Saudi Gazette report

HANAI — Minister of Industry and Mineral Resources Bandar Alkhorayef witnessed the signing of five investment agreements between Saudi and Vietnamese companies during his participation in the Saudi-Vietnamese Business Forum held at the Hanoi Chamber of Commerce and Industry in Hanoi.

The agreements focused on building investment partnerships in several fields, including construction and infrastructure, advanced furniture manufacturing, qualification and training programs, and an agreement in the tourism sector.

Addressing the forum, co-organized with the Federation of Saudi Chambers, Alkhorayef underlined the strength of economic relations between the two friendly countries and the pivotal role of the Saudi-Vietnamese Business Council in enhancing investment partnerships and enabling the private sector to capitalize on mutual opportunities, particularly in industry and mining.

He highlighted the Kingdom’s keenness to attract quality foreign investment in the industry and mining sectors, outlining promising opportunities and the enablers and incentives provided by entities within the industry and mineral resources ecosystem to facilitate international investors, including financing solutions from the Saudi Industrial Development Fund and the Saudi Export-Import Bank (Saudi EXIM).

Alkhorayef also noted the Kingdom’s local content policies, which support localization and grant domestic manufacturers a competitive advantage in benefiting from government procurement opportunities.

In the mining sector, Alkhorayef reviewed its development and transformation as the third pillar of the national industrial economy under Saudi Vision 2030. He added that launching the Comprehensive Mining and Mineral Strategy in 2017, along with the National Geological Survey Program, raised the estimated value of the Kingdom’s mineral resources from $1.3 trillion to $2.5 trillion.

The forum was attended by Saudi Ambassador to Vietnam Mohammed Dahlawi; CEO of the National Industrial Development Center Eng. Saleh Al-Solami; and Chairman of the Saudi-Vietnamese Business Council Ahmed Al-Dheeb, along with government officials and private-sector representatives from both countries. The forum provided a platform for discussing cooperation opportunities in advanced industries, research, innovation, and artificial intelligence.

Alkhorayef’s participation in the forum was part of his official visit to Vietnam, aimed at strengthening economic relations, exploring cooperation in industry and mining, and attracting quality investment to the Kingdom, in line with Saudi Vision 2030.