Minister of Industry and Trade Nguyen Hong Dien and Minister of Economy and Planning of Saudi Arabia Faisal F. Alibrahim have just signed a Memorandum of Understanding on economic and trade cooperation.

Minister of Industry and Trade Nguyen Hong Dien and Minister of Economy and Planning of Saudi Arabia Faisal F. Alibrahim have just signed a Memorandum of Understanding on economic and trade cooperation between the two countries. The signing ceremony took place on the sidelines of the 8th Future Investment Initiative (FII-8) Conference, witnessed by Prime Minister Pham Minh Chinh and high-ranking delegations from Vietnam and Saudi Arabia. 

The Memorandum of Understanding establishes a mechanism and framework for long-term cooperation between the two Parties in the fields of trade, industry, investment, e-commerce, and digital economy.

Saudi Arabia is the leading economy in the Middle East. In its relations with Vietnam, Saudi Arabia is among the top trade partners in the region. The relationship between Vietnam and the two countries has developed well in many fields in recent times.

During the 2019-2023 period, total trade between Vietnam and Saudi Arabia grew continuously, reaching an average of about 2,2 billion USD per year.

The successful signing of the Memorandum of Understanding not only deepens the good relations between the two countries, but also contributes to perfecting the legal framework, creating favorable conditions for management agencies and businesses of the countries to enhance cooperation in the economic and trade fields.

In the coming time, based on Saudi Arabia's advantages in technology and finance when combined with Vietnam's strengths in investment environment and production capacity, the successful signing of cooperation documents will create an important foundation, contributing to opening up many opportunities for business cooperation and investment for enterprises of the two countries, especially in industrial trade and energy.

Source: Vietnam.vn
 

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