RIYADH: In a move to strengthen trade, economic, and commercial ties between Saudi Arabia and Vietnam, a high-level business delegation from the Kingdom has successfully concluded its visit to the Southeast Asian nation.
Led by the Saudi Chamber of Commerce, the group engaged in a series of productive meetings with key figures from the Vietnamese Ministry of Foreign Affairs and the country’s Chamber of Commerce, focusing on enhancing cooperation across various sectors, as reported by the Saudi Press Agency.
During the four-day visit, the Vietnam-Saudi Arabia Business Forum took place in Hanoi, with the participation of over 200 representatives from both nations.
The Riyadh Chamber of Commerce also organized a business forum in Hai Phong, facilitating bilateral discussions between the Saudi delegation and their Vietnamese counterparts.
The Saudi delegation also visited the headquarters of prominent Vietnamese companies, including the electric vehicle manufacturer Vinfast, telecommunications services firm FPT Corp., and the Zamil Steel Factory, which represents one of the largest Saudi industrial investments in Hanoi.
During the visit, Abdullah Al-Khorayef, a member of the board of directors of the Riyadh Chamber of Commerce and the head of the Saudi delegation, held discussions with Deputy Prime Minister of Vietnam Tran Luu Quang, exploring avenues to further boost trade exchange between the two nations.
Trade and economic relations between Saudi Arabia and Vietnam have consistently thrived, with the Kingdom’s exports to the Southeast Asian nation in 2022 reaching SR4.17 billion ($1.11 billion), an increase from SR2.82 billion in 2021. The establishment of the Saudi-Vietnamese Joint Committee in 2006 has played a role in promoting cooperation across diverse sectors for mutual development.
Saudi Arabia’s primary exports to Vietnam in 2022 encompassed plastic products, mineral products, organic chemicals, animal foods, and fish meat.
Conversely, Vietnam’s imports to Saudi Arabia in 2022 totaled about SR7.8 billion, a rise from SR5.38 billion the previous year. These imports included electrical appliances, equipment and their components, and metal products.
Mohammed Dahlawi, the Saudi ambassador to Vietnam, emphasized the significance of the delegation’s visit, stating that it is “part of the efforts aimed at reviewing economic experiences and investment opportunities in the targeted sectors.”
He added: “This visit presents an opportunity to deepen the existing commercial and economic cooperation and broaden the scope of cooperation between the two countries.”