Potential opportunities for Bac Kan Province at the Vietnam-Saudi Arabia Business Forum
On September 11 in Hanoi, the Ministry of Foreign Affairs coordinated with the Embassy of Saudi Arabia in Hanoi and the Riyadh Chamber of Commerce and Industry (Saudi Arabia) to organize the Vietnam - Saudi Arabia Business Forum. A delegation from Bac Kan province directly attended the Forum.
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Attending the Forum were Deputy Prime Minister Tran Luu Quang, Deputy Minister of Foreign Affairs Nguyen Minh Vu along with over 500 representatives from ministries, Bac Kan province and localities, as well as investment funds and major business groups from the Middle East region to seek cooperation and business opportunities in Vietnam.
The delegation of 50 Saudi Arabian businesses participating in the Forum operates in many fields such as energy, information technology, iron, steel, mining, industrial parts, construction, investment, health care, cosmetics, pharmaceuticals, tourism, human resources, transport, retail, wood goods, garments, agriculture, seafood and information technology.
This is the largest business delegation from Saudi Arabia in particular and the Middle East region in general to Vietnam to seek cooperation and business opportunities with localities and Vietnamese businesses.
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| Deputy Prime Minister Tran Luu Quang took photos with the leadership of localities and the delegation of 50 Saudi Arabian businesses. |
The Bac Kan province delegation participating in the Forum included the Chairman of the Bac Kan Provincial People's Committee Nguyen Dang Binh, Vice Secretary of the Provincial Party Committee and Chairman of the Provincial People's Committee; leaders of the Departments of Industry and Trade, Agriculture and Rural Development, Planning and Investment, some businesses and cooperatives...
After the opening plenary session and signing ceremony of cooperation documents, the Forum also had business connection activities including Business-to-Business (B2B) and Business-to-Province (B2P) dialogues.
Hundreds of direct exchanges and connections were made between Saudi Arabian businesses and localities and Vietnamese businesses in many fields such as energy, iron and steel, mining, industrial parts, construction, investment, health care, cosmetics, pharmaceuticals, sports, tourism, human resources, transport, retail, wood goods, garments, agriculture, seafood and information technology.
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| Deputy Prime Minister Tran Luu Quang visited Bac Kan province's exhibition booth. |
The forum also arranged space for exhibition areas showcasing the export strengths of Vietnamese businesses and localities. At Bac Kan province's booth, there were companies and cooperatives including Bac Ha Herbal Medicine Technology Joint Stock Company, Ha Diep Limited Company, Bac Kan Agricultural Products Joint Stock Company, Tai Hoan Cooperative, Tan Thanh Agricultural Cooperative, Bac Kan High-Tech Agricultural Cooperative (BKFOODS).
This is an opportunity for businesses and cooperatives in Bac Kan province to participate in exhibitions, promotions and introductions of potential commodity products and specialities of the province, to strengthen exchanges, cooperation, market exploration, and linkage of product consumption with the Saudi Arabian business delegation.
Products displayed at Bac Kan province's booth included OCOP products, typical rural industrial products and strengths of the province such as Health food products made from turmeric (Vicumax Nano Curcumin, turmeric starch, turmeric honey pellets, turmeric powder, dried turmeric, etc.); agricultural product processed products (dried ginger, dried bamboo shoots; golden flower tea, piper betel shoot tea, gain tea, glass noodles, etc.).
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| Deputy Minister of Foreign Affairs Nguyen Minh Vu took a souvenir photo with Chairman of the Bac Kan Provincial People's Committee Nguyen Dang Binh at Bac Kan province's exhibition booth. |
During their time in Vietnam, Saudi Arabian businesses will visit some industrial parks, export processing zones, seaports and businesses in some localities to concretize their interests and desires to promote cooperation between Saudi Arabian businesses and Vietnam in many fields.
Saudi Arabia is the largest economy in the Gulf region. It is vigorously implementing the "Vision 2030" strategy to diversify the economy, develop a non-oil economy, reform, open up and promote the implementation of many large-scale infrastructure projects to become a leading global political and economic centre by 2030.
Saudi Arabia is the largest economy and one of Vietnam's leading economic partners in the Middle East region. Bilateral trade between the two countries in 2022 reached over 2.7 billion USD, up 32.4% compared to 2021.
Bac Kan is a mountainous province in the central position of northern provinces, with a total natural land area of about 485,996 ha. With fertile land, Bac Kan has advantages in developing concentrated production of agricultural and forestry products on a large scale, gradually participating in modern distribution markets domestically and aiming for export of ginger, apricots, wood chopsticks... in particular products with potential for Halal certification to target the Saudi Arabian market.
On the other hand, Bac Kan is endowed with beautiful scenery by nature, especially the largest forest coverage in the country, so the climate is fresh and suitable for developing high-end resort real estate, golf courses, and elderly care facilities to ensure social welfare.
With promising mineral resource potential estimated at over 15 million tons, Bac Kan can cooperate with Saudi Arabian businesses in industries such as battery, solar panel, electronic circuit manufacturing and processing to develop products.
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