Saudi Arabia and Vietnam have strengthened their economic partnership by signing five investment agreements during the Saudi-Vietnamese Business Forum in Hanoi. These agreements cover diverse sectors including construction, infrastructure, advanced furniture manufacturing, tourism, and human resource development. The move highlights both countries’ commitment to expanding cooperation, particularly in industry and mining, aligning closely with Saudi Arabia’s Vision 2030 goals.
Saudi-Vietnam investment agreements boost cooperation
On Tuesday in Hanoi, Saudi Arabia and Vietnam formalized five new investment agreements that span multiple sectors. These agreements aim to build long-term partnerships between companies from both countries and focus on:
Saudi vision 2030 drives industrial and mining collaboration
Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, emphasized the vital role of the Saudi-Vietnamese Business Council in enhancing these partnerships. Speaking at the forum, he highlighted Saudi Arabia’s keen interest in attracting quality foreign investments, especially in the industrial and mining sectors, which are central pillars of the Kingdom’s economic transformation.
Al-Khorayef outlined promising investment opportunities available in these sectors and detailed the incentives offered by Saudi entities. This includes support from the Saudi Industrial Development Fund and the Saudi Export-Import Bank (Saudi EXIM), both providing financing solutions tailored to facilitate international investment.
He further noted that Saudi Arabia’s local content policies give domestic manufacturers a competitive edge by prioritizing them in government procurement processes. This policy is part of the broader industrial ecosystem designed to boost local industry and innovation.
Since the launch of the Comprehensive Strategy for Mining and Mineral Industries in 2017, combined with the National Geological Survey Program, Saudi Arabia has significantly increased the estimated value of its mineral resources—from $1.3 trillion to $2.5 trillion. Mining is now recognized as the third pillar of the national industrial economy under Vision 2030.
High level engagements highlight expanding bilateral ties
During his visit, Minister Al-Khorayef held a high-level meeting with Vietnamese Deputy Prime Minister Bui Thanh Son. The discussions focused on expanding the comprehensive economic partnership, especially between the industrial and mining sectors.
Both leaders stressed the importance of private sector involvement to maximize investment opportunities. They reaffirmed the Saudi-Vietnamese Business Council’s role in facilitating joint investments and strengthening economic cooperation.
Vietnam is an important destination for Saudi investments, with current Saudi investments exceeding $1.92 billion across key sectors like energy, industry, and technology. The meeting also explored potential cooperation in food industries, halal product manufacturing, research, innovation, and advanced technologies such as artificial intelligence applied to industrial processes.
Strategic advantages of Saudi Arabia for investors
The ministerial meeting highlighted Saudi Arabia’s competitive advantages that make it a premier global investment destination:
Forum attendees and significance
The Saudi-Vietnamese Business Forum was co-organized with the Federation of Saudi Chambers and hosted at the Hanoi Chamber of Commerce and Industry . It gathered government officials and private sector representatives from both countries, including:
Saudi-Vietnam investment agreements boost cooperation
On Tuesday in Hanoi, Saudi Arabia and Vietnam formalized five new investment agreements that span multiple sectors. These agreements aim to build long-term partnerships between companies from both countries and focus on:
- Construction and infrastructure projects
- Advanced furniture manufacturing
- Human resources training and qualification programs
- Tourism development
Saudi vision 2030 drives industrial and mining collaboration
Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, emphasized the vital role of the Saudi-Vietnamese Business Council in enhancing these partnerships. Speaking at the forum, he highlighted Saudi Arabia’s keen interest in attracting quality foreign investments, especially in the industrial and mining sectors, which are central pillars of the Kingdom’s economic transformation.
Al-Khorayef outlined promising investment opportunities available in these sectors and detailed the incentives offered by Saudi entities. This includes support from the Saudi Industrial Development Fund and the Saudi Export-Import Bank (Saudi EXIM), both providing financing solutions tailored to facilitate international investment.
He further noted that Saudi Arabia’s local content policies give domestic manufacturers a competitive edge by prioritizing them in government procurement processes. This policy is part of the broader industrial ecosystem designed to boost local industry and innovation.
Since the launch of the Comprehensive Strategy for Mining and Mineral Industries in 2017, combined with the National Geological Survey Program, Saudi Arabia has significantly increased the estimated value of its mineral resources—from $1.3 trillion to $2.5 trillion. Mining is now recognized as the third pillar of the national industrial economy under Vision 2030.
High level engagements highlight expanding bilateral ties
During his visit, Minister Al-Khorayef held a high-level meeting with Vietnamese Deputy Prime Minister Bui Thanh Son. The discussions focused on expanding the comprehensive economic partnership, especially between the industrial and mining sectors.
Both leaders stressed the importance of private sector involvement to maximize investment opportunities. They reaffirmed the Saudi-Vietnamese Business Council’s role in facilitating joint investments and strengthening economic cooperation.
Vietnam is an important destination for Saudi investments, with current Saudi investments exceeding $1.92 billion across key sectors like energy, industry, and technology. The meeting also explored potential cooperation in food industries, halal product manufacturing, research, innovation, and advanced technologies such as artificial intelligence applied to industrial processes.
Strategic advantages of Saudi Arabia for investors
The ministerial meeting highlighted Saudi Arabia’s competitive advantages that make it a premier global investment destination:
- A unique geographical location linking Asia, Africa, and Europe
- Abundant natural resources
- Competitive energy prices
- Advanced infrastructure
- World-class industrial cities equipped with cutting-edge facilities
Forum attendees and significance
The Saudi-Vietnamese Business Forum was co-organized with the Federation of Saudi Chambers and hosted at the Hanoi Chamber of Commerce and Industry . It gathered government officials and private sector representatives from both countries, including:
- Saudi Ambassador to Vietnam Mohammed Dahlawi
- CEO of the National Industrial Development Center , Eng. Saleh Al-Solami
- Chairman of the Saudi-Vietnamese Business Council, Ahmed Al-Dheeb
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