Vietnam and Saudi Arabia Enhancing Bilateral Ties

Fri, 22 Sep 2023 22:08:00  |  Print  |  Email   Share:

The Vietnam-Saudi Arabia Business Forum, which took place on September 11 and attracted more than 500 delegates from various ministries and Saudi Arabian and Vietnamese enterprises, was a testament to the commitment of the leaders and business communities of both countries to elevate their bilateral cooperation to a new level.

Deputy Prime Minister Tran Luu Quang delivers a speech at the Vietnam-Saudi Arabia Business Forum 

At the forum, Vietnam’s Deputy Prime Minister Tran Luu Quang expressed his appreciation for the Saudi businesses that visited and worked with key economic entities in Hanoi and Hai Phong to explore concrete opportunities in areas of mutual interest.

Deputy Prime Minister Tran Luu Quang urged the delegates to actively discuss the opportunities, challenges and solutions to effectively implement the four pillars of cooperation, namely: Increasing trade turnover, especially the import and export of goods that comply with Halal Islamic standards; fostering investment in the fields of energy, high technology, heavy industry and food industry; enhancing cooperation in information technology, digital transformation and telecommunications; and creating incentives for tourism and labor cooperation in a sustainable, efficient and high-quality manner.

The Ambassador of the Kingdom of Saudi Arabia to Vietnam, Mohammed Ismaeil A. Dahlwy, said that Saudi Arabia valued the promotion of friendly relations and multi-faceted cooperation with Vietnam. He noted that more Saudi enterprises were interested in Vietnam’s market and that the Saudi Development Fund had financed more than 12 projects in the country with a total value of US$164 million. On the other hand, more Vietnamese enterprises were seeking opportunities to expand their businesses in Saudi Arabia.

“We are looking forward to seeing businesses from both countries tap into the enormous potential in the fields of trade, investment, tourism, labor, and technology,” said Ambassador Mohammed Ismaeil A. Dahlwy.

Nawaf Mohammed Zamil, Chairman of Zamil Steel Group, shared his business experience in Vietnam with Saudi Arabian businesses. He said that Vietnam was expected to attract more foreign investment in the coming years due to its stable business policies. He also offered some advice to investors and entrepreneurs who were interested in investing in Vietnam.

“The investors and entrepreneurs should familiarize themselves with the local business environment, seek local partnerships and advisers, establish a presence in the market and achieve returns on investment, and respect the cultural differences,” he said.

Mr. Nguyen Truc Son, Vice Chairman of Ben Tre Provincial People's Committee, said that Saudi Arabian consumers had a high demand for the province’s products, especially coconuts, textiles and seafood. However, he noted that local exporters faced some challenges in accessing the market, such as high transportation costs and strict quality standards.

The forum also facilitated hundreds of interactions and direct connections between Saudi Arabian businesses and Vietnamese localities and enterprises in various fields such as energy and steel, mining, industrial parts, construction, investment, healthcare, cosmetics, pharmaceuticals, sports, tourism, human resources, transportation, retail, furniture, garments, agriculture industry, fisheries and information technology.

The forum facilitated the signing of MOUs between the Riyadh Chamber and Vietnamese agencies to formalize their cooperation. In addition, many other cooperation documents were under negotiation.

By: Giang Tu, Vietnam Business Forum



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