Economic Cooperation a Bright Spot in UAE-Vietnam Relations

Economic Cooperation a Bright Spot in UAE-Vietnam Relations

Economic cooperation has always been a crucial pillar and bright spot in the bilateral TIES between Vietnam and the UAE, Vietnamese Ambassador to the UAE Nguyen Manh Tuan said on Tuesday.

August 1 marked the 30th anniversary of bilateral diplomatic ties between both countries and the UAE has identified the Comprehensive Economic Partnership Agreement (CEPA) as one of the three priority pillars in economic cooperation with Vietnam until 2030.

The two countries started negotiations on CEPA in April this year and pledged to sign the trade pact as soon as possible. Once signed, it will be the largest and most comprehensive agreement, and a major milestone in the cooperative relationship between Vietnam and the UAE, opening a new phase in strategic trade and investment cooperation between the two nations.

CEPA is expected to elevate bilateral relations and economic collaboration in particular in a practical and comprehensive manner, helping Vietnam expand the export of goods and services to the UAE, and creating a premise for Vietnam to strengthen trade and service relations with Middle East and African countries.

In an interview with Vietnamese News Agency on Tuesday, Tuan said that it will also promote the UAE’s investment in Vietnam and expand cooperation opportunities to potential fields such as innovation, renewable energy, investment, logistics, technology, tourism, and agriculture.

Largest Trade Partner

The UAE is the largest trade partner of Vietnam in the Middle East and North Africa (MENA region. It is also the seventh biggest importer of Vietnamese goods. In 2022, Vietnam’s export turnover to the UAE increased 27.5 times compared to that in 2006. The country now is the UAE’s biggest trade partner in Southeast Asia.

“There remains big room for the two countries to further boost economic relations on the basis of the complementary strengths of the two economies,” Tuan explained.

He also highlighted the flourishing development in the bilateral friendship and cooperation across fields from politics and diplomacy to trade, investment, labour, and tourism.

Political trust and mutual understanding between the two countries have been continuously strengthened through the regular exchange of delegations at all levels between the two countries over the recent times, he added.

The visit to the UAE by Vietnam’s Vice President Vo Thi Anh Xuan in May 2023 created a new impetus for bilateral relations. The UAE has actively implemented new cooperation proposals through the visits to Vietnam by Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan in June.

At present, there are about 3,500 Vietnamese labourers working in the UAE. As planned, Vietnam will send over 100,000 skilled workers to the UAE in the near future.

The Vietnamese Embassy in the UAE will exert efforts and seek solutions to address difficulties facing trade and investment relations between the two countries, thus benefiting businesses of both sides, Tuan said.

The embassy will give priority to promoting promising fields, including trade and investment cooperation in energy, agriculture, infrastructure, finance, logistics, labour, and tourism, towards further deepening the bilateral relations, he added.

The diplomat said the two countries have coordinated to organise activities to celebrate the 30th founding anniversary of diplomatic ties in 2023, including the exchange of delegations, art performance programmes, and people-to-people exchange activities.

Global Business Magazine

Global Business Magazine

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