Over 150 officials participate in Saudi-Vietnamese Business Forum

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RIYADH — The Saudi-Vietnamese Business Forum was held in Riyadh on Thursday with the participation of more than 150 ministers, officials and representatives of Saudi and Vietnamese companies.

The forum, which was organized by the Federation of Saudi Chambers (FSC), was attended by Vietnam's Prime Minister Pham Minh Chinh and the FSC's president Hassan Bin Mujib Al-Huwaizi, in addition to a number of officials.

During the Saudi-Vietnamese Business Forum, the available investment opportunities in the two countries have been reviewed with the targeted sectors in focus.

The Vietnamese prime minister said his country was witnessing major economic growth and reform, with the GDP reaching $406 billion. Vietnam has strategic partnerships with G20 countries and 16 international agreements to enhance trade and investment.

Stressing the importance of economic relations with Saudi Arabia, he expressed his desire to attract further Saudi investments, in light of the investment environment and facilities provided by Vietnam to foreign investors.

The prime minister emphasized that Saudi Arabia is a pioneer country in the region, and enjoys economic stability and a wonderful investment climate.

He called on Saudi business owners to invest in Vietnam and benefit from the opportunities, incentives and lucrative returns according to the single window system for investment.

On his part, Al-Huwaizi confirmed that the Saudi-Vietnamese relations witnessed great development, which reflected on the increasing trade exchange volume, which reached $3.2 billion in 2022.

Saudi Arabia is Vietnam's second largest trading partner in the Middle East, he said.

The competitive advantages enjoyed by the Saudi and Vietnamese economies, as well as the initiatives and projects of the Kingdom’s Vision 2030, contribute to creating promising areas of partnership between the two countries.

Al-Huwaizi said it is important to develop the structure of trade relations between the two countries in a way that contributes to the accessibility of Saudi products to Vietnamese markets, in light of the quality and diversity of Saudi products. Saudi exports in 2022 increased to $411 billion, spread across more than 200 countries. Of this, $84 billion was in non-oil exports.

The forum witnessed the signing of a number of cooperation agreements, the most notable of which is between the Federation of Saudi Chambers and Vietnamese Chamber of Commerce and Industry, in order to enhance the trade and economic relation between the two countries.