Saudi Arabia, Vietnam seek for broader cooperation

The statement was made by Saudi Arabia’s Deputy Minister of Economy and Planning, Ahmed H.Salah at the second session of the Vietnam-Saudi Arabia joint committee for economic, scientific, and technical cooperation in Hanoi on March 25.

At the meeting, both sides briefed each other about recent socio-economic development, reviewed cooperative relations between the two nations since the first session and devised practical solutions to enhance cooperation in trade, industry, oil and gas, agriculture, finance, banking, investment, labour, transport and communications.

Deputy Industry and Trade Minister Le Duong Quang underscored the need to implement cooperative programs to ensure energy and food security between the two countries as well as measures aimed at carrying out Saudi Arabia’s initiatives on overseas investment.

He also said Vietnam attaches importance to future cooperation and investment in the field of agriculture and oil and gas.

In addition both parties agreed to accelerate negotiations and the signing of agreements on visa exemption for diplomatic and official passports holders, an agreement on investment encouragement and protection, a cooperative agreement between the two foreign ministries and a deal among central banks of the two nations and the official signing of an air transport agreement.

According to statistics from the Ministry of Industry and Trade, two-way trade turnover increased from US$1.04 billion in 2011 to US$1.71 billion in 2013. In 2013 alone, Vietnam’s exports to the market was estimated at US$471.4 million with a focus on export staples -  farm produce, seafood, machines, equipment, tea, rice, coffee, cashew nuts, pepper, processing industry, garments and textiles, wood products, and sanitary equipment.

On the contrary, imports reached over US$1.2 billion with key products such as crude oil, fuel, liquidized gas, plastics, iron and steel.

Quang put forth some proposals to strengthen bilateral cooperation by promoting reciprocal delegation exchange and trade promotion in each nation.

Quang also asked Saudi Arabia to continue to implement a protocol on cooperation in oil and gas and mining industry as well as creating favorable conditions for the Vietnam National Oil and Gas Group to expand cooperation with Saudi Arabian partners.

He encouraged Saudi Arabian enterprises to invest in Vietnam-based industrial projects and intensify agricultural investment to contribute towards ensuring mutual energy security.

In response, Mr Ahmed H.Salah agreed on Vietnam’s proposal to actively implement future cooperative plans.