- Saudi Arabia and Vietnam discuss boosting cooperation in the mining and industrial sectors.
- The meeting emphasized private sector investments, technology transfer, and the business council's role.
- Saudi investments in Vietnam exceed $1.92 billion across energy and technology.
Minister of Industry and Mineral Resources Bandar Alkhorayef met Vietnamese Deputy Prime Minister Bui Thanh Son in Hanoi on Monday. They talked about methods to grow economic collaboration and improve cooperation in the mining and industry sectors.
The meeting highlighted the significance of allowing the private sector to take advantage of shared investment prospects in the mining and industry fields and of enhancing the Saudi-Vietnamese Business Council's role in promoting collaborative investments.
Vietnam is regarded as a crucial destination for Saudi investments, which surpass $1.92 billion and encompass various sectors, including energy, industry, and technology. In the meeting, the officials talked about chances for knowledge sharing, attracting investments, and transferring technology across various promising sectors, such as food industries and halal products, while also improving collaboration in research, innovation, and advanced manufacturing technologies such as artificial intelligence.
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The meeting emphasized the competitive benefits of the Kingdom’s industrial investment climate and the support and incentives provided to ease investors’ experiences. It further assessed the Kingdom’s strategic advantages that position it as an attractive site for industrial investments, including its geographical location bridging three continents, plentiful natural resources, favorable energy costs, developed infrastructure, and contemporary industrial cities.
The official visit of the Saudi minister to Vietnam seeks to expand economic collaboration and draw premium investments to the Kingdom. The visit aims to enhance bilateral relations, generate new business prospects, and encourage sustainable industrial development, while facilitating innovation, technology sharing, and advantageous partnerships between Vietnam and Saudi Arabia.