand operations in Vietnam and said the Vietnamese government will offer incentives for them to operate efficiently in the country.