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Saudi Arabia, Vietnam Ink MoU to Bolster Economic Cooperation

Saudi Arabia and Vietnam have on Wednesday signed a memorandum of understanding (MoU) to strengthen economic cooperation across several vital sectors, reported the Saudi Press Agency (SPA).

The MoU, signed by the Saudi Minister of Economy and Planning, Faisal Alibrahim, and the Vietnamese Minister of Industry and Trade, Nguyen Hong Dien, aims to foster bilateral trade and investment.

It prioritizes digital economy, industry and related services, as both countries have great potential for growth in these sectors. Moreover, the MoU encourages forging partnerships between government entities and the private sector in the two countries.

Under the MoU, both countries will foster cooperation through building relations between professional organizations. This includes organizing joint conferences, seminars, exhibitions and meetings to enhance coordination between government entities and economic organizations.

Furthermore, the MoU includes promoting the development of joint economic projects and partnerships, with a focus on supporting small and medium enterprises (SMEs) to enhance bilateral economic and business ties.

Both sides will exchange knowledge on trade and investment, increase visits and joint events to strengthen their economic partnership, in compliance with the applicable rules and regulations in the two countries.

The signing of the MoU comes against the backdrop of the Prime Minister of Vietnam, Pham Minh Chinh, visit to Saudi Arabia, where he met the Saudi Crown Prince and Prime Minister, Mohammed bin Salman, on Tuesday. Both leaders reviewed bilateral relations and ways to strengthen them.

In addition, the Vietnamese Prime Minister participated in the eighth edition of the Future Investment Initiative (FII8) and met several Saudi officials in Riyadh, including the Saudi Economy Minister.

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