Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef met Vietnam's Deputy Prime Minister Bui Thanh Son in Hanoi during an official visit, the Saudi Press Agency reported.
The two ministers discussed ways to expand economic partnership and enhance co-operation in industry and mining, the agency added.
Vietnam is considered a key destination for Saudi investment, which exceeds $1.92 billion and covers sectors including energy, industry and technology.
Mr Alkhorayef arrived in Vietnam on Sunday following a visit to China, where he held meetings in Beijing with senior politicians and with leaders of major Chinese industrial companies in Shanghai. Those talks focused on enhancing industrial co-operation and exploring investment opportunities in Saudi Arabia’s industrial sector.
In Hanoi on Monday, talks covered opportunities for knowledge exchange, investment attraction and technology transfer across sectors including food industries, the SPA said. Collaboration in research, innovation and advanced manufacturing technologies, including artificial intelligence, was also discussed.
Mr Alkhorayef’s visits to China and Vietnam are seen as part of Saudi Arabia’s broader strategy to deepen economic ties with international partners, diversify relations beyond traditional alliances and position the kingdom as a global hub for industrial investment.
Saudi Arabia is increasingly focused on developing its vast mineral wealth as part of Vision 2030 as it aims to diversify its economy beyond oil. The kingdom holds significant untapped reserves of gold, phosphate, bauxite, copper, zinc and rare earth elements.
The number of mining licences issued in Saudi Arabia in the first half of 2025 rose 144 per cent year-on-year to 22 from nine, official data showed.
In August, Investment Minister Khalid Al Falih visited China as part of the Saudi-Chinese High-Level Joint Committee. The visit built on recent bilateral milestones: the 2023 Saudi-Chinese Investment Forum – which generated more than 60 memorandums of understanding across energy, tourism, mining and technology – and the 2024 China-Gulf Co-operation Council Industrial and Investment Cooperation Forum.
