Vietnam PM asks Kuwait fund to expand investment in manufacturing, logistics, renewable energy

Prime Minister Pham Minh Chinh on Monday called on the Kuwait Fund for Arab Economic Development (KFAED) to strengthen cooperation with Vietnam, particularly in the areas of industrial production, logistics, renewable energy, green economy, and the Halal ecosystem.

Speaking in Kuwait city during a meeting with KFAED director general Waleed Al-Bahar, the Prime Minister urged the fund to help connect Kuwaiti businesses with opportunities in Vietnam and support Vietnamese enterprises in accessing information and partnerships in Kuwait and the Middle East.

“There remains significant potential in Vietnam-Kuwait cooperation,” he noted, suggesting KFAED expand both direct and indirect investment.

The cabinet leader also called for KFAED’s support in financing, technology, human resource training, and management expertise.

“Both sides can begin with small cooperation and investment projects and gradually scale up. Vietnam stands ready to serve as a bridge for Kuwait and Middle Eastern countries to access the Chinese and ASEAN markets,” he added.

In response, Al-Bahar and KFAED representatives praised Vietnam’s socio-economic development, business environment, and strategic vision, and agreed to establish a joint working group to deepen cooperation and investment per Chinh's suggestion.

Al-Bahar emphasized the need to promote public-private partnerships and new cooperation models. He said the fund is interested in programs and projects aligned with Vietnam’s priority sectors and requested facilitation to advance collaboration through concrete projects.

To date, KFAED has provided concessional loans and grants totaling more than $183 million for 15 projects across Vietnam, supporting essential infrastructure, social welfare, climate resilience, and improved living conditions, particularly in remote and disadvantaged areas.

PM Chinh said he was impressed by Kuwait’s achievements in economic diversification and institutional reform under the Kuwait Vision 2035, and acknowledged KFAED’s significant contribution to this progress.

The Vietnamese leader suggested KFAED continue supporting Vietnam in key areas such as social welfare, rural development, water supply and sanitation, health care, education, climate-resilient infrastructure, and post-disaster recovery.

He reaffirmed Vietnam’s commitment to rapid yet sustainable development based on science-technology, innovation, and digital transformation. The country is also promoting green, circular, sharing, and knowledge-based economic models, with a focus on emerging sectors such as AI, semiconductors, IoT, big data, cloud computing, biotechnology, and the marine economy.

The Prime Minister noted that Vietnam is advancing its three strategic breakthroughs in institutional reform, infrastructure development, and human resources, aiming for modern institutions, seamless infrastructure, and smart human capital and governance.

Several “game-changing” projects are underway, including expressways; high-speed railways; major seaports and airports; nuclear, wind, and solar energy projects; and an international financial center, located both in HCMC and Danang.

Prime Minister Pham Minh Chinh is paying official visits to Kuwait and Algeria, and will attend the G20 Summit, along with bilateral activities in South Africa, from November 16 to 24.

During Chinh's official visit to Kuwait, leaders of the two countries agreed to upgrade bilateral relations to a Strategic Partnership, laying a stronger foundation for deeper and more substantive cooperation.

Kuwait is currently Vietnam’s largest trade and investment partner among Gulf Cooperation Council (GCC) countries. Bilateral trade reached $7.3 billion in 2024.

Kuwait’s largest investment project in Vietnam is the Nghi Son Refinery and Petrochemical Complex in Thanh Hoa province. The $9 billion complex is co-owned by Petrovietnam, Kuwait Petroleum Europe B.V. (KPE), and Japan’s Mitsui Chemical and Idemitsu Kosan Co.

Several local-level cooperation agreements are also in place, including partnerships between Ho Chi Minh City and Ahmadi governorate, and between Thanh Hoa province and Al Farwaniyah governorate.