Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef witnessed the signing of five investment agreements between Saudi and Vietnamese companies during his participation in the “Saudi-Vietnamese Business Forum” held in the Vietnamese capital, Hanoi.

The five agreements focused on building investment partnerships between the two sides in several fields, including construction, infrastructure implementation, advanced furniture industries, human resources qualification and training programs, alongside an agreement in the tourism sector.

Al-Khorayef emphasized in his speech at the forum, held at the Vietnam Chamber of Commerce and Industry headquarters and jointly organized with the Saudi Chambers Union, the strong 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 exploit mutual opportunities across various sectors, primarily industry and mining.

He pointed to the Kingdom’s keenness to attract quality foreign investments in the industrial and mining sectors, highlighting the promising investment opportunities offered by these sectors, the enablers and incentives provided by the Ministry of Industry and Mineral Resources ecosystem to facilitate international investors’ journey, including financing solutions offered by the Saudi Industrial Development Fund and the Saudi Export-Import Bank.

Al-Khorayef also noted the Kingdom’s local content policies that support industrial localization and provide a competitive advantage for local manufacturers to benefit from government procurement opportunities.

Regarding the Saudi mining sector, Al-Khorayef reviewed the development and transformation journey of the sector, which is considered the third pillar of the national industry according to the Kingdom’s Vision 2030 targets. The launch of the comprehensive mining and mineral industries strategy in 2017 and the general geological survey program increased the estimated value of the Kingdom’s mineral wealth from $1.3 trillion to $2.5 trillion.

The “Saudi-Vietnamese Business Forum” was held in the presence of the Saudi Ambassador to the Socialist Republic of Vietnam, Mohammed Dahlawi, CEO of the National Industrial Development Center, Engineer Saleh Al-Salmi, Chairman of the Saudi-Vietnamese Business Council Ahmed Al-Dheeb, and a number of government officials and private sector representatives from both countries. The forum provided an important platform to discuss cooperation opportunities in several advanced industries, research, innovation, and artificial intelligence.

The Minister’s participation in the forum is part of his official visit to the Socialist Republic of Vietnam, aiming to strengthen economic relations between the two countries, explore industrial and mining cooperation opportunities, and attract quality investments to the Kingdom in line with Vision 2030 goals.