In 2024, Vietnam and Saudi Arabia will celebrate the 25th anniversary of diplomatic relations. Saudi Arabia is the largest economy in the Gulf region; one of Vietnam's leading economic partners in the Middle East. Trade turnover between Vietnam and Saudi Arabia in 2022 will reach over 2.7 billion USD, an increase of 32.4% compared to 2021.
In recent years, more and more Saudi Arabian enterprises have shown interest and desire to promote cooperation with Vietnam in the fields of trade, investment, energy, seaports, Halal food, tourism, innovation, etc. Notably, Vietnam recently issued the Project "Strengthening international cooperation to build and develop Vietnam's Halal industry by 2030". This is the first project to provide major national orientations to open up the potential Halal market with Saudi Arabia as one of the priority partners and markets.
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From September 11-13, 2023, the largest business delegation from Saudi Arabia in particular and the Middle East in general will come to explore cooperation and business opportunities with Vietnamese localities and businesses.
Implementing Directive No. 15 - CT/TW of the Secretariat on economic diplomacy to serve national development, in order to further enhance the effectiveness of economic cooperation between Vietnam and Saudi Arabia, the Ministry of Foreign Affairs will coordinate with the Saudi Arabian Embassy in Hanoi and the Riyadh Chamber of Commerce and Industry (Saudi Arabia) to organize the Vietnam - Saudi Arabia Business Forum on September 11, 2023 at the Ministry of Foreign Affairs Office, Hanoi.
The forum is expected to have the participation of nearly 500 delegates, including leaders of ministries, sectors, localities, investors, enterprises, representatives of organizations and business associations of both sides, including more than 50 Saudi Arabian enterprises operating in many fields such as energy, information technology, iron and steel industry, mining, industrial spare parts, construction, investment, healthcare, cosmetics, pharmaceuticals, tourism, human resources, transportation, retail, wood products, garment, agriculture, seafood, etc.
This is the largest business delegation from Saudi Arabia in particular and the Middle East in general to Vietnam to explore cooperation and business opportunities with Vietnamese localities and businesses.
It is expected that after the plenary opening session and the signing ceremony of cooperation documents, the Forum will organize business connection activities including Business-to-Business (B2B) and Business-to-Local (B2P) dialogue sessions. The Forum will also reserve space to organize an area to display the export strengths of Vietnamese businesses and localities. During their stay in Vietnam, Saudi Arabian businesses will visit a number of industrial parks, export processing zones, seaports and businesses in a number of localities.
It is known that in recent times, the Vietnamese Trade Office in Saudi Arabia has closely coordinated with local Chambers of Commerce and large supermarket chains in the market such as Lulu, Carfour, Al Othaim... to support the promotion of finding outlets for products, helping businesses. In the first 7 months of 2023, export turnover from Vietnam to Saudi Arabia reached over 608 million USD, an increase of 60% over the same period in 2022. This is also the most impressive export turnover index ever of the Saudi Arabian market, contributing to the country's economic growth. |
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