Saudi Gazette report

HANOI — Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef began his official visit to Vietnam on Monday, leading a high-level delegation from the Saudi industry and mineral resources ecosystem, after his visit to China.

The three-day visit aims to enhance cooperation across industry, advanced manufacturing, mining, and sustainable development sectors. The visit reinforces Saudi Arabia's commitment to expanding economic partnerships with Southeast Asian nations while advancing the Kingdom's Vision 2030 economic diversification objectives.

The Saudi-Vietnamese Joint Committee, established in 2006, has been critical in strengthening this economic cooperation, with its next session scheduled for 2026 in Riyadh to further boost bilateral ties. The committee focuses on enhancing collaboration across multiple sectors including industry, mining, investment, tourism, and agriculture. Trade between the two nations has shown substantial growth, with total trade increasing from $2.55 billion in 2016 to $3.76 billion in 2024, reflecting the expanding economic ties and complementary strengths of both economies.

The ministerial visit opens in Hanoi with a series of top government engagements. The agenda begins with discussions between Alkhorayef and Deputy Prime Minister Bui Thanh Son, affirming the strategic importance of the relationship. Alkhorayef will also meet with Minister of Industry and Trade Nguyen Hong Dien, with discussions focusing on expanding bilateral trade and industrial collaboration.

The delegation will then meet with Minister of Science and Technology Nguyen Manh Hung to address cooperation in innovation, research, and industrial modernization. During his official visit, Alkhorayef will chair a business roundtable organized by the Saudi Ministry of Industry and Mineral Resources in cooperation with the Vietnam Chamber of Commerce and Industry (VCCI), which will facilitate dialogue on partnerships in logistics, advanced manufacturing, and joint ventures between Saudi and Vietnamese private-sector leaders.

Alkhorayef's agenda includes strategic meetings with leading Vietnamese enterprises across multiple sectors, including VINFAST (automotive and electric vehicle technologies), the Vietnam Association of Foreign Invested Enterprises (VAFIE) (economic cooperation), and Vinafood II (halal food processing and distribution). These engagements will explore specific collaboration opportunities in automotive supply chains, halal-certified food production, industrial zone development, and sustainable manufacturing practices.

The visit highlights the strategic alignment between Vietnam's dynamic industrial economy and Saudi Arabia's Vision 2030 transformation agenda. Vietnam is a key destination for Saudi investment, which exceeds $1.92 billion, reflecting the depth of long-standing economic relations between the two countries. Both nations possess complementary economic strengths: Vietnam's robust manufacturing capabilities, expertise in strategic sectors including automotive and mining industries, and its National Strategy for the Fourth Industrial Revolution align with Saudi Arabia's focus on minerals and industrial diversification. The Kingdom's strategic location, investment-friendly policies, and advanced infrastructure offer Vietnamese companies a gateway to Middle Eastern and global markets.

This mutual compatibility creates meaningful opportunities for partnership in advanced manufacturing, renewable energy, mining, and trade cooperation. This diplomatic initiative strengthens government relations and fosters business-to-business connections, reinforcing Saudi Arabia's role as a global industrial and trade hub while supporting Vietnam's economic growth.