Saudi Arabia’s Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef witnessed the signing of five investment agreements between Saudi and Vietnamese companies during his participation in the Saudi-Vietnamese Business Forum held in Hanoi.
The agreements focused on building investment partnerships in several fields, including construction and infrastructure, advanced furniture manufacturing, qualification and training programs, and an agreement in the tourism sector.
The Saudi-Vietnamese Business Forum was held at the Hanoi Chamber of Commerce and Industry and was co-organized with the Federation of Saudi Chambers.
Industry and mining in focus
During the event, Alkhorayef underlined the strength of economic relations between the two friendly countries and the pivotal role of the Saudi-Vietnamese Business Council in enhancing investment partnerships and enabling the private sector to capitalize on mutual opportunities, particularly in industry and mining.
He highlighted the Kingdom’s keenness to attract quality foreign investment in the industry and mining sectors, outlining promising opportunities and the enablers and incentives provided by entities within the industry and mineral resources ecosystem to facilitate international investors, including financing solutions from the Saudi Industrial Development Fund and the Saudi Export-Import Bank (Saudi EXIM).
Alkhorayef also noted Saudi Arabia’s local content policies, which support localization and grant domestic manufacturers a competitive advantage in benefiting from government procurement opportunities.
Kingdom’s mineral resources rise to $2.5 trillion
In the mining sector, Alkhorayef reviewed the sector’s development and transformation as the third pillar of the national industrial economy under Saudi Vision 2030. He added that launching the Comprehensive Mining and Mineral Strategy in 2017, along with the National Geological Survey Program, raised the estimated value of the Kingdom’s mineral resources from $1.3 trillion to $2.5 trillion.
The Saudi-Vietnamese Business Forum was attended by Saudi Ambassador to the Socialist Republic of Vietnam Mohammed Dahlawi; CEO of the National Industrial Development Center Eng Saleh Al-Solami; and Chairman of the Saudi-Vietnamese Business Council Ahmed Al-Dheeb, along with government officials and private-sector representatives from both countries.
The forum provided a platform for discussing cooperation opportunities in advanced industries, research, innovation and artificial intelligence. Alkhorayef’s participation in the Saudi-Vietnamese Business Forum was part of his official visit to Vietnam, aimed at strengthening economic relations, exploring cooperation in industry and mining, and attracting quality investment to the Kingdom, in line with Saudi Vision 2030.
Saudi Arabia seeks quality investments in industry and mining
As part of his official visit to Vietnam, Alkhorayef also held bilateral meetings with leaders of industrial and mining companies in the Vietnamese capital. During the meetings, participants discussed joint investment opportunities in the industry and mining sectors.
The meetings highlighted the objectives of the Saudi National Industrial Strategy and the distinctive investment opportunities available in mining, as well as several promising industrial sectors, including food industries and automotive manufacturing. They reviewed the competitive advantages of the Kingdom’s investment environment, along with the enablers and incentives offered to facilitate investors’ journey.
Moreover, the meetings addressed the Kingdom’s strategic advantages that position it as a key hub for attracting global investments. These include its geographic location linking three continents, abundant natural resources, competitive energy prices, advanced infrastructure, modern industrial cities and streamlined government procedures.
The meetings aimed to strengthen bilateral economic ties, advance cooperation between the two countries in the industrial and mining sectors, and attract quality investments to the Kingdom.
