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Saudi- Growing relations: 20000 Vietnamese working in KSA
(MENAFN- Arab News) RIYADH: Approximately 20000 Vietnamese are working in the Kingdom said Vietnamese Ambassador Tran Nguyen Tuyen on Sunday on the occasion of his country's 70th National Day.
The ambassador was speaking about bilateral relations in 2014. The value of two-way trading which was $100 million in 2005 has risen to $1.4 billion.
The statements were made at a celebration attended by Riyadh Gov. Prince Faisal bin Bandar the diplomatic community and businessmen.
The ambassador said: 'Vietnam and Saudi Arabia established diplomatic ties on Oct. 21 1999. Since then there have been exchanges of government delegations to deepen bilateral relations.'
A high point in relations was the visit of President Nguyen Minh Triet to the Kingdom in 2010.
The ambassador said that within nine years from 1991 to 2000 Vietnam's GDP doubled with an average annual expansion of 7.5 percent. The GDP growth has averaged 7 percent a year since 2001. The economic structure continued to improve so that the contribution of industry and services to the GDP was made while reducing the share of agriculture forestry and fisheries.
The law on foreign investment and other legal advances gradually shaped a transparent legal system to attract foreign direct investment (FDI) into Vietnam. Vietnam attracted 2230 projects with a total registered capital of $16.244 billion he said.
The entry to the World Trade Organization (WTO) enhanced the allure of Vietnam to foreign investors and gave rise to a surge in FDI value in 2007 (up 75.3 percent) and 2008 (up 42.6 percent). It also created tens of thousands of jobs.
'Many agricultural products such as rice cashew coffee tea and seafood are Vietnam's biggest exports to the world. Agriculture has become the mainstay of the economy' he added.
The ambassador was speaking about bilateral relations in 2014. The value of two-way trading which was $100 million in 2005 has risen to $1.4 billion.
The statements were made at a celebration attended by Riyadh Gov. Prince Faisal bin Bandar the diplomatic community and businessmen.
The ambassador said: 'Vietnam and Saudi Arabia established diplomatic ties on Oct. 21 1999. Since then there have been exchanges of government delegations to deepen bilateral relations.'
A high point in relations was the visit of President Nguyen Minh Triet to the Kingdom in 2010.
The ambassador said that within nine years from 1991 to 2000 Vietnam's GDP doubled with an average annual expansion of 7.5 percent. The GDP growth has averaged 7 percent a year since 2001. The economic structure continued to improve so that the contribution of industry and services to the GDP was made while reducing the share of agriculture forestry and fisheries.
The law on foreign investment and other legal advances gradually shaped a transparent legal system to attract foreign direct investment (FDI) into Vietnam. Vietnam attracted 2230 projects with a total registered capital of $16.244 billion he said.
The entry to the World Trade Organization (WTO) enhanced the allure of Vietnam to foreign investors and gave rise to a surge in FDI value in 2007 (up 75.3 percent) and 2008 (up 42.6 percent). It also created tens of thousands of jobs.
'Many agricultural products such as rice cashew coffee tea and seafood are Vietnam's biggest exports to the world. Agriculture has become the mainstay of the economy' he added.
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