Trade between Vietnam and Saudi Arabia has achieved traction in the last few years, opening new opportunities for bilateral cooperation, Minister of Industry and Trade Vu Huy Hoang has said.

Two-way trade was worth 291 million USD last year, with Vietnamese exports topping 118 million USD.

In the first half of this year, Vietnam’s exports were worth 28 million USD and imports, 65 million USD.

Vietnam’s major export items were textile and garment, seafood, coal, tea, computers, electronics components, footwear, wooden products, plastic products, handicrafts, and bamboo and rattan items.

From Saudi Arabia, it imported plastic raw materials, chemical products, automobiles, animal feed, and steel.

According to the ministry’s Exports-Imports Department, Saudi Arabia is a major market in the Persian Gulf which has great demand for the country’s exports.

But the department said businesses in both countries had very little information about the other market.
Saudi Arabia is also a large investors in other countries and a labour market with a high demand for guest workers.

It employs 7 million foreign workers in the oil and construction sectors and as domestic help.

A number of Saudi projects operate successfully in Vietnam, including Zamil Steel in Ba Ria-Vung Tau province and Raffles Resort in Da Nang City.

Trade officials have called on companies to strictly comply with regulations on quality and origin and ensure timely delivery to get a foothold in this demanding market.

They also said Vietnamese firms would regularly display their products at major shopping malls and attend fairs and exhibitions in Saudi Arabia or seek local partners in Saudi Arabia./.