Vietnam, Saudi Arabia boost trade and investment cooperation

Speeding up multi-faceted cooperation with Saudi Arabia, especially in oil and gas, agriculture, investment, trade and labour, is one of Vietnam’s priorities in its foreign policy towards the Middle East.

The statement was made by the President of the Vietnam Chamber of Commerce and Industry (VCCI), Vu Tien Loc, at the Vietnam-Saudi Arabia Business Forum held in Hanoi on May 27.

In the coming time, through the Inter-governmental Cooperation Committee, the two countries will create a favourable legal foundation for their businesses to expand trade and investment activities and increase information exchanges, Mr Loc said.

The Saudi Arabian Ambassador to Vietnam Salal Ahmed Sarhan and President of the Saudi Arabia Chamber of Commerce and Industry, Mahak Tolal A.Mirza, said the trade and investment cooperation between the two countries remains modest so a Saudi Arabian business delegation’s visit to Vietnam is expected to pave the way for enterprises of the two sides to explore each other’s potential and exchange views on bilateral cooperation in industry, trade and investment.

The Saudi Arabian delegation, including representatives of 11 businesses operating in such fields as construction, home electric appliance, transport service, real estate, industry and energy, has visited Vietnam from May 26-29 to survey and promote investment in the Southeast Asian market.

According to the Ministry of Industry and Trade (MoIT), two-way trade between Vietnam and Saudi Arabia has continuously increased over the past years, reaching over US$455 million in 2009 despite the impact of the global economic crisis.

The ministry also said that Saudi Arabia is a large market in the Middle East with its high payment capacity and huge demand for commodities that are Vietnam’s strengths.

Through the country, Vietnamese goods have a chance to enter other Middle East markets and vice versa Vietnam serves as a bridge for Saudi Arabia’s products to be exported to the ASEAN market.

Vietnam mainly exports garments, seafood, computers, electronic components, woodwork, iron and steel to Saudi Arabia while importing raw plastics, chemicals, autos and animal feed from this market.

In addition to trade and investment ties, the two countries have also strengthened their cooperation in labour. At present, around 20,000 Vietnamese workers are working in Saudi Arabia.

Tags: Vietnam Saudi Arabia cooperation, Vietnam Saudi Arabia trade