During a meeting with Waleed AL-Bahar, Director General of the Kuwait Fund for Arab Economic Development (KFAED), on 17/11, Prime Minister Pham Minh Chinh assessed the potential for cooperation between Vietnam and Kuwait as substantial.

He proposed KFAED boost direct and indirect investment in Vietnam's priority sectors. He also suggested KFAED connect and introduce Kuwaiti businesses to explore opportunities in Vietnam's potential industries: industrial logistics, renewable energy, green economy, and the Halal ecosystem. KFAED was also asked to help Vietnamese enterprises access information and cooperation prospects in Kuwait and the Middle East.

Additionally, the Prime Minister requested KFAED support Vietnam in finance, technology, human resource training, and management science. He suggested establishing a joint working group to introduce potentials, needs, processes, and procedures in a harmonized, simplified manner.

"The two sides will develop cooperation and investment projects and implement them step by step, from small to large," the Prime Minister stated. "Vietnam is ready to be a bridge for Kuwait and Middle Eastern countries to access the Chinese and ASEAN markets."

In response, Waleed AL-Bahar, Director General of the Kuwait Fund for Arab Economic Development, and his colleagues praised Vietnam's socioeconomic development, investment and business environment, and development strategy. They agreed with the Prime Minister's suggestion to form a joint working group to enhance cooperation and investment.

According to KFAED leaders, both sides should promote public-private partnerships and new cooperation mechanisms and models. KFAED is interested in programs and projects within Vietnam's priority sectors and requested facilitation to boost cooperation through specific projects.

Prime Minister Pham Minh Chinh meets Waleed AL-Bahar, Director General of the Kuwait Fund for Arab Economic Development. *Photo: VGP*

In Vietnam, the Kuwait Fund has provided preferential and non-refundable loans for 15 projects in various localities, totaling over 183 million USD. According to the Prime Minister, this contributes to completing essential infrastructure, social welfare, combating climate change, and improving people's lives, especially in remote areas.

Prime Minister Pham Minh Chinh expressed his impression of Kuwait's achievements in economic diversification and institutional reform towards the strategic goals of Kuwait Vision 2035. He highly appreciated KFAED's contributions to this process.

During this visit to Kuwait, leaders of both countries agreed to upgrade relations to a Strategic Partnership, forming a basis for deeper, more substantive cooperation in the coming period. Accordingly, the Prime Minister proposed KFAED continue supporting Vietnam in social welfare, rural development, water supply, sanitation, healthcare, education, climate change adaptive infrastructure, and disaster recovery.

The Prime Minister shared that Vietnam aims for rapid but sustainable development, relying on science, technology, innovation, and digital transformation. Additionally, the government is orienting towards developing a green, circular, sharing, and knowledge-based economy, including emerging sectors like artificial intelligence (AI), semiconductor chips, internet of things, big data, cloud computing, biotechnology, and marine economy.

Vietnam is advancing three strategic breakthroughs in institutions, infrastructure, and human resources, aiming for open institutions, seamless infrastructure, and smart human resources and governance. Many "game-changing" projects are underway, such as expressways, high-speed railways, major seaports and airports, energy projects (nuclear, wind, solar), and international financial centers.

Prime Minister Pham Minh Chinh paid official visits to Kuwait and Algeria, attended the G20 Summit, and participated in bilateral activities in South Africa from 16-24/11.

Kuwait is currently Vietnam's largest trade and investment partner among GCC countries. Two-way trade turnover in 2024 reached 7,3 billion USD.

Kuwait's largest investment project in Vietnam is the Nghi Son Refinery and Petrochemical Complex, with a total investment of 9 billion USD. Currently, there are several local cooperation agreements between the two countries, such as Ho Chi Minh City and Ahmadi province, and Thanh Hoa province and Al Farwaniyh province.

Phuong Dung