Leaders of major Saudi Arabian corporations said they want to expand investment in the fields of steel, pre-engineered steel buildings, retail, agriculture , and clean energy.
Meeting with Prime Minister Pham Minh Chinh on the evening of October 18, during his visit to Saudi Arabia and attending the ASEAN-GCC Summit, Mr. Abdularahma Al Zamil, Chairman of Zamil Group, shared about the strategic development orientation in the Vietnamese market.
Currently, Zamil Steel - a subsidiary of Zamil Group, specializing in manufacturing pre-engineered steel buildings - is operating two factories in Vietnam with a total capacity of 120,000 tons per year. The company's business network extends to 10 Southeast Asian countries and Bangladesh.
Prime Minister Pham Minh Chinh highly appreciated Zamil's business activities as the largest direct investor of Saudi Arabia and the Middle East region in Vietnam.
The Government leader suggested that Zamil study and expand investment and production in Vietnam and prioritize innovation in modern, high-tech, and environmentally friendly technologies. Because Vietnam is a potential market, with an increasingly developed logistics system and easy connection to major markets in the region and the world.
In addition, Prime Minister Pham Minh Chinh also suggested that Zamil connect other Saudi Arabian enterprises to invest, produce and do business in Vietnam.
In response to this proposal, Mr. Abdularahma Al Zamil said that Zamil Group will expand its investment in Vietnam and hopes that the government will create favorable conditions for them to export more of their products to ASEAN countries through Vietnam.
Prime Minister Pham Minh Chinh received Mr. Abdularahma Al Zamil, Chairman of Zamil Group, in Riyadh, Saudi Arabia on October 18. Photo: Nhat Bac
Zamil Group, founded in 1920, is one of Saudi Arabia's largest industrial conglomerates in the fields of steel, plastics, paints, heavy industrial equipment, shipbuilding and repair. The group currently has 21,000 employees in 60 countries around the world.
On the same day, the Prime Minister received Mr. Shehim Kottilingal, Director of Lulu Group - a business that owns retail chains and supermarkets in more than 23 countries.
Mr. Shehim Kottilingal said that the group currently imports about 30% of fresh lemons and 40% of cashew nuts from Vietnam to sell in the Saudi Arabian market. In the near future, Lulu will expand its agricultural processing plant in Vietnam and increase imports of Vietnamese agricultural products, such as fish, vegetables and food.
Therefore, he proposed that the Vietnamese Government facilitate licensing of factory expansion and import of agricultural products. The Director of Lulu Group also wants to soon have a direct flight between Vietnam and Saudi Arabia, facilitating the import of food and fresh fruits and vegetables.
Prime Minister Pham Minh Chinh appreciated the Lulu Group for being a bridge to introduce quality Vietnamese products to Saudi Arabian consumers through a wide supermarket chain. He said he would facilitate licensing for the group to expand its factory, and assigned ministries and sectors to study the opening of a direct flight route between Vietnam and Saudi Arabia.
"The Vietnamese Government is committed to protecting the legitimate rights and interests of investors in the spirit of harmonious benefits and shared risks," said the Prime Minister.
Prime Minister Pham Minh Chinh received Mr. Shehim Kottilingal, Director of Lulu Group, in Riyadh, Saudi Arabia, on October 18. Photo: Nhat Bac
Mr. Ali AL-Khatib, Deputy CEO of Ajlan & Bros Company shared plans to develop long-term investment projects in Vietnam, in areas such as rice, renewable energy, and real estate.
Prime Minister Pham Minh Chinh welcomed Ajlan & Bros's plan to cooperate with Vietnamese enterprises in the coming time and affirmed to create favorable conditions for the group to expand cooperation and business.
Prime Minister Pham Minh Chinh is visiting Saudi Arabia and attending the first ASEAN-GCC Summit, at the invitation of Saudi Arabian King Salman bin Abdulaziz Al Saud, from October 18-20.
This is the first time the leaders of ASEAN and GCC countries have met after 33 years of establishing relations. The leaders are expected to adopt a Joint Statement after the Summit ends.
Saudi Arabia is one of Vietnam's leading economic partners in the Middle East. In the first seven months of this year, the two countries' import-export turnover reached 1.6 billion USD, up 7.4% over the same period in 2022. Many Saudi Arabian corporations are investing directly and indirectly in Vietnam. There are currently about 4,000-5,000 Vietnamese workers working in Saudi Arabia.
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