Hanoi: Saudi Arabia and Vietnam signed five investment agreements on the sidelines of the Saudi-Vietnamese Business Forum held in the Vietnamese capital, Hanoi. The agreements aim to build investment partnerships between the two countries in fields such as construction, infrastructure, advanced furniture industries, human resources training and qualification programs, and tourism.

According to Qatar News Agency, Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al khorayef, who is visiting Hanoi, emphasized the significant role of the Saudi-Vietnamese Business Council in strengthening investment partnerships. He highlighted the potential for the private sector to exploit mutual opportunities, particularly in the industrial and mining sectors.

Al khorayef pointed out Saudi Arabia’s commitment to attracting quality foreign investments in these sectors. He discussed the promising investment opportunities and the various incentives provided by industry and mineral resources entities, which include financing solutions from the Saudi Industrial Development Fund and the Saudi Export-Import Bank.

He also underscored the evolution of the sector, which serves as the third pillar of national industry, in line with Saudi Vision 2030. Since the launch of the Comprehensive Strategy for Mining and Mineral Industries in 2017 and the General Geological Survey Program, the estimated value of Saudi Arabia’s mineral resources has increased significantly from $1.3 trillion to $2.5 trillion.