Saudi Arabia, Vietnam Sign Deal to Advance Economic Cooperation

The Kingdom of Saudi Arabia and the Socialist Republic of Vietnam today signed a memorandum of understanding (MoU) to advance economic cooperation across a range of key sectors. The MoU, signed by Saudi Minister of Economy and Planning Faisal Alibrahim and Vietnamese Minister of Industry and Trade Nguyen Hong Dien, aims to boost bilateral trade and investment, focusing on sectors where there is significant potential for growth, such as industry, services, and the digital economy. Covering both public and private spheres, the MoU encourages partnerships between government bodies and the private sector. It outlines several mechanisms for fostering closer cooperation, including building relationships between professional organizations and organizing joint conferences, seminars, exhibitions, and meetings. These initiatives facilitate collaboration between government agencies and economic organizations in both countries. The MoU promotes the establishment of joint ventures and other economic partnerships, emph asizing support for small and medium enterprises (SMEs) to participate in bilateral trade and economic relations. The MoU also fosters the exchange of information between the two ministries on trade and investment, organizes visits and joint events, and encourages further engagement to strengthen their economic partnership. Both parties will work on regularly exchanging information on trade and investment, intensifying joint visits and events to strengthen their economic partnership under the laws and regulations of both countries. Source: Saudi Press Agency