By Manal El Warraky
Vietnam and Middle Eastern countries have a traditional friendly cooperative relationship, with great potential to complement each other in economic cooperation.
These are favorable premises that have helped the multifaceted cooperation between the two sides in recent years to be continuously consolidated and developed.
In recent years, economies in the Middle East have been transforming strongly with many ambitious national development plans, promoting economic restructuring, diversifying revenue sources through attracting investment as well as increasing investment abroad.
Middle Eastern countries also have a favorable geographical location in connecting continents and different regions in the world.
At the same time, they have diverse and abundant natural resources, especially oil and gas with the world’s leading reserves.
Meanwhile, after nearly 40 years of renovation, the scale of Vietnam’s economy has been continuously expanded, with the Gross Domestic Product (GDP) in 2023 reaching about 430 billion USD. In terms of scale, Vietnam’s economy ranks 5th in ASEAN and 35th out of 40 largest economies in the world, becoming the 22nd largest trading partner globally.
Vietnam is increasingly integrating deeply into the world economy, participating in negotiations and signing 17 Free Trade Agreements (FTAs), including new-generation FTAs such as the Free Trade Agreement between Vietnam and the European Union (EVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
In the process of economic development, Vietnam attaches importance to attracting and effectively using foreign direct investment (FDI). The Vietnamese Government has many measures to improve the investment environment, creating favorable conditions for foreign enterprises to invest and do business in Vietnam.
In terms of foreign affairs, from a country under siege and embargo, Vietnam has now expanded and deepened diplomatic relations with 193 countries, including 3 countries with special relations, 6 countries with comprehensive strategic partnerships, 12 strategic partners and 12 comprehensive partners.
This also demonstrates the viewpoint that “Vietnam is a friend, a reliable partner and an active, responsible member of the international community”.
With its huge market potential, favorable policy mechanisms, and impressive socio-economic achievements, Vietnam has become one of the important cooperation partners in Asia of Middle Eastern countries.
With the foundation of good traditional friendship, mutual trust and strengths, and new interests of both sides, Vietnam and Middle Eastern countries still have a lot of room and great potential for cooperation to create new vitality to bring the cooperation between the two sides into depth, substance with many breakthrough results.
In particular, promoting cooperation in areas such as high technology, green energy, artificial intelligence, computing technology, semiconductors, information technology, oil and gas, logistics, real estate, energy infrastructure, industrial infrastructure, industrial parks, developing the Halal market in Vietnam, along with exporting products that Vietnam has strengths in such as agricultural products, seafood, food, garments, furniture, handicrafts, computers, electronic components, etc.
During this time, the relationship between Vietnam and the Middle East countries in general, and the relationship between Vietnam and the Arab countries in particular, has had a remarkable development with the activities of Vietnamese Prime Minister Pham Minh Chinh’s official visits to the UAE, Saudi Arabia and Qatar. This is the first visit by a Vietnamese Prime Minister to the UAE and Qatar in 15 years, and the first official visit by a Vietnamese head of government to Saudi Arabia since the two countries established formal diplomatic relations in 1999.
The visits are of particular importance in strengthening political trust and elevating relations between Vietnam and these three countries. The visits will also create momentum in promoting relations between Vietnam and the Arab world in general.
