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Official urges boost in Saudi Arabia trade
Deputy Minister of Industry and Trade Le Duong Quang has called for a boost in bilateral relations and trade between Viet Nam and Saudi Arabia, saying there should be more frequent meetings between high-level officials and a rise in the number of visits by businesses delegations.
Quang made the comments during the first session of the Viet Nam – Saudi Arabia joint committee on economic, scientific and technological co-operation held recently in the Saudi capital of Riyadh.
The two sides used the event to review their relationship, saying it had been stepped up over the past few years but there was still plenty of untapped potential.
Quang asked Saudi Arabia to help foster the implementation of the protocol on oil, gas and mineral co-operation signed in April last year and to help Viet Nam build oil refineries and power plants.
Saudi Arabian Deputy Minister of Economy and Planning Ahmed Bin Ibrahim Al Hakami agreed. He also suggested the two countries further help businesses expand co-operation, adding that specific plans for this co-operation should be carried out effectively.
The two sides proposed solutions to strengthen the relationship across a wide range of sectors including trade, oil and gas, industry, agriculture, finance, banking, transportation, investment and construction.
They emphasised the importance of establishing a mechanism to ensure food and energy security, with a focus on attracting investment from Saudi Arabia in Viet Nam's agriculture sector to re-export to the West Asian country and supplying crude oil to Viet Nam.
Saudi Arabia is now Viet Nam's biggest West Asian trade partner. Two-way trade last year increased by 64 per cent to hit US$744 million. Among the goods Viet Nam exports to Saudi Arabia are seafood, tea, coffee, pepper, cashew nuts, rice, textiles, garments, and wooden goods.
The two countries are negotiating agreements on a visa exemption for diplomatic and official passport holders and on protecting and encouraging investment. Other agreements being discussed cover air transportation, an agreement between the two foreign ministries and another between the two countries' central banks.
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