Prime Minister holds discussion with the Secretary-General of the Gulf Cooperation Council in Malaysia.
Prime Minister Pham Minh Chinh Initiates Push for Free Trade Agreement with Gulf Cooperation Council
KUALA LUMPUR - During his official visit to Malaysia for the 46th ASEAN Summit and related meetings, Prime Minister Pham Minh Chinh met with the Secretary-General of the Gulf Cooperation Council (GCC), Jasem Mohamed Al-Budaiwi.
The Vietnamese leader expressed his satisfaction with the positive momentum in the Vietnam-GCC relationship since their last meeting at the World Economic Forum (WEF Davos) in January 2025. This progress includes ongoing efforts to establish a Free Trade Agreement (FTA) between Vietnam and the GCC.
Chinh proposed that the GCC Secretary-General expedite the necessary procedures to announce the start of FTA negotiations as soon as possible. He also suggested exploring agreements on investment promotion and protection to foster a more favorable environment for economic, trade, and investment ties.
Encouraging GCC investors and enterprises to expand their presence in Vietnam, particularly in the development of international financial hubs, digital transformation, energy transition, and green economy projects, Chinh expressed his hopes for increased collaboration between the two regions.
The GCC Secretary-General praised Vietnam's remarkable success in economic growth and investment attraction, highlighting it as a dynamic economy and major global manufacturing hub. In response to Chinh's proposals, he pledged support for the early launch of Vietnam-GCC FTA negotiations to establish a solid legal framework for economic ties.
Both sides agreed to quickly deliver on commitments made at this Summit, co-host trade and investment promotion events in Vietnam, and develop a plan to realize the Memorandum of Understanding on cooperation between the Vietnamese Ministry of Foreign Affairs and the GCC Secretariat.
PM Chinh conveyed greetings from Party General Secretary Tô Lâm and other high-ranking Vietnamese leaders. He extended an invitation for the GCC Secretary-General to visit Vietnam this year, which was gladly accepted. VNS
Sources: [1], [2], [3], [5]
Prime Minister Phạm Minh Chính met with Secretary-General of the Gulf Cooperation Council Jasem Mohamed Al-Budaiwi in Kuala Lumpur. VNA/VNS Photo
- The push for the Free Trade Agreement (FTA) between Vietnam and the Gulf Cooperation Council (GCC) could potentially stimulate trade and investment in green economy projects, international financial hubs, digital transformation, and energy transition, benefiting both regions.
- The dynamic economy of Vietnam, boasting a major global manufacturing hub status, could attract GCC investors and enterprises for enhanced economic ties, especially in areas such as artificial intelligence (AI) and politics, thereby contributing to the overall progress of the global economy.
- The upcoming Free Trade Agreement (FTA) negotiations between Vietnam and the GCC could set a strong legal framework that encourages collaboration in general news and environmental sectors, helping to support the global transition towards sustainable development.
