At the meetings, Prime Minister Pham Minh Chinh said that the good development of the relationship between Vietnam and Saudi Arabia, mutual trust, rapid economic cooperation and great potential... are a solid foundation for businesses of the two countries to expand cooperation. Further strengthening effective economic cooperation for mutual benefit is one of the top priorities during the visit of the Vietnamese delegation to Saudi Arabia this time.
The Prime Minister affirmed that Vietnam will continue to create favorable conditions, build a safe, transparent, highly competitive investment and business environment, protect the legitimate rights and interests of investors; maintain national defense, security, a peaceful environment, ensure political stability, social order and safety so that investors can operate, produce and do business with peace of mind; always accompany enterprises to overcome difficulties and challenges, seize opportunities and advantages so that foreign investors can operate profitably, effectively and sustainably on the principle of compliance with legal regulations, harmonious benefits, and shared risks.
The Prime Minister said that Vietnam has participated in 16 FTAs, has a favorable geographical location and an increasingly developed logistics system, has many favorable conditions for import and export, and easily connects to major markets in the region as well as the world.
Saudi Arabia's leading industrial group highly appreciates Vietnam's investment environment
Zamil Group was founded in 1920 and is one of the largest industrial groups in Saudi Arabia. Its main areas of activity include industry (steel, plastics, paints, heavy industrial equipment, etc.), shipbuilding and repair, port operations and maintenance, petrochemicals, construction, etc. Zamil Group currently has 21,000 employees in 60 countries around the world.
In 1993, Zamil Steel established a representative office in Ho Chi Minh City. Currently, Zamil Steel Vietnam is operating two modern factories with a total capacity of 120,000 tons of steel buildings per year, with more than 1,000 employees and workers, and a business network extending to 10 Southeast Asian countries and Bangladesh.
At the meeting, Chairman of the Group Abdulrahman Al Zamil announced the plan to cooperate with Vietnamese partners in key areas to expand investment in the coming time. He said that Zamil is the largest direct investor not only from Saudi Arabia but also from the GCC region in Vietnam with about 1,000 employees working.
According to Chairman Zamil, the Saudi Arabian business community was very pleased with the Prime Minister's visit and highly appreciated Vietnam's increasingly improving investment and business environment; in nearly 20 years of operating in Vietnam, the group has encountered almost no difficulties or obstacles.
He also thanked the Vietnamese side for its attention and support for the Group's activities, affirming that the Group has great expectations for Vietnam, an important market for the Group, especially Vietnam's very favorable geographical location for export activities.
Zamil Steel's products have been distributed throughout Southeast Asia, Bangladesh, India, some African and European countries and the Group is continuing to make efforts to expand its export markets.
Zamil and the Chairman personally have actively supported and coordinated with Vietnamese ministries, branches and localities to connect with other Saudi Arabian businesses, especially the successful organization of a program of activities for a delegation of 60 businesses from the Riyadh Chamber of Commerce in Vietnam last September 2023.
The Prime Minister welcomed and highly appreciated the Group's business activities in recent times; highly appreciated the commitment to expand investment in Vietnam in the coming time and hoped that the Group would expand investment in other fields, increase the localization rate, prioritize innovation in production technology towards modernity, increase the content of high technology, sustainability, and environmental friendliness; asked Zamil to share experiences, connect and encourage other enterprises to participate in investment, production and business in Vietnam.
Lulu Group wants to double-triple its imports from Vietnam
Lulu is a retail group with a large supermarket chain system, spread across more than 23 countries around the world, including the Middle East, Asia, Europe... The group currently has more than 65,000 employees with annual revenue of more than 8 billion USD. Lulu has a representative office in Ho Chi Minh City to purchase Vietnamese goods for its supermarket system.
At the meeting, Mr. Shehim Kottilingal, Director of the Group, thanked the Vietnamese agencies for their active support to the Group, especially the Vietnamese Embassy in Saudi Arabia; highly appreciated Vietnam's investment environment, especially its socio-political stability.
He said the group will expand its business investment activities by soon building more storage facilities and new factories in Vietnam, increasing imports of goods from Vietnam by 2-3 times in the coming time, including cashew nuts, fish, high-quality rice, etc.; as well as planning to increase imports of Vietnamese textiles, garments, leather and footwear.
He highly appreciated that Vietnamese products are very popular with consumers in the Middle East. For example, currently 30% of the Group's lemon output and 40% of its cashew output are from Vietnam.
He also proposed studying the opening of direct flights between the two countries to facilitate the import of food and fresh fruits and vegetables in Vietnam.
The Prime Minister thanked and appreciated Lulu Group for being a bridge to introduce quality Vietnamese products to consumers in Saudi Arabia as well as other countries through its large-scale and widespread supermarket chain in recent times.
The Prime Minister suggested that the Group continue to promote and introduce more Vietnamese products in the Group's supermarket chain around the world, especially Vietnamese products with advantages and potential, suitable for the tastes of consumers in Saudi Arabia as well as the Middle East region such as agricultural products, rice, seasonal fruits and vegetables, electronics, textiles, footwear, etc.; cooperate so that Vietnamese enterprises can participate in the Halal industry with great demand and great potential for cooperation.
The Prime Minister also suggested that Lulu consider investing and cooperating with a number of potential and capable Vietnamese partners to open a supermarket chain system in Vietnam, a country of more than 100 million people with great purchasing power... as well as through Vietnam to penetrate the large ASEAN market.
The Prime Minister asked Lulu to study and expand its fields of operation in Vietnam, acting as a bridge to bring potential investors to invest in Vietnam; affirming that Vietnam is ready to create the most favorable conditions for the Group in implementing procedures to expand its operations in accordance with the law.
The Prime Minister agreed with Lulu's proposal that the two sides should increase air connectivity and consider opening direct flights to facilitate trade and investment cooperation.
Ajlan & Bros Group Seizes Opportunities in Vietnam
Ajlan & Bros Group was established in 1979 and is one of the leading enterprises in Saudi Arabia and the GCC in garment, traditional and ready-made clothing products. Currently, the Group has about 15,000 employees in more than 15 countries. In addition, the Group is currently expanding its investment in many fields such as energy, food, hotels, technology... Currently, the Group has invested about 15 billion USD around the world.
At the meeting, Mr. Ali Al-Khatib, Deputy CEO of Ajlan & Bros, highly appreciated the dynamism and rapid development of the Vietnamese economy, affirming that Vietnam is a priority market; announced plans and orientations for development and cooperation with Vietnamese enterprises in the coming time with the desire to contribute to improving the capacity of Vietnamese enterprises, especially in areas where Vietnam has strengths such as agriculture, agricultural processing, renewable energy, high technology, etc. He asked Vietnamese agencies to introduce suitable enterprises to promote cooperation.
Affirming that Vietnam is a market with great potential, the Prime Minister suggested that the Group seize investment and business opportunities, cooperate with a number of capable Vietnamese partners to develop the Group's strengths in Vietnam as Mr. Ali Al-Khatib mentioned, jointly exploit and develop the market, promote exports to markets around the world, move towards technology transfer, helping Vietnamese enterprises participate deeply in regional and global production chains.
The Prime Minister affirmed that Vietnam is ready to welcome Ajlan & Bros and relevant agencies will support and create the most favorable conditions for the Group to operate effectively and sustainably.
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