Saudi enterprises to increase VN investments

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VietNam News English - 35 month(s) ago 9 readings 1 duplicate news

Saudi enterprises to increase VN investments

Many companies in Saudi Arabia are seeking investment opportunities in Viet Nam because of its promising markets, according to a Saudi official.

Workers at Gia Dinh Garment Co make clothes for export. Garments are among Viet Nam's key export items to Saudi Arabia. — VNA/VNS Photo Thanh Vu
HCM CITY —

Speaking at a press conference in HCM City last week, Ambassador to Viet Nam Salah Ahmed Sarhan said that Saudi companies were especially interested in the agriculture sector, particularly the production and export of rice.

In addition to agriculture production, Saudi enterprises expected to establish relations soon with Vietnamese companies in the steel, petroleum and refinery industries as well as in real estate and tourism.

He said the governments of Viet Nam and Saudi Arabia recently had a successful meeting to discuss the development of trade and investment relations between the two countries.

The signing of an Investment Protection Agreement between Viet Nam and Saudi Arabia, which is scheduled to take place in mid-year, is expected to help increase trade and investment co-operation between the two countries.

"We encourage Saudi businessmen to come and invest in Viet Nam," he said.

Although ties in trade and investment between Viet Nam and Saudi Arabia began only recently, bilateral trade turnover reached nearly US$1.05 billion last year.

Viet Nam's major exports to Saudi Arabia include aquatic products, garments, pepper and electronic products (mobile phones and televisions).

Sarhan said that logistics was good in Viet Nam, particularly in the aviation area. He pointed out that the country had many modern planes but aviation infrastructure was still inadequate.

Saudi enterprises hoped to work with the aviation sector to invest in aviation infrastructure.

Saudi Arabia also planned to increase its co-operation with Viet Nam in culture, education and labour activities.

Also speaking at the press conference, Peter Scholten, vice commercial president of Saudi Airlines Cargo, said the company had begun two B-747 freighter flights per week from HCM City in combination with its Hong Kong flights.— VNS

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