Vietnam, Saudi Arabia eye stronger trade, investment ties

Hanoi (VNA) – Vietnam and Saudi Arabia boast substantial potential to improve the efficiency of their trade and investment cooperation, heard a business forum in Hanoi on September 11.

The forum, jointly held by the Vietnamese Ministry of Foreign Affairs, and the Embassy and the Riyadh Chamber of Commerce and Industry of Saudi Arabia, brought together more than 750 representatives from ministries, agencies, investments funds and businesses.

In his remarks, Deputy PM Tran Luu Quang called the forum a vivid demonstration of the determination of the two sides to elevate the Vietnam-Saudi Arabia relationship to a new height.

The official asked the participants to look into opportunities and challenges, and propose solutions to effectively implement the four pillars of cooperation that are increasing trade turnover; promoting investment in energy, high-tech, heavy industry and food industry; enhancing cooperation in information technology, digital transformation and telecommunications; and creating motivation for tourism and labour collaboration in a sustainable, effective and high-quality manner.

He also suggested the three key groups of tasks - completing the legal and policy framework to facilitate economic cooperation; stepping up the sharing of market information and cooperation opportunities; and effectively organising activities connecting localities and businesses.

Permanent Deputy Minister of Foreign Affairs Nguyen Minh Vu urged enterprises to utilise the reciprocity of the two economies and foster their connectivity to reach specific cooperation agreements.

Ambassador Mohammed Ismaeil A. Dawhly emphasised that Saudi Arabia attaches importance to forging the friendship and multi-faceted cooperation with Vietnam, saying ample room remains for the two countries to advance their trade and investment ties.

On this occasion, the Riyadh Chamber of Commerce and Industry of Saudi Arabia and its associations and businesses signed cooperation documents with the Department of Industry and Trade of Vietnam’s Mekong Delta province of Ben Tre, the centre for investment, trade and tourism promotion of the southern province of Binh Phuoc, the young entrepreneurs association of the northern port city of Hai Phong, and the Department of Industry and Trade of the south-central province of Ninh Thuan.

Following the forum, businesses of the two countries also inked four memoranda of understanding on cooperation and two contracts.

During their stay in Vietnam, the Saudi Arabia business delegation is scheduled to meet representatives from some ministries and economic sectors, and visit Hai Phong city and some industrial parks and big groups of Vietnam. 

Saudi Arabia is a leading economic partner of Vietnam in the Middle East, with two-way trade turnover reaching over 2.7 billion USD last year, up 32.4% year-on-year./.