Saudi Embassy highlights global development contributions with a key event in Vietnam
Hanoi, November 06, 2023, In a recent gathering hosted by the Embassy of Saudi Arabia in Vietnam, an insightful event titled "Transforming Challenges into Opportunities: Saudi Fund for Development Contributions in Vietnam and Around the World" took center stage. This event not only shed light on Saudi Arabia's global contributions but also underscored its significant role in Vietnam's development landscape.
The distinguished presence of Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD), added a layer of significance to the proceedings. Vietnamese Deputy Minister of Planning and Investment, Tran Quoc Vuong, aptly articulated the event's purpose, stating that it aimed to foster cooperative endeavors aligned with mutual interests, all in pursuit of a more prosperous and sustainable development trajectory.
Mr. Vuong also heaped praise on the contributions of the Kingdom of Saudi Arabia, channeled through the SFD, emphasizing their pivotal role in supporting vital infrastructure projects and their transformative impact on Vietnam's development landscape.
Sultan Abdulrahman Al-Marshad, in turn, emphasized the close and mutually beneficial relationship between the Saudi Fund for Development and Vietnam. He underlined the fund's unwavering commitment to enabling economic growth and prosperity in Vietnam by strategically targeting crucial sectors that directly enhance the quality of life for the Vietnamese people.
The event provided a platform for SFD to showcase its extensive portfolio of activities in Vietnam and across the globe. Over the years, the SFD has implemented more than 800 development programs and projects, with a total value of nearly $20 billion, benefiting over 100 developing countries. Remarkably, these contributions have been ongoing since the fund's establishment in 1974.
Notably, Vietnam has been a significant beneficiary of the SFD's generous contributions since 2011. The fund has actively supported 12 development programs and projects in various sectors, encompassing transport, communication, and social infrastructure. The soft loans provided by the SFD for these projects have totaled more than $164 million, underlining the Kingdom's steadfast commitment to Vietnam's growth and development.
In essence, the event served as a testament to the enduring partnership between Saudi Arabia and Vietnam, exemplifying the tangible impact of the Saudi Fund for Development on the socio-economic progress of Vietnam, and reinforcing the Kingdom's commitment to fostering growth and prosperity on a global scale.