During his official visit to the Socialist Republic of Vietnam, Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef held a bilateral meeting with Vietnamese Minister of Industry and Trade Nguyen Hong Dinh. The meeting focused on expanding the horizons of economic partnership between the two countries and exploring mutual investment opportunities in advanced industrial sectors.
The meeting underscored the strength of economic relations between the two nations and the pivotal role of the Saudi-Vietnamese Joint Committee, established in 2006, in fostering economic partnerships across various sectors and supporting the growth of bilateral trade, which increased from SAR 9.58 billion in 2016 to SAR 14.11 billion in 2024.
The meeting also addressed ways to enhance industrial cooperation between the two countries and develop joint investments in strategic sectors, including the automotive, food processing, metals, and semiconductor industries. Opportunities for exchanging expertise, technology transfer, and human capital development in these promising sectors were also discussed.
Bandar bin Ibrahim Al-Khorayef met with Vietnamese Deputy Prime Minister Bui Thanh Son in Hanoi, the Vietnamese capital, to discuss ways to expand economic partnership between the two countries and enhance cooperation in the industrial and mining sectors during his official visit to the Socialist Republic of Vietnam.
The meeting emphasized the importance of enabling the private sector to capitalize on mutual investment opportunities in the industrial and mining sectors and strengthening the role of the Saudi-Vietnamese Business Council to contribute to the development of joint investments. Vietnam is a significant destination for Saudi investments, exceeding US$1.92 billion, and encompassing numerous sectors including energy, industry, and technology.
The meeting also explored opportunities for exchanging expertise, attracting investments, and transferring technology in several promising sectors, including food industries and halal products, as well as enhancing cooperation in research and innovation, advanced manufacturing technologies, and artificial intelligence.
