Saudi Arabia and Vietnam have formalized a memorandum of understanding (MoU) aimed at enhancing economic collaboration across various vital sectors.
Key signatories and objectives
The MoU was signed by Faisal Alibrahim, Saudi minister of Economy and Planning, and Nguyen Hong Dien, Vietnamese minister of Industry and Trade. Its primary goal is to elevate bilateral trade and investment, concentrating on sectors with considerable growth potential, including industry, services, and the digital economy. Encompassing both public and private domains, the MoU promotes collaborative efforts between government entities and the private sector.
Mechanisms for cooperation
It specifies several strategies to nurture closer ties, such as fostering connections among professional organizations and organizing collaborative conferences, seminars, exhibitions, and meetings. These initiatives are designed to enhance cooperation between governmental agencies and economic entities in both nations.
Support for economic partnerships
Additionally, the MoU encourages the creation of joint ventures and other economic partnerships, with a particular emphasis on supporting small and medium-sized enterprises (SMEs) in engaging with bilateral trade and economic activities.
Information exchange and future engagement
Furthermore, the MoU supports the exchange of information between the two ministries regarding trade and investment, facilitates visits and joint events, and promotes deeper engagement to fortify their economic relationship. Both parties are committed to regularly sharing information on trade and investment matters, increasing joint visits and events to strengthen their economic partnership, all while adhering to the laws and regulations of their respective countries.
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