Vietnam, UAE boost economic, trade ties

The meeting was attended by representatives from the Vietnamese Ministry of Industry and Trade (MoIT), including the Asia-Africa Market Department, the Multilateral Trade Policy Department, the Ministry Office, and the Vietnam Trade Promotion Agency, in addition to leaders of the Sovico Group and Vietjet Aviation Joint Stock Company.

The UAE representatives included UAE Ambassador to Vietnam Bader Abdulla Saeed Bin Saayed Almatrooshi, Deputy Minister of Investment Mohamad Abdulrahman Al Hawi, and leaders of the Abu Dhabi and Sharjah Chambers of Commerce and Industry, along with advisors from the Presidential Court.

Overview of the working session between Vietnamese Minister of Industry and Trade Nguyen Hong Dien and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi

Building on the success of the ministerial-level negotiation session on the Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the UAE in July 2024, Minister Nguyen Hong Dien highly rated the UAE Ministry’s Economy’s efforts in organizing a delegation of leading UAE enterprises, led by the Minister of State for Foreign Trade, to visit Vietnam.

He thanked the UAE Minister of State for Foreign Trade for his close cooperation in implementing the agreements made by high-ranking leaders, and facilitating the bilateral economic, trade and investment relations.

Minister Nguyen Hong Dien highlighted the importance of this UAE business delegation’s visit to Vietnam, noting its significance in seizing future cooperation opportunities after the CEPA is signed and comes into effect.

Minister of Industry and Trade Nguyen Hong Dien affirms that Vietnam always considers the UAE as one of its most important partners in the Middle East

He reaffirmed that Vietnam always considers the UAE as one of its most important partners in the Middle East. Since the beginning of 2024, both sides have achieved numerous positive results in trade and investment cooperation.

The bilateral trade value reached almost US$4 billion in the first seven months of 2024, up 47 percent year-on-year, including Vietnam’s exports worth US$3.37 billion, up 51 percent, and the country’s imports worth US$520 million, up 25 percent.

Regarding investment cooperation, the UAE so far has invested over US$74 million in Vietnam through 43 projects, ranking 52nd among 147 countries and territories investing in Vietnam. Minister Dien hopes that UAE businesses will find desirable partners and seize significant investment cooperation opportunities in Vietnam.

Minister Dien suggested that the technical teams of both sides coordinate closely to accelerate and complete CEPA negotiations soon so that the agreement can be signed in the near future.

Minister of State Thani bin Ahmed Al Zeyoudi stated that he would continue to direct relevant departments within the UAE Ministry of Economy to closely coordinate with the MoIT and other Vietnamese agencies to expedite the legal review of the CEPA.

UAE Minister of State for Foreign Trade hopes that ministries and sectors of both countries will coordinate to review, negotiate and promote the signing of other cooperation documents and agreements

Along with the CEPA, the UAE Minister of State expressed hope that relevant ministries and agencies of Vietnam and the UAE would collaborate to negotiate and sign other cooperation agreements during upcoming high-level exchanges between leaders of the two countries, such as the Memorandum of Understanding (MoU) between the Chambers of Commerce and Industry, and the MoU on establishing a data center, among others.

Additionally, both sides should consider increasing the frequency of two-way flights connecting Hanoi/Ho Chi Minh City with Dubai to meet the growing demand of passengers.

Agreeing with the views of the UAE Minister of State for Foreign Trade, Minister Dien acknowledged the UAE’s proposals and stated that he would convey them to the Vietnam Chamber of Commerce and Industry, the Ministry of Planning and Investment, and other relevant agencies.

Minister of Industry and Trade Nguyen Hong Dien (right) and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi

Within the scope of the MoIT’s responsibilities, Minister Dien suggested that both sides consider negotiating a cooperation agreement on energy (green energy, renewable energy, electricity) and minerals. These are areas where Vietnam has strengths in infrastructure and resources, while the UAE has abundant financial resources and advanced technology. The UAE can also explore investing in Vietnam in farm produce and food processing to leverage Vietnam’s advantages in agricultural development.

In response to the UAE’s great demand for foreign workers, Minister Dien proposed that the UAE coordinate to effectively implement the MoU on cooperation in the field of human resources signed between the Ministry of Labor, War Invalids and Social Affairs of Vietnam and the Ministry of Human Resources of the UAE during the visit of Vietnamese Prime Minister to the UAE in December 2023, especially in training highly skilled workers.

Regarding cooperation in the field of aviation, Minister Dien hoped that the two sides should study and complete the legal framework, creating favorable conditions for airlines of the two countries such as Emirates Airlines, Etihad Airways, Vietnam Airlines, Vietjet... to effectively exploit flight routes, contributing to further development of trade and tourism sectors.

Minister of Industry and Trade Nguyen Hong Dien and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi pose for a group photo after the working session

To keep maintaining and developing the good relations between the two countries in all fields, Minister Nguyen Hong Dien discussed with the UAE official about the possibility of organizing the first meeting of a Working Group on economic and trade cooperation between the two ministries in the 4th quarter of 2024 and the 6th meeting of the intergovernmental commission in 2025.

Highly appreciating the comments of Minister Nguyen Hong Dien, UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi said that the UAE is willing to coordinate and promote the proposals of the Vietnamese side, contributing to deepening the good political and diplomatic relations between the two countries.