Deputy Prime Minister Bui Thanh Son on September 29 hosted Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef in Hanoi, calling for a stable, long-term supply of crude oil and liquefied natural gas (LNG) to Vietnam.

The Deputy PM welcomed Alkhorayef’s visit as a follow-up to PM Pham Minh Chinh’s trip to Saudi Arabia in October 2024, underscoring the importance Riyadh attaches to relations with Hanoi, particularly in trade, investment and economic cooperation.

He noted with satisfaction that the two countries had elevated their Joint Committee from vice-ministerial to ministerial level and supported the establishment of a Vietnam-Saudi Arabia Business Council to facilitate enterprise-to-enterprise linkages. He also proposed that both sides explore the possibility of upgrading bilateral ties in the near future.

Deputy PM Bui Thanh Son further urged Saudi Arabia to back the Gulf Cooperation Council (GCC) in accelerating internal procedures to launch negotiations on a Vietnam GCC free trade agreement, which would provide a stronger legal framework for regional and bilateral cooperation.

On energy cooperation, the Deputy PM reaffirmed Vietnam’s readiness to help Saudi Arabia ensure food security while requesting Riyadh to guarantee steady oil and LNG supplies to support Vietnam’s energy security. He suggested building a crude oil and petrochemical storage and transshipment hub in Vietnam, and encouraged Saudi participation in smart city and infrastructure projects under the kingdom’s Vision 2030, as well as in Vietnam’s mining sector development.

Praising Saudi investment funds already operating in Vietnam, the Deputy PM called for deeper partnerships with Vietnamese counterparts, particularly in infrastructure and energy. He also invited Saudi Arabia to join Vietnam’s largest-ever Autumn Expo in Hanoi starting October 20, 2025, to boost trade and investment promotion.

Minister Alkhorayef commended Vietnam’s achievements and highlighted opportunities for cooperation not only in traditional fields but also in startups, SMEs, and the private sector. He invited Vietnam to attend the Global Industrial Summit 2025 hosted by UNIDO and the Global Mining Summit scheduled for January 2026 in Saudi Arabia.