On the morning of April 23, Minister of Finance H.E Mr. Ho Duc Phoc welcomed H.E Mr. Mohammed Ismaeil A. Dahlwy - Ambassador of the Kingdom of Saudi Arabia to Vietnam and the delegation. The meeting took place at the headquarters of the Vietnamese Ministry of Finance.
Minister Ho Duc Phoc welcomed the Ambassador Mr. Mohammed Ismaeil A. Dahlwy to visit and work with the Ministry of Finance of Vietnam
Speaking at the meeting, Minister Ho Duc Phoc affirmed that the cooperative relationship between the two countries has become increasingly close after 25 years of establishing diplomatic relations, which was deeply in the fields of politics, trade, investment, development cooperation, culture - tourism and education - training.
According to Minister Ho Duc Phoc, Saudi Arabia is one of the priority partners in the Middle East market in Vietnam's trade, investment and financial cooperation. In particular, in financial cooperation, Vietnam and Saudi Arabia have been coordinating in the fields of loans, aid; cooperation in the fields of tax and customs.
Overview of the meeting
Recently, the Government of Saudi Arabia has committed to supporting Vietnam with a loan of more than 615 million Saudi Riyals (equivalent to more than 164 million USD) for 12 projects focusing on areas such as infrastructure, human resource development, healthcare in localities of Vietnam... thereby making an important contribution to Vietnam's socio-economic development goals as well as in responding to climate change.
Moreover, in the financial cooperation in the field of tax and customs, Vietnam and Saudi Arabia signed an Agreement on Avoidance of Double Taxation, which took effect in 2011, and coordinated a number of activities within the framework of the World Customs Organization (WCO). Currently, the Ministry of Finance has assigned the General Department of Customs to conduct further research and discussions on the possibility of negotiations about Agreement between the Government of Vietnam and the Government of Saudi Arabia on cooperation and mutual support in the customs sector.
In the coming time, Minister Ho Duc Phoc hopes that Saudi Arabian investors will expand their exploration of investment opportunities in Vietnam, especially in the field of finance and banking. The Minister expressed the Ambassador’s role as a bridge to connect the Saudi Arabian banks, financial corporations, and intermediary financial institutions such as commercial banks between the two countries.
Mr. Mohammed Ismaeil A. Dahlwy spoke at the reception
Speaking at the reception, Mr. Mohammed Ismaeil A. Dahlwy thanked the Ministry of Finance of Vietnam for their attention and support during the financial cooperation between both countries. The cooperative relationship between the two countries is built on the foundation of friendship, care, support and mutual respect. This is the result of close cooperation, bringing practical benefits to both countries.
The Saudi Arabian ambassador also believes that the two countries have many mutual things, namely the vision and aspiration to modernize and diversify the economy. Mr. Mohammed Ismaeil A. Dahlwy also expressed his willingness to research, support and share good experiences with Vietnam in building a financial center.
Minister Ho Duc Phoc and Ambassador took souvenir photos
During the tenure, Mr. Mohammed Ismaeil A. Dahlwy will act as a bridge between the relevant parties and coordinate closely to bring the opinions of the Vietnamese Ministry of Finance to relevant agencies, ministries and sectors of Saudi Arabia to strengthen and deepen the cooperative relationship between the two countries in the coming time./.
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