Saudi-Vietnamese Joint Committee explores ways to boost trade
Business
The two nations reviewed the trade volume
RIYADH: Trade exchange between Saudi Arabia and Vietnam is on course to prosper following discussions in a ministerial meeting.
The fifth Saudi-Vietnamese Joint Committee, taking place in the Asian country’s capital of Hanoi, saw the participation of the Kingdom’s Assistant Deputy Minister for Mining Enablement Abdulaziz Al-Ahmadi, Vietnam’s Deputy Minister of Industry and Trade Phan Thi Thang, as well as joint representatives from several government agencies.
During the meeting, the two nations reviewed the trade volume between them and expressed their intent to enhance it, broadening the range of exchanged products.
This aligns with both countries’ efforts in recent years to bolster economic and trade relations.
During the talk, the officials also discussed implementing support initiatives to facilitate trade exchange by encouraging the exchange of trade missions and participating in the economic activities held in the two countries.
The meeting also shed light on ways to enhance relations and common interests in accordance with the economic, scientific, and technical cooperation agreement concluded in Hanoi on May 25, 2006.
Additionally, both sides discussed increasing the volume of investments in priority sectors between them and elevating partnerships in trade, exports, and investments.
As the assembly concluded, both nations pledged to continue working to develop bilateral cooperation in key areas, including foreign relations, trade, energy, and industry.
Additional sectors included investment, finance, development support, health, as well as education, training, human resources development, media, and justice.
Other areas of interest entailed culture and tourism, security and defense, science, technology and innovation, among others.
The Kingdom is a significant market for Vietnam and a vital partner in the Middle East and Africa.
The region’s exports to the Asian country during 2022 included plastic products, mineral products, and organic chemicals.
They also entailed animal food and fish meat preparations.
Meanwhile, Saudi Arabia’s imports from Vietnam included electrical appliances, equipment and their parts, and metal products.
They also included copper and its products, shoes, machinery and tools.
The Saudi-Vietnamese Joint Committee was established in 2006 to promote cooperation across various sectors for mutual development.
