Saudi Arabia, Vietnam sign agreement to bolster economic and trade ties

Economic and trade relations between Saudi Arabia and Vietnam are set to strengthen thanks to a new agreement signed by the Federation of Saudi Chambers.

The agreement was formalized during the Saudi-Vietnamese Business Forum with over 150 ministers in attendance, including the Asian country’s Prime Minister Pham Minh Chinh and the federation chairman Hassan Al-Huwaizi.

The forum aimed to explore untapped investment opportunities between the two nations, the Saudi Press Agency reported.

Prime Minister Chinh commended the Kingdom’s leading role in the region, citing its economic stability and investment-friendly environment.

He encouraged Saudi business owners to invest in Vietnam and take advantage of the opportunities, incentives, and returns available.

Al-Huwaizi, representing Saudi Chambers, emphasized the significant development in Saudi-Vietnamese relations, with the Kingdom now being Vietnam’s second-largest trading partner in the Middle East.

Last month, in an effort to enhance trade, economic, and commercial ties, a high-level business delegation from the Kingdom visited the Asian country.

Led by the Saudi Chamber of Commerce, the delegation held a series of productive meetings with key figures from the Vietnamese Ministry of Foreign Affairs and the Chamber of Commerce, focusing on expanding cooperation across various sectors.