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Saudi Arabia’s major corporations to expand investments in Vietnam

The Saigon Times

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HCMC – Leaders of major Saudi Arabian corporations expressed their interest in expanding their investments in Vietnam at a meeting yesterday with Prime Minister Pham Minh Chinh during his ongoing visit to the country.

Prime Minister Chinh held discussions with top executives of Saudi Arabian and Gulf Cooperation Council (GCC) companies, which included Zamil, Lulu, and Ajlan & Bros, yesterday afternoon, October 18 local time in Riyadh, Saudi Arabia.

During the meeting, PM Chinh said that the strong development of relations between Vietnam and GCC nations, especially Saudi Arabia, provides a solid foundation for the expansion of cooperation between the two sides’ businesses.

Zamil Group, one of the largest industrial conglomerates in Saudi Arabia, said it would expand investment in Vietnam and hopes that the Government would facilitate its exporting activities to ASEAN countries through Vietnam.

Currently, Zamil Steel, a subsidiary of Zamil Group specializing in pre-engineered steel buildings, operates two factories in Vietnam with a total capacity of 120,000 tons per year.

On the same day, the Vietnamese leader met with Shehim Kottilingal, director of LuLu Saudi Hypermarkets, a company that owns a retail chain and supermarkets in over 23 countries.

Shehim Kottilingal said the group will expand its agricultural processing facilities in Vietnam and increase imports of Vietnamese agricultural products such as fish, vegetables, and fruits. He proposed that the two countries consider opening a direct air route to facilitate the import of food and fresh vegetables and fruits from Vietnam.

Meanwhile, Ali Al-Khatib, deputy CEO for Investment and Portfolio of Ajlan & Bros Holding which leads Saudi Arabia and the Persian Gulf in the garment and textile field, expressed his intention to develop long-term investment projects in Vietnam, focusing on sectors such as rice, renewable energy, and real estate.

PM Pham Minh Chinh is currently visiting Saudi Arabia and attending the first ASEAN-GCC Summit from October 18 to 20.

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