Saudi Industry Minister And Vietnamese Deputy Prime Minister Discuss Expanding Economic Partnership Opportunities

Minister of Industry and Mineral Resources, Bandar Alkhorayef, held discussions in Hanoi with Vietnamese Deputy Prime Minister Bui Thanh Son. This meeting was part of his official visit to Vietnam. The focus was on expanding economic ties and boosting collaboration in the industry and mining sectors.

The discussions emphasised the need to empower the private sector to seize investment opportunities in these areas. Strengthening the Saudi-Vietnamese Business Council's role in promoting joint investments was also highlighted as crucial.

Vietnam is a significant destination for Saudi investments, which amount to over $1.92 billion across various sectors like energy, industry, and technology. The meeting explored avenues for knowledge exchange, attracting investments, and transferring technology in promising sectors such as food industries and halal products.

Additionally, cooperation in research, innovation, and advanced manufacturing technologies like artificial intelligence was discussed. The competitive advantages of Saudi Arabia's industrial investment environment were highlighted during the meeting.

The Kingdom offers numerous enablers and incentives to ease investors' journeys. Its strategic assets make it an attractive destination for industrial investments. These include its geographic location connecting three continents, abundant natural resources, competitive energy prices, advanced infrastructure, and modern industrial cities.

The minister's visit aims to broaden economic cooperation between the two nations and attract high-quality investments to Saudi Arabia. This initiative seeks to enhance mutual benefits by leveraging each country's strengths.

With inputs from SPA