RIYADH: A large business delegation from Saudi Arabia has made a visit to Vietnam, marking a significant step in bilateral discussions aimed at fostering cooperation, expanding commercial ties, and introducing joint investment prospects between the two nations.
The Vietnam-Saudi Arabia Business Forum, held in Hanoi and organized by the Riyadh Chamber of Commerce in partnership with the Kingdom’s Embassy in Vietnam and the Asian country’s Chamber of Commerce, saw participation from as many as 200 companies representing both sides, reported Saudi Press Agency.
During the forum, Deputy Prime Minister of Vietnam Tran Luu Quang expressed optimism about the future of trade exchange between Saudi Arabia and Vietnam.
He attributed this positive outlook to the high-level political commitment and proactive efforts of government agencies and business communities from both countries.
He also expressed hope that the forum would successfully achieve its objectives of boosting trade exchange between the two nations.
Abdullah Al-Khorayef, a member of the board of directors of the Riyadh Chamber of Commerce, highlighted the forum’s goal of providing a platform for businesses in both countries to explore collaboration, boost commercial cooperation, and unveil joint investment opportunities.
The Kingdom’s exports to Vietnam during 2022 amounted to SR4.17 billion ($1.11 billion), compared to about SR2.82 billion in the year 2021.
On the other hand, Vietnam’s imports to the Kingdom in 2022 amounted to about SR7.8 billion riyals, compared to SR5.38 billion the year before.
The Kingdom’s exports to the Asian country during 2022 included plastic products, mineral products, and organic chemicals. They also entailed animal food and fish meat preparations.
Meanwhile, Saudi Arabia’s imports from Vietnam included electrical appliances, equipment and their parts, and metal products. They also included copper and its products, shoes, machinery and tools.
The Kingdom is a significant market for Vietnam and a vital partner in the Middle East and Africa. Both countries established the Saudi-Vietnamese Joint Committee in 2006 to promote cooperation across various sectors for mutual development.
Vietnam, one of Southeast Asia’s fastest-growing economies, enjoyed an average gross domestic product growth rate of 6 to 7 percent before the COVID-19 pandemic.
