Deputy PM Tran Luu Quang attends Vietnam - Saudi Arabia Business Forum
WVR/VNA - Vietnam and Saudi Arabia have substantial potential to improve the efficiency of their trade and investment cooperation, according to a Business Forum in Hanoi on September 11, 2023.
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| Deputy PM Tran Luu Quang attends Vietnam - Saudi Arabia Business Forum: The Vietnam-Saudi Arabia Business Forum opened this afternoon, September 11, at the Ministry of Foreign Affairs Office. (Photo: WVR/Tuan Viet) |
The Business Forum, jointly held by the Vietnamese Ministry of Foreign Affairs, and the Embassy of Saudi Arabia and the Riyadh Chamber of Commerce and Industry of Saudi Arabia, brought together more than 750 representatives from ministries, agencies, investments funds and businesses.
In his remarks, Deputy Prime Minister Tran Luu Quang called the Forum a vivid demonstration of the determination of the two sides to elevate the Vietnam-Saudi Arabia relationship to a new height.
The Deputy Prime Minister asked the participants to look into opportunities and challenges, and propose solutions to effectively implement the four pillars of cooperation that are increasing trade turnover; promoting investment in energy, high-tech, heavy industry and food industry; enhancing cooperation in information technology, digital transformation and telecommunications; and creating motivation for tourism and labour collaboration in a sustainable, effective and high-quality manner.
He also suggested the three key groups of tasks - completing the legal and policy framework to facilitate economic cooperation; stepping up the sharing of market information and cooperation opportunities; and effectively organising activities connecting localities and businesses.
Standing Deputy Minister of Foreign Affairs Nguyen Minh Vu urged enterprises to utilise the reciprocity of the two economies and foster their connectivity to reach specific cooperation agreements.
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| Deputy PM Tran Luu Quang attends Vietnam - Saudi Arabia Business Forum: Deputy Prime Minister Tran Luu Quang and business representatives visited booths displaying Vietnam's strong export products. (Photo: Tuan Viet) |
Ambassador Mohammed Ismaeil A. Dawhly emphasised that Saudi Arabia attaches importance to forging the friendship and multi-faceted cooperation with Vietnam, saying ample room remains for the two countries to advance their trade and investment ties.
On this occasion, the Riyadh Chamber of Commerce and Industry of Saudi Arabia and its associations and businesses signed cooperation documents with the Department of Industry and Trade of Vietnam’s Mekong Delta province of Ben Tre, the centre for investment, trade and tourism promotion of the southern province of Binh Phuoc, the young entrepreneurs association of the northern port city of Hai Phong, and the Department of Industry and Trade of the south-central province of Ninh Thuan.
Following the Forum, businesses of the two countries also inked four memoranda of understanding on cooperation and two contracts.
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| Deputy PM Tran Luu Quang attends Vietnam - Saudi Arabia Business Forum: In recent years, more and more Saudi Arabian businesses are interested in promoting cooperation with Vietnam. (Photo: Tuan Viet) |
During their stay in Vietnam, the Saudi Arabia business delegation is scheduled to meet representatives from some ministries and economic sectors, and visit Hai Phong city and some industrial parks and big groups of Vietnam.
Saudi Arabia is a leading economic partner of Vietnam in the Middle East, with two-way trade turnover reaching over 2.7 billion USD last year, up 32.4% year-on-year.
(Source: WVR/VNA)
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