Mr. Saud F.M. Al Suwelim, Ambassador of the Kingdom of Saudi Arabia in Vietnam (right) and the Deputy Minister of Industry and Trade Cao Quoc Hung, signed the minutes of the meeting  (Photo: VNA)

Both sides agreed on the importance of the joint committee mechanism in developing friendship and cooperation. Deputy Minister of Industry and Trade Cao Quoc Hung said: “As Vietnam and Saudi Arabia have seen economic and social progresses, the two economies are increasingly integrated into the regional and global economy. In accordance with the spirit and duties of the Joint Committee, this session, we will review the situation of cooperation in all fields, and find effective solutions to further promote our bilateral partnership”

The working session focused on enhancing bilateral trade through diversifying imports-exports on the basis of demand and strength in each country, and increasing investment from Saudi Arabia to Vietnam. The two sides looked towards the early conclusion of the necessary legal framework to facilitate and support payment, trade and investment activities. Participants also discussed ways to boost cooperation in defence, security, labour, healthcare, education, culture, tourism, agriculture, industry, information, and telecommunication. Deputy Minister Cao Quoc Hung and Deputy Minister Bandar AlKhamies agreed that a fifth session will take place in 2023 in Saudi Arabia.