Opportunities for Vietnamese goods to penetrate the Saudi Arabian market

Currently, many of Vietnam's key export products have gained a foothold in Saudi Arabia, such as agricultural products, seafood, canned beverages, etc.

According to statistics from the General Department of Customs, the export of goods from Vietnam to Saudi Arabia in the first 5 months of 2024 reached 615.3 million USD, an increase of 48.5% over the same period last year. The main products include rice, seafood, cashew nuts, pepper, wood, furniture, beverages, textiles, footwear, machinery, auto parts, electronic components, computers, phones, etc. Vietnam imported goods from Saudi Arabia worth 549.7 million USD, down 16.1%, including plastic materials, chemicals, oil and gas. The total import-export turnover in the first 5 months of the year between Vietnam and Saudi Arabia reached 1.16 billion USD, an increase of 9.2% over the same period.

In recent times, the Vietnam Trade Office in Saudi Arabia has actively supported and connected many Vietnamese enterprises with local partners and vice versa, contributing to increasing the value of Vietnamese export goods to this country.

According to Mr. Sunil Kumar, CEO of Spinneys, the company aims to open three more supermarkets this year in Riyadh and Jeddah and at least four new supermarkets each year in Saudi Arabia over the next five to 10 years. Currently, Spinneys owns and operates more than 150 stores in the UAE, as well as five Spinneys and Al Fair stores in Oman. Mr. Sunil Kumar said Spinneys is planning to open a purchasing representative office in Vietnam, which will be a great opportunity for Vietnamese goods to penetrate the market in the near future.