Saudi Arabia and Vietnam forge stronger investment ties with five new agreements | World News – The Times of India – Delhi News Daily

Saudi Arabia and Vietnam signed five agreements covering construction, tourism, manufacturing, and human resource development/Image: X

Saudi Arabia and Vietnam have strengthened their economic partnership by signing five investment agreements during the Saudi-Vietnamese Business Forum in Hanoi. These agreements cover diverse sectors including construction, infrastructure, advanced furniture manufacturing, tourism, and human resource development. The move highlights both countries’ commitment to expanding cooperation, particularly in industry and mining, aligning closely with Saudi Arabia’s Vision 2030 goals.

On Tuesday in Hanoi, Saudi Arabia and Vietnam formalized five new investment agreements that span multiple sectors. These agreements aim to build long-term partnerships between companies from both countries and focus on:

This set of agreements reflects a strategic effort to diversify and deepen bilateral economic ties.

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, emphasized the vital role of the Saudi-Vietnamese Business Council in enhancing these partnerships. Speaking at the forum, he highlighted Saudi Arabia’s keen interest in attracting quality foreign investments, especially in the industrial and mining sectors, which are central pillars of the Kingdom’s economic transformation.Al-Khorayef outlined promising investment opportunities available in these sectors and detailed the incentives offered by Saudi entities. This includes support from the Saudi Industrial Development Fund and the Saudi Export-Import Bank (Saudi EXIM), both providing financing solutions tailored to facilitate international investment.He further noted that Saudi Arabia’s local content policies give domestic manufacturers a competitive edge by prioritizing them in government procurement processes. This policy is part of the broader industrial ecosystem designed to boost local industry and innovation.Since the launch of the Comprehensive Strategy for Mining and Mineral Industries in 2017, combined with the National Geological Survey Program, Saudi Arabia has significantly increased the estimated value of its mineral resources—from $1.3 trillion to $2.5 trillion. Mining is now recognized as the third pillar of the national industrial economy under Vision 2030.

During his visit, Minister Al-Khorayef held a high-level meeting with Vietnamese Deputy Prime Minister Bui Thanh Son. The discussions focused on expanding the comprehensive economic partnership, especially between the industrial and mining sectors.Both leaders stressed the importance of private sector involvement to maximize investment opportunities. They reaffirmed the Saudi-Vietnamese Business Council’s role in facilitating joint investments and strengthening economic cooperation.Vietnam is an important destination for Saudi investments, with current Saudi investments exceeding $1.92 billion across key sectors like energy, industry, and technology. The meeting also explored potential cooperation in food industries, halal product manufacturing, research, innovation, and advanced technologies such as artificial intelligence applied to industrial processes.

The ministerial meeting highlighted Saudi Arabia’s competitive advantages that make it a premier global investment destination:

These factors, combined with comprehensive government incentives and investor-friendly policies, position Saudi Arabia as an attractive hub for international investment aligned with Vision 2030’s goals for economic diversification and industrial growth.

The Saudi-Vietnamese Business Forum was co-organized with the Federation of Saudi Chambers and hosted at the Hanoi Chamber of Commerce and Industry. It gathered government officials and private sector representatives from both countries, including:

The forum served as a platform to discuss cooperation opportunities in advanced industries, research, innovation, and artificial intelligence, reflecting the forward-looking nature of the Saudi-Vietnam partnership.