Saudi and Vietnamese firms have signed five investment agreements across key sectors, including construction and infrastructure, advanced furniture manufacturing, training and qualification programs, and tourism, marking a new phase of economic cooperation between the two countries.
Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, witnessed the signings between Saudi and Vietnamese firms during his participation in the Saudi-Vietnamese Business Forum held in Hanoi.
Saudi and Vietnamese Firms to Capitalize on New Economic Opportunities
In remarks at the forum, Alkhorayef underlined the strength of economic relations between the two friendly countries and the pivotal role of the Saudi-Vietnamese Business Council in enhancing investment partnerships between Saudi and Vietnamese firms and enabling the private sector to capitalize on mutual opportunities, particularly in industry and mining.
Bandar Alkhorayef Minister of Industry & Mineral Resources Saudi Arabia
“The Kingdom is keen to attract high-quality foreign investment in the industry and mining sectors, offering a range of opportunities, enablers, and incentives through entities within the industry and mineral resources ecosystem. These include financing solutions provided by the Saudi Industrial Development Fund and the Saudi Export-Import Bank (Saudi EXIM). The Kingdom’s local content policies promote localization and give domestic manufacturers a competitive edge in accessing government procurement opportunities.”
In the mining sector, the Saudi Minister reviewed its development and transformation as the third pillar of the national industrial economy under Saudi Vision 2030. He added that launching the Comprehensive Mining and Mineral Strategy in 2017, along with the National Geological Survey Program, raised the estimated value of the Kingdom’s mineral resources from $1.3 trillion to $2.5 trillion.
Alkhorayef’s participation in the forum was part of his official visit to Vietnam, aimed at strengthening economic ties, exploring opportunities for cooperation in industry and mining, and attracting high-quality investments to the Kingdom in support of Saudi Vision 2030.
