Fourth session of the Vietnam-Saudi Arabia Joint Committee on Economic, Scientific and Technological Cooperation is held via videoconference (Photo: VNA) At the event, the co-chairs viewed theimplementation of cooperation contents agreed since the third session, and putforth orientations and measures to boost the two countries’ future cooperation inthe coming time.
Both sides agreed on the importance of the joint committee mechanism indeveloping friendship and cooperation, and continuing to pave the way forexpanding multifaceted collaboration between the two countries.
According to Deputy Minister Cao Quoc Hung, Vietnamand Saudi Arabia have supported each other at international and regionalforums, as well as multilateralism, international law, the United NationsCharter and the role of the UN in ensuring global peace and development
Hung said Saudi Arabia is a major market and oneof Vietnam’s important partners in the Middle-East – Africa region, whilehighlighting the development of the two countries’ economic and tradeties in recent times.
The two countries’ import-export value has been rising and hit 1.87 billion USDin 2014. In 2020, the figure reached 1.6 billion USD despite the impacts of theCOVID-19 pandemic.
However, investment from Saudi Arabian enterprises to Vietnam is still modest, althoughtheir financial potential and strength are huge, and Vietnam boasts potentialand advantages on investment and business environment.
Deputy Minister of Industry and Trade Cao Quoc Hung (Photo: VNA) Saudi Arabia is running six projects with totalregistered capital of 2.37 million USD in Vietnam, ranking 89th among 139countries and territories investing in the Southeast Asian nation.
The fourth session focused on certain priorityareas to promote cooperation such as enhancing bilateral trade throughdiversifying imports on the basis of demand and strength of each country, increasinginvestment attraction from Saudi Arabia to Vietnam, and removing difficultiesin bilateral trade ties.
The two sides looked towards the early conclusionof the necessary legal framework to facilitate and support payment, trade andinvestment activities of businesses and people of the two countries.
They discussed how to increase cooperation inenergy, electricity, oil and gas, renewable energy, chemicals, food processing,construction of infrastructure like airport, seaports, roads, industrial parks,high-end resorts, hotels, urban areas, and industrial and agriculturalproduction.
Besides, they also discussed measures to boost cooperation infields as defence – security, labour, healthcare, education, culture, tourism,agriculture, industry, information technology.
Deputy Minister Cao Quoc Hung from Hanoi and Deputy Minister Bandar AlKhamies from Riyalh signed the minutes of meeting. They agreed that the fifth session willtake place in 2023 in Saudi Arabia./.
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