VAFIE works with Saudi Arabia’s Industry Ministry to bolster two-way trade, investment

The Vietnam's Association of Foreign-Invested Enterprises (VAFIE) on Monday held a working session with Saudi Arabia's Ministry of Industry and Mineral Resources to promote the investment and trade ties between the two countries' businesses.

The meeting was organized in coordination with the Embassy of Saudi Arabia in Hanoi.

During the session, VAFIE chairman Nguyen Anh Tuan, together with leaders of many member companies, introduced and exchanged information on potential cooperation projects in the fields of energy, industry, agriculture, and infrastructure.

Notable were projects related to next-generation battery research and production, biochar technology, Internet of Things (IoT)-AI solutions for energy management, waste-to-clean-fuel conversion, and agricultural preservation technologies developed by the Institute of Energy Science and Technology, under the Hanoi University of Science and Technology.

In addition, Invest Global Center, a unit under VAFIE, presented a series of renewable energy projects, including wind and solar power initiatives in the provinces of Ha Tinh, Son La, Lang Son, Quang Ninh, and Thanh Hoa, as well as the Vietnam Metro project.

Other companies such as Van Thuan Group, Giza Vietnam, and Gilimex showcased projects in high-tech agriculture integrated with renewable energy, logistics, industrial parks, and manufacturing infrastructure.

At the meeting, Bandar Ibrahim Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, said he highly appreciates the projects proposed by Vietnamese companies and urged members of the Saudi delegation - including government and corporate representatives - to work closely to study and promote specific cooperation opportunities.

The Minister noted that Saudi Arabia encourages Vietnamese businesses to invest in promising sectors such as renewable energy, the automotive industry, consumer goods manufacturing, smart agriculture, and supporting industries - areas prioritized for development by the Saudi government.

The VAFIE side emphasized that strengthening delegation exchanges and establishing direct business-to-business connections would be an important driver to boost two-way investment and trade.

Vietnamese enterprises expressed their desire to build sustainable, long-term partnerships, aiming to establish shared value chains between the two economies.

The working session opened up new expectations for Vietnam-Saudi Arabia investment and trade cooperation, contributing to deepening bilateral economic relations in the coming period.