UAE and Vietnam Prime Ministers Discuss Strategic Cooperation and Trade Opportunities

DUBAI: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, welcomed Vietnam’s Prime Minister, Pham Minh Chinh, to Zabeel Palace. This official visit aims to boost relations and explore new ways to strengthen economic and trade ties between the UAE and Vietnam.

Expanding UAE-Vietnam Partnership

During the meeting, Sheikh Mohammed highlighted the long-standing UAE-Vietnam relations established in 1993 and celebrated Vietnam as the UAE’s largest trading partner within the ASEAN region. His Highness emphasized both nations’ dedication to expanding their partnership, which aligns with shared goals of development and economic progress.

“Vietnam is one of Asia’s fastest-growing economies, and our trade partnership reflects that,” Sheikh Mohammed remarked. He announced that the UAE and Vietnam had recently signed a Comprehensive Economic Partnership Agreement (CEPA), which aims to enhance trade, investment, and development opportunities.

Non-Oil Trade Growth

Sheikh Mohammed shared the impressive growth in non-oil trade between the UAE and Vietnam, noting a 38% increase from 2022 to 2023, with trade surpassing $12 billion in 2023. UAE companies such as DP World, Mubadala, and Borouge have invested heavily in Vietnam, showcasing a strong commitment to supporting economic development in both countries.

Focus on Trade, Tourism, and Innovation

The talks included discussions on expanding collaboration in tourism, technology, investment, and industry. Both leaders expressed interest in enhancing logistics capabilities, creating investment opportunities, and encouraging private-sector partnerships to drive mutual growth.

Vietnamese Prime Minister Pham Minh Chinh highlighted the growing friendship between the UAE and Vietnam, emphasizing their shared vision for a stronger, cooperative future. He confirmed Vietnam’s dedication to this partnership as part of its strategy to deepen international relationships and support sustainable growth.

Key Agreements Signed

The UAE and Vietnam signed several agreements and Memorandums of Understanding (MoUs) to support various sectors, including:

• Innovation and Financial Centres: Agreement between the UAE Ministry of Investment and Vietnam’s Ministry of Investment and Planning.
• Government Excellence: Partnership for knowledge-sharing between the UAE Cabinet General Secretariat and Vietnam’s Ministry of Internal Affairs.
• Higher Education and Research: Collaboration between the UAE Ministry of Higher Education and Vietnam’s Ministry of Education and Training.

These agreements aim to facilitate knowledge-sharing, enhance trade and logistics, and open new avenues for UAE service providers in Vietnam’s sectors, such as healthcare, travel, and engineering.

UAE’s Strategic Non-Oil Trade Goals

With non-oil trade reaching a record AED3.5 trillion in 2023, the UAE is focused on achieving its 2031 non-oil trade target of AED4 trillion ($1.1 trillion). This CEPA agreement with Vietnam is expected to accelerate progress, enabling easier market access, simplified customs, and fair trade competition.

Building a Global Network for Peace and Development

In addition to economic discussions, both leaders exchanged views on recent regional developments, emphasizing the importance of global cooperation for peace and economic stability.

This high-level meeting and signed agreements reflect the UAE’s proactive approach in establishing strong international partnerships, solidifying Vietnam as a key ally in the UAE’s economic growth and vision for global integration.