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RIYADH: A Saudi business delegation on Wednesday visited Zamil Steel’s factory in Hanoi, which officials said is one of the largest Saudi industrial projects in the Vietnamese capital and has served as an example of Saudi cross-border investment for more than 25 years.

The delegation, which included 80 men and women from more than 50 Saudi businesses and representatives of specialist national organizations, toured the factory’s production lines and met its operational team.

Their visit was part of a program that includes visits to a number of Vietnamese cities to explore the investment opportunities they offer, within the framework of commercial, investment and industrial cooperation between the two countries.

The Saudi ambassador to Vietnam, Mohammed Dahlawi, said the visit by the delegation is “part of the efforts aimed at reviewing economic experiences and investment opportunities in the targeted sectors.”

He added: “This is one of the largest Saudi business delegations, as it represents numerous Saudi sectors and a large number of prominent Saudi companies, along with the representatives of Saudi ministries and bodies. This visit presents an opportunity to deepen the existing commercial and economic cooperation and broaden the scope of cooperation between the two countries.”

Abdullah Al-Sakran, executive director of the strategy and development sector at the Saudi Fund for Development, said: “This visit highlights the importance of exploiting opportunities and investing in Saudi products, which are now available in the different continents of the world, along with the demand for external investment opportunities that the Private Sector Partnership Reinforcement Program (also known as Shareek) seeks to secure.

“The program embodies the spirit of cooperation between the public and private sectors and aims to enable local investments for companies, benefiting the Kingdom’s economic system as a whole.”

Nawaf Al-Zamil, the president of Zamil Steel, welcomed the delegation’s visit to his company’s factory, which he described as “the fruit of the partnership with the private sector.”

He added: “It also showcases Saudi industry’s high efficiency abroad and its importance as a main pillar of the GDP (gross domestic product), along with the Kingdom’s external supply chains. Due to the support of King Salman and Crown Prince Mohammed bin Salman, the Kingdom of Saudi Arabia became an influential global economic power, while part of this influence is apparent in the cross-border national investments.

“We started establishing Zamil Steel’s factory in Hanoi 25 years ago. However, today there is no doubt that the opportunities have grown in light of the current enablers.”

Referring to the visit by the delegation, Al-Zamil said: “This is not a regular visit. It has significant economic and national dimensions. The experience of the Zamil factories in the fields of industry and cross-border national investments has become an exemplary model.”

He added that the delegates “came from the various regions of the Kingdom. They were brought together by the desire to learn about one of the successful national experiences in order to get inspired and explore new opportunities.

“The Saudi Embassy in Vietnam was keen to support the efforts aimed at opening the scope of cooperation between the two countries, with the volume of trade exchange between them reaching SR11 billion ($2.9 billion) in 2022.”



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