Vietnam, Kuwait lift ties to strategic partnership, eye $15bn trade by 2030

The meeting took place during PM Chinh’s official visit to Kuwait from November 16 to 18 at the invitation of PM Al-Sabah, according to the Ministry of Foreign Affairs.

The leaders welcomed the steady expansion of bilateral ties across trade, investment, energy, education, labor, and development cooperation, which has made Kuwait one of Vietnam’s top trade partners and an important investment partner in the Middle East.

Looking ahead, the PMs agreed to elevate their countries’ ties to a strategic partnership to foster stronger, more comprehensive, and sustainable cooperation.

They reaffirmed that economic, trade, and investment ties will remain central and agreed to work toward raising bilateral trade to $12-15 billion by 2030, up from more than $7.3 billion in 2024.

Kuwait is currently Vietnam’s largest trade and investment partner among Gulf Cooperation Council (GCC) member states.

Vietnam proposed that Kuwait expedite negotiations on a Vietnam–GCC free trade agreement and explore a Vietnam–Kuwait comprehensive economic partnership agreement.

Both sides pledged to enhance the Nghi Son Refinery and Petrochemical Project in Thanh Hoa Province under the principle of ‘harmonized interests and shared risks.’

Vietnam said it stands ready to provide oil and gas services and high-quality human resources for projects in Kuwait, while expanding cooperation into new areas, including a regional petroleum storage and transit hub in Vietnam.

PM Al-Sabah welcomed investment opportunities in Vietnam and pledged to encourage the Kuwait Investment Authority and Kuwaiti investors to pursue major strategic projects.

He also vowed to direct the Kuwait Fund for Arab Economic Development to continue coordinating on suitable official development assistance programs and proposed concluding an air transport agreement and studying direct flights.

Highlighting food security cooperation, Al-Sabah said Kuwait will invest in agricultural production facilities in Vietnam for export to Kuwait and the region.

PM Chinh proposed negotiating a long-term framework agreement on strategic commodities, including rice, and called for advancing Halal ecosystem projects.

He affirmed that Vietnam welcomes further Kuwaiti investment, including in the planned international financial center.

Beyond economics, both sides agreed to expand ties in science and technology, digital transformation, innovation, cybersecurity, renewable energy, education, tourism, and people-to-people exchanges, and to strengthen cultural cooperation as a foundation for long-term friendship.

The PMs committed to increasing delegation exchanges, establishing specialized working groups, including a joint task force on digital transformation, and deepening security and defense cooperation.

Al-Sabah said Kuwait will expand scholarships for Vietnamese students in STEM and basic sciences and explore possible visa exemptions.

They also agreed to coordinate closely on regional and global issues, with Kuwait welcoming Vietnam’s participation in Middle East reconstruction efforts.

Following the talks, the PMs witnessed the signing of an amended protocol on visa exemptions for diplomatic and official passport holders, as well as a memorandum of understanding between the Diplomatic Academy of Vietnam and the Saud Al-Nasser Al-Sabah Kuwait Diplomatic Institute.