Vietnamese Government leader meets with leaders of Saudi Arabia’s major firms

Meeting with Abdulla Mohammed Al Zamil, Chairman of the Board of Directors of Zamil Industrial Investment Company (Zamil Industrial) under Zamil Group, Saudi Arabia's largest industrial investment group with presence in 60 countries around the world, Chinh suggested that, alongside expanding production, the group should continue to diversify its products, supply chains, and distribution networks; and promote the application of science and technology, and digital transformation for green production, clean manufacturing, environmental protection, and sustainable development.

He proposed Zamil invite more Saudi Arabian and international businesses to invest and do business in Vietnam.

Zamil has invested in Vietnam since 1993 and now has 3 production facilities, with an output accounting for 70% of steel exports in Southeast Asia. During the favorable investment process in Vietnam, Zamil realized that Zamil's identity is consistent with Vietnamese values and it wishes to expand investment in the Southeast Asian nation.

Vietnam is in the process of spurring development based on science, technology, and innovation, while prioritizing the development of high-tech industries, green transformation, digital transformation, and environmental protection, Chính went on to say.

It is also focusing on fine-tuning institutions, boosting strategic infrastructure development, reforming administrative procedures, training high-quality human resources, thereby helping businesses reduce production costs, lower input costs, increase labor productivity, and investment efficiency for businesses. This is along with improving the quality of social infrastructure such as healthcare, culture, education, and ensuring welfare for investors.

Meeting with leaders of Saudi Agricultural and Livestock Investment Company (SALIC), PM Chinh welcomed SALIC’s investment policy in Vietnam and said that Vietnam is continuing to refine its institutions, towards fairness and transparency; prioritizing priority areas according to new development trends; promoting strategic infrastructure breakthroughs including hard infrastructure and soft infrastructure towards "open policies, smooth infrastructure, smart governance".

Additionally, Vietnam is stepping efforts to ensure political stability, security and national defence, enabling businesses to confidently devise a hundred-year investment strategy in Vietnam without worry.

Appreciating Vietnam's development strategy as well as the important foundations that create favorable and effective conditions for businesses to invest and develop in Vietnam, the SALIC leader said that the company has indirectly invested in Vietnam through partners. Accordingly, it has imported and distributed to other countries about 100,000 tons of Vietnamese goods.

The company representative said that SALIC carries out the mission of global food security, is the largest red meat exporter in South America, exporting to more than 100 countries.

SALIC aspires to expand cooperation and investment in Vietnam, especially in the production, processing, and export of rice, animal feed, poultry, livestock, and aquaculture, and is willing to share technology and exchange experience with Vietnamese partners in this regard.

In the current world situation with many impacts, thanks to appropriate steps and choices, Vietnam's socio-economic situation has achieved outstanding and comprehensive achievements with a stable macro-economy, controlled inflation, and ensured major balances.

Notably, in the context of a decline in total global investment, Vietnam still attracted about US$ 35-40 billion in foreign investment, with disbursed capital standing at US$23-25 ​​billion this year.

Vietnam has so far signed 17 free trade agreements (FTAs) with most of the world's major economies. Thanks to that, the nation’s trade has grown remarkably, with its export forecast to reach roughly US$800 billion in 2024, ranking in the top 18-20 economies with large trade scale in the world.

Welcoming SALIC's cooperation and investment in Vietnam, especially in the agricultural sector, Chinh requested SALIC to send a working delegation to conduct field research and work specifically with relevant Vietnamese agencies to work out specific projects.