Saudi-Vietnam Economic Ties Strengthened in High-Level Meeting

Riyadh, March 16, 2025 — President of the Federation of Saudi Chambers Hassan Moejeb bin Al-Huwaizi met with Ambassador of the Socialist Republic of Vietnam to Saudi Arabia Dang Xuan Dung to discuss ways to enhance economic relations between the two countries, according to the Saudi Press Agency (SPA). The meeting, held in Riyadh, focused on the progress of Saudi-Vietnamese economic ties, the significance of establishing a joint Saudi-Vietnamese Business Council, and opportunities for trade exchange in smaller sectors. The discussions underscore Saudi Arabia’s ongoing efforts to expand its global economic partnerships under Vision 2030.

Context and Background

The meeting between Hassan Moejeb bin Al-Huwaizi, President of the Federation of Saudi Chambers, and Ambassador Dang Xuan Dung reflects the growing importance of Southeast Asia in Saudi Arabia’s economic diversification strategy. The Federation of Saudi Chambers serves as the umbrella organization for the Kingdom’s chambers of commerce, playing a pivotal role in fostering private-sector growth and international trade. Vietnam, a rapidly growing economy with a population of nearly 100 million, represents a significant market for Saudi non-oil exports and investment.

Bilateral trade between Saudi Arabia and Vietnam has seen steady growth in recent years. In 2023, trade between the two countries accounted for 11% of total trade volume, amounting to SAR13.2 billion. Saudi exports to Vietnam reached SAR2.9 billion, while Vietnamese imports to Saudi Arabia totaled SAR10.2 billion. This imbalance highlights opportunities for Saudi exporters to expand their presence in the Vietnamese market, particularly in sectors such as petrochemicals, agriculture, and manufacturing.

Key Details

During the meeting, both sides explored the establishment of a joint Saudi-Vietnamese Business Council, which would serve as a platform for private-sector collaboration, facilitate trade missions, and address regulatory hurdles. Such councils are instrumental in deepening economic ties by providing a structured dialogue between businesses and governments. The officials also discussed enhancing trade exchange in smaller sectors, recognizing that diversification beyond traditional commodities can yield mutually beneficial outcomes.

The Federation of Saudi Chambers has been actively promoting Saudi Arabia as a global business hub, aligning with Vision 2030‘s goal of increasing non-oil exports and attracting foreign investment. Vietnam, with its dynamic economy and strategic location in Southeast Asia, is a key partner in this endeavor. The meeting also touched on the importance of exchanging expertise in areas such as technology, renewable energy, and halal products, where Saudi Arabia and Vietnam can complement each other’s strengths.

Implications and Impact

The discussions signal a mutual commitment to strengthening economic ties between Saudi Arabia and Vietnam. For Saudi Arabia, deeper engagement with Vietnam opens doors to the broader ASEAN region, a market of over 600 million people. It also supports the Kingdom’s efforts to diversify its export destinations and reduce reliance on traditional markets. For Vietnam, Saudi Arabia offers access to the Middle East and North Africa region, as well as investment opportunities in infrastructure, energy, and logistics.

The potential establishment of a joint business council could lead to increased bilateral trade, joint ventures, and technology transfer. It also aligns with Saudi Arabia’s National Industrial Development and Logistics Program (NIDLP), which aims to position the Kingdom as a leading industrial power and logistics hub. By fostering closer ties with Vietnam, Saudi Arabia can leverage Vietnam’s manufacturing capabilities and integrate into global value chains.

Vision 2030 Alignment

This meeting exemplifies Saudi Arabia’s proactive approach to international economic diplomacy under Vision 2030. The Kingdom is committed to building resilient partnerships that drive sustainable growth and create opportunities for its citizens and businesses. As Saudi Arabia continues to transform its economy, engagements like this with Vietnam will play a crucial role in achieving the vision’s objectives of a diversified, innovation-driven economy and a prominent global role. The Federation of Saudi Chambers remains at the forefront of these efforts, facilitating dialogue and cooperation that benefit both nations.

