Vietnam, UAE accelerate conclusion of CEPA negotiations

15:53 | 02/08/2024 Vietnam and other regions Follow Ven.vn on

(VEN) - The Ministry of Industry and Trade (MoIT) recently held talks with the Minister of State for Foreign Trade of the United Arab Emirates (UAE) to finalize the contents of the Comprehensive Economic Partnership Agreement (CEPA).

On July 30, 2024, at the headquarters of the MoIT, Minister of Industry and Trade Nguyen Hong Dien held talks with UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi to finalize the contents of the CEPA. Representatives from the Ministries of Industry and Trade, Foreign Affairs, Agriculture and Rural Development, Finance, and Justice attended the talks.

The talks aim to finalize the contents of the Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA)

At the meeting, Minister Nguyen Hong Dien affirmed that the CEPA with the UAE is one of Vietnam’s priorities. Therefore, the MoIT and other relevant ministries and sectors of Vietnam have made efforts to accelerate the negotiation process. The Minister believes that the conclusion of negotiations and the implementation of the CEPA will help promote trade and investment between the two countries.

Minister of Industry and Trade Nguyen Hong Dien affirms that the CEPA with the UAE is one of Vietnam’s priorities

For his part, Minister of State Thani bin Ahmed Al Zeyoudi affirmed that Vietnam is one of the UAE’s foreign and trade policy priorities. He noted that several major Vietnamese corporations have anticipated the opportunities from the CEPA and have begun their business and investment activities in the UAE. He added that UAE investors are exploring opportunities to invest in major projects in Vietnam.

Vietnam and the UAE agree to promptly complete the negotiation process and officially sign the agreement as soon as possible

Regarding the CEPA, Minister Nguyen Hong Dien and Minister of State Thani bin Ahmed Al Zeyoudi discussed and agreed on the direction for resolving the remaining issues in the negotiations. The two sides agreed to report to their respective authorities on the outcomes of the ministerial-level exchanges to complete the entire negotiation process and officially sign the agreement as soon as possible, in accordance with the directives of the senior leaders of both countries.

The UAE is Vietnam’s largest export market and second largest trading partner (after Kuwait) in West Asia. In the 2019-2023 period, total trade between the two countries averaged about US$4.8 billion a year. Regarding the trade balance, Vietnam consistently enjoys a large trade surplus with the UAE, exceeding US$3 billion annually.

In the first six months of 2024, the total bilateral trade value reached over US$3.2 billion, up 43 percent over the same period in 2023. The sum included over US$2.8 billion worth of Vietnam’s exports to the UAE, up 47 percent, and US$435 million worth of imports from this market, up 25 percent.

Vietnam’s major exports to the UAE include mobile phones, machinery, equipment, spare parts, computers and components, footwear, textiles, means of transport and parts, agricultural products (cashew nuts, pepper, vegetables, and rice). Meanwhile, Vietnam’s key imports from the UAE are other petroleum-based products, liquefied petroleum fas (LPG), plastic materials, animal feed, raw materials, base metals, chemicals, among others.

Thuy Vy & Can Dung

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