Vietnam, Saudi Arabia Enjoy Large Trade, Investment Cooperation Potentials

Vietnam, Saudi Arabia Enjoy Large Trade, Investment Cooperation Potentials

Vietnam and Saudi Arabia can significantly boost their trade and investment cooperation if the two countries open embassies in each country and sign a bilateral trade agreement.

"Currently, many businesspeople from Saudi Arabia want to go to Vietnam to seek trade and investment opportunities but they face difficulty in obtaining a visa as Saudi Arabia has not opened its embassy in Vietnam," said an official from the Saudi Arabia Chamber of Commerce & Industry.

Saudi Arabia also has a high demand for Vietnamese workers. The Saudi Arabia Labor Supply Association has said it is willing to provide training courses for Vietnamese workers before they go to Saudi Arabia to work.

"Currently, there are some 400 Vietnamese people working in Saudi Arabia, and the figure may reach 100,000 in the near future," said the association’s chairman Waleed A. Al Awaidan.

Dang Ngoc Quang, Vietnamese commercial attaché to Saudi Arabia, said Vietnam could significantly boost its exports to Saudi Arabia if they can obtain information and approach this potential market.

Last year, Vietnam raked in US$21.47 million from exports to Saudi Arabia. The key exports in the year included food, footwear, garments, wooden products and household goods.