Great potential in Vietnam-Saudi Arabia cooperation

Saudi Arabia's Minister of Industry and Mineral Resources Bandar Bin Ibrahim AlKhorayef visits and works in Vietnam. (SPA photo)

At the same time, he affirmed that Saudi Arabia is a good location for Vietnamese companies to expand their operations outside the region and access new markets in the Middle East and Africa.

Since its establishment in 1999, diplomatic relations between Vietnam and Saudi Arabia have continuously developed in all fields and have been increasingly nurtured and consolidated by the leaders and people of the two countries.

At the reception to celebrate the 95th anniversary of the Kingdom of Saudi Arabia's National Day in Hanoi, a representative of the Saudi Arabian Embassy in Vietnam emphasized that in recent years, Saudi Arabia and Vietnam have actively exchanged delegations at all levels and organized many effective meetings, bringing about practical results, contributing to further promoting friendship and cooperation in many fields, especially in the fields of economics , trade, investment and people-to-people exchange, while strengthening the connection between the Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (ASEAN).

In particular, economic cooperation is considered an important pillar in the growing partnership between Vietnam and Saudi Arabia. According to the Saudi Arabian Embassy in Vietnam, Saudi Arabia is currently one of Vietnam’s leading economic partners in the Middle East, with bilateral trade turnover increasing by 53% from about 2 billion USD in 2021 to more than 3 billion USD in 2024.

In addition, tourism - a potential area of cooperation between the two countries - is growing strongly. The increasing number of tourists from Saudi Arabia to Vietnam reflects the good development of friendly relations between the two countries.

In particular, the visits of delegations from Saudi Arabian agencies to Vietnam such as the Ministry of Investment, Ministry of Tourism, Ministry of Human Resources and Social Development, Ministry of Interior, Ministry of Health, Saudi Arabian Food and Drug Authority, Saudi Arabian Fund for Development, Saudi Arabian Export-Import Bank and King Salman Global Academy of Arabic Language have affirmed Saudi Arabia's strong commitment to deepening and expanding relations with Vietnam in many fields.

Vietnam has made a strong impression on Saudi Arabian guests, both newcomers and those who have been with Vietnam for a long time. At the meetings, many diplomats and Saudi Arabian friends expressed their impression of Vietnam's remarkable transformation, as well as the speed and determination in comprehensive reforms, clearly demonstrating Vietnam's development aspirations and strategic vision.

Recently, during his visit to Vietnam, Saudi Arabian Minister of Industry and Mineral Resources Bandar Bin Ibrahim AlKhorayef affirmed that the two countries still have a lot of potential to enhance cooperation and investment. Trade cooperation between the two countries has grown strongly in recent years, but has not yet reflected the ambitions and potential of the two countries. The establishment of the Saudi Arabia-Vietnam High-Level Joint Committee is very important, creating conditions to exploit the potential for cooperation between the two sides, while addressing challenges and promoting cooperation in the private sector between the two countries.

According to the Minister, currently, most of the trade cooperation between Vietnam and Saudi Arabia is focused on traditional business areas such as petrochemicals, oil, textiles, smartphones and electronics. In the context that Saudi Arabia is importing many products from other countries, Vietnamese exporters have many opportunities to connect with the Saudi Arabian market, as the two countries have a good relationship.

In addition, Saudi Arabia also offers many investment opportunities in the fields of construction, infrastructure, and building materials. The housing sector is growing rapidly with a vision of increasing home ownership in Saudi Arabia. This brings many opportunities for businesses, including those from Vietnam, who want to invest in Saudi Arabia. In addition, the two countries can promote cooperation in the tourism industry, which is an area in which Vietnam has a lot of experience. The two sides can also complement each other with products from different fields such as: Renewable energy, food processing, machinery and equipment, electronics, etc.

HONG LINH

Source: https://nhandan.vn/tiem-nang-lon-trong-hop-tac-viet-nam-saudi-arabia-post920113.html