Opening of Vietnam-Saudi Arabia Business Forum

The Vietnam-Saudi Arabia Business Forum officially opened this afternoon, September 11, at the Ministry of Foreign Affairs Office. The Forum was organized by the Ministry of Foreign Affairs in coordination with the Saudi Arabian Embassy in Hanoi and the Riyadh Chamber of Commerce and Industry (Saudi Arabia). Deputy Prime Minister Tran Luu Quang attended and delivered a speech at the Forum.

Khai mạc Diễn đàn kinh doanh Việt Nam-Saudi Arabia

The Vietnam-Saudi Arabia Business Forum officially opened this afternoon, September 11, at the Ministry of Foreign Affairs Office. (Photo: Tuan Viet)

The forum was attended by nearly 500 delegates, including leaders of ministries, sectors, localities, investors, businesses, representatives of organizations and business associations on both sides, including more than 50 Saudi Arabian businesses operating in many fields such as energy, information technology, iron and steel industry, mining, industrial spare parts, construction, investment, healthcare, cosmetics, pharmaceuticals, tourism, human resources, transportation, retail, wood products, garment, agriculture , fisheries, information technology, etc.

This is the largest business delegation from Saudi Arabia in particular and the Middle East in general to Vietnam to explore cooperation and business opportunities with Vietnamese localities and businesses.

After the plenary opening session and the signing ceremony of cooperation documents, the Forum also had business connection activities including business-to-business (B2B) and business-to-locality (B2P) dialogue sessions.

Deputy Prime Minister Tran Luu Quang and representatives of businesses in the delegation visited booths displaying Vietnam's key export products. (Photo: Tuan Viet)

The forum also reserved space to display export products of Vietnamese businesses and localities.

During their stay in Vietnam, Saudi Arabian businesses will visit a number of industrial parks, export processing zones, seaports and businesses in a number of localities.

Saudi Arabia is the largest economy in the Gulf region, vigorously implementing the "Vision 2030" Strategy to diversify the economy, develop the non-oil economy, reform, open up and promote the implementation of many large-scale infrastructure projects with the goal of becoming the world's leading political and economic center by 2030.

In recent years, more and more Saudi Arabian businesses have shown interest and desire to promote cooperation with Vietnam. (Photo: Tuan Viet)

Saudi Arabia is also one of Vietnam's leading economic and trade partners in the Middle East. Two-way trade turnover in 2022 reached over 2.7 billion USD, up 32.4% compared to 2021. Several large Saudi Arabian corporations have invested in Vietnam in the fields of real estate, energy and steel.

In recent years, more and more Saudi Arabian businesses have shown interest and desire to promote cooperation with Vietnam in the fields of trade, investment, energy, seaports, Halal food, tourism, innovation, etc.

Vietnam and Saudi Arabia have signed many important economic cooperation documents such as the Framework Agreement on Economic, Trade, Investment and Technical Cooperation (May 2006); Agreement on Agricultural Cooperation, Agreement on Avoidance of Double Taxation, Protocol on Petroleum Cooperation, Agreement on Establishment of Business Council and Cooperation between the two Chambers of Commerce and Industry (April 2010); Agreement on Recruitment of Vietnamese Domestic Workers to Work in Saudi Arabia (September 2014); Vietnam-Saudi Arabia Air Transport Agreement (August 2019).

The two sides are currently negotiating an Agreement on Investment Promotion and Protection.

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