20 Questions

Q1. Who met to discuss Saudi-Vietnamese economic ties?

A1. President of the Federation of Saudi Chambers Hassan Moejeb bin Al-Huwaizi met with Ambassador of Vietnam to Saudi Arabia Dang Xuan Dung in Riyadh on March 16, 2025.

Q2. What was the main purpose of the meeting?

A2. The meeting aimed to enhance economic relations between Saudi Arabia and Vietnam, focusing on trade exchange and the establishment of a joint business council.

Q3. What is the Federation of Saudi Chambers?

A3. It is the umbrella organization for Saudi Arabia’s chambers of commerce, promoting private-sector growth and international trade.

Q4. What is the significance of a joint Saudi-Vietnamese Business Council?

A4. It would provide a platform for private-sector collaboration, facilitate trade missions, and address regulatory hurdles between the two countries.

Q5. What was the total trade volume between Saudi Arabia and Vietnam in 2023?

A5. Trade between the two countries amounted to SAR13.2 billion, accounting for 11% of total trade volume.

Q6. What were Saudi exports to Vietnam in 2023?

A6. Saudi exports to Vietnam reached SAR2.9 billion in 2023, according to official data.

Q7. What were Vietnamese imports to Saudi Arabia in 2023?

A7. Vietnamese imports to Saudi Arabia totaled SAR10.2 billion in 2023, reflecting a trade surplus for Vietnam.

Q8. Why is Vietnam important for Saudi Arabia’s economic diversification?

A8. Vietnam’s rapidly growing economy and strategic location in Southeast Asia offer opportunities for Saudi non-oil exports and investment.

Q9. What sectors were discussed for enhanced trade?

A9. The meeting explored opportunities in smaller sectors, as well as technology, renewable energy, and halal products.

Q10. How does this meeting align with Vision 2030?

A10. It supports Vision 2030’s goals of increasing non-oil exports, attracting foreign investment, and diversifying global partnerships.

Q11. What is the significance of ASEAN for Saudi Arabia?

A11. ASEAN represents a market of over 600 million people, offering vast opportunities for Saudi trade and investment expansion.

Q12. What is the National Industrial Development and Logistics Program?

A12. NIDLP is a Vision 2030 initiative aimed at positioning Saudi Arabia as a leading industrial power and logistics hub.

Q13. How can Saudi Arabia benefit from Vietnam’s manufacturing capabilities?

A13. Vietnam’s manufacturing strengths can help Saudi Arabia integrate into global value chains and diversify its import sources.

Q14. What role does the Federation of Saudi Chambers play in international trade?

A14. It facilitates dialogue between businesses and governments, promotes Saudi exports, and supports foreign investment.

Q15. What are the prospects for Saudi-Vietnamese economic ties?

A15. The establishment of a joint business council and increased trade exchanges are expected to deepen economic cooperation.

Q16. How does this meeting reflect Saudi Arabia’s global engagement?

A16. It demonstrates Saudi Arabia’s proactive economic diplomacy and commitment to building resilient international partnerships.

Q17. What are the key products traded between Saudi Arabia and Vietnam?

A17. Saudi Arabia primarily exports petrochemicals and energy products, while Vietnam exports electronics, textiles, and agricultural goods.

Q18. What is the expected impact of enhanced ties on Saudi businesses?

A18. Saudi businesses can gain access to new markets, joint ventures, and technology transfer opportunities in Vietnam and ASEAN.

Q19. How does this meeting support Saudi Arabia’s non-oil export goals?

A19. By opening new avenues for trade, it helps increase non-oil exports, a key target of Vision 2030.

Q20. What is the next step for Saudi-Vietnamese economic relations?

A20. Both sides will continue discussions on establishing a joint business council and exploring further trade and investment opportunities.

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