Vietnam, UAE unlock logistics cooperation potential

06:00 | 18/09/2023 Vietnam and other regions Follow Ven.vn on

(VEN) - The United Arab Emirates (UAE) has become the biggest Middle East importer of Vietnamese goods, while Vietnam is a top-10 import partner of the UAE. The annual bilateral trade was kept at US$5 billion between 2018 and 2022, accounting for about 25 percent of the total trade between Vietnam and the Middle East.

Vietnam, UAE sign a logistics cooperation agreement - photo: Can Dung

Efficient logistics cooperation with the UAE will play a significant role in promoting Vietnam's trade exchange with the Middle East and other regions around the world. Through the UAE, Vietnam's exports have the opportunity to reach many countries in the region.

Vietnam, strategically positioned as a transit and production center in Southeast Asia, will be an important Hub within the World Logistics Passport (WLP) network. The WLP – a global initiative led by Dubai – has added the nation to its list of logistics and trade hubs in the region, referred to as Hubs.

WLP is doing meticulous selection of partners along the supply chain and logistics journey, aimed at dismantling trade barriers and bolstering diversified import-export activities across Hubs. The WLP is one of the nine initiatives under the “Dubai Silk Road” strategy implemented by the UAE since 2019, aiming to make Dubai a strategic trade link in the world. To date, 29 countries have signed up to join the WLP network.

Tran Quang Huy, Director of the Ministry of Industry and Trade’s Asia-Africa Market Department, underlined the potential advantages for Vietnamese businesses and organizations. According to him, these benefits encompass streamlined cargo transportation, optimized logistics services, avenues for business expansion, cost-effective operations, and improved import-export mechanisms.

Huy affirmed Vietnam-UAE trade and investment relations will be further strengthened as soon as the Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the UAE is signed.

In April this year, Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi of the UAE signed a Ministerial Declaration on starting negotiations on CEPA. The first round of CEPA negotiation took place in early June 2023 in Vietnam’s capital – Hanoi.

Before that, through a document dated June 20, 2023 of the Government Office, Deputy Prime Minister Tran Luu Quang officially authorized CEPA negotiation with the UAE, and assigned the Ministry of Industry and Trade to coordinate with the Government’s delegation for economic and international trade negotiations to establish a CEPA negotiation team. The two sides are working to speed up the agreement’s negotiation under the direction of the two countries’ leaders.

The WLP is one of the nine initiatives under the “Dubai Silk Road” strategy implemented by the UAE since 2019, aiming to make Dubai a strategic trade link in the world. To date, 29 countries have signed up to join the WLP network.

Trang Anh

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