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Mining industry

Saudi Arabia's Minister of Industry and Mineral Resources Visits Vietnam to Enhance Economic Cooperation

Strategic Insights

— 1 min read

The Minister of Industry and Mineral Resources of Saudi Arabia, Bandar bin Ibrahim Alkhorayef, embarked on an official visit to Vietnam from September 28 to 30, 2025. The visit aims to strengthen cooperation between the two nations in various sectors, including industry, advanced manufacturing, mining, and sustainable development. The trip is part of Saudi Arabia's commitment to expanding economic partnerships with Southeast Asian nations and advancing the Kingdom's Vision 2030 economic diversification objectives.

Key Takeaways:

  • The Saudi-Vietnamese Joint Committee, established in 2006, has played a crucial role in strengthening economic cooperation between the two nations, with its next session scheduled for 2026 in Riyadh.
  • Trade between Saudi Arabia and Vietnam has shown significant growth, with total trade increasing from $2.55 billion in 2016 to $3.76 billion in 2024.
  • The ministerial visit includes discussions between Alkhorayef and Deputy Prime Minister Bui Thanh Son, Minister of Industry and Trade Nguyen Hong Dien, and Minister of Science and Technology Nguyen Manh Hung to explore areas of cooperation.
  • A business roundtable will be held to facilitate dialogue between Saudi and Vietnamese private-sector leaders on partnerships in logistics, advanced manufacturing, and joint ventures.
  • Strategic meetings will be held with leading Vietnamese enterprises across multiple sectors, including VINFAST, VAFIE, and Vinafood II, to explore specific collaboration opportunities.
  • The visit highlights the strategic alignment between Vietnam's dynamic industrial economy and Saudi Arabia's Vision 2030 transformation agenda.
  • Saudi investment in Vietnam exceeds $1.92 billion, reflecting the depth of long-standing economic relations between the two countries.
  • Both nations possess complementary economic strengths, creating meaningful opportunities for partnership in advanced manufacturing, renewable energy, mining, and trade cooperation.

Statistics:

  • Total trade between Saudi Arabia and Vietnam increased from $2.55 billion in 2016 to $3.76 billion in 2024, reflecting the expanding economic ties.
  • Saudi investment in Vietnam exceeds $1.92 billion.
  • The Saudi-Vietnamese Joint Committee was established in 2006.
  • Trade between the two nations is expected to continue growing, with a focus on cooperation in advanced manufacturing, mining, and sustainable development.

Sources:

  • Saudi Press Agency, "Minister of Industry and Mineral Resources of the Kingdom of Saudi Arabia begins official visit to the Socialist Republic of Vietnam" (September 28, 2025)
  • Ministry of Industry and Mineral Resources, Kingdom of Saudi Arabia (2025)
  • Vietnamese government sources (undated)

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