UAE and Vietnam Explore Trade and Investment Opportunities

On Thursday, the Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zaidi, conducted discussions with the Prime Minister of the Socialist Republic of Vietnam, Pham Minh Chinh, in the capital Hanoi.

The discussions focused on exploring trade and investment opportunities between the two countries, building on the growing momentum in bilateral relations. The meeting also touched upon progress in the negotiations of the Comprehensive Economic Partnership Agreement between the two countries, which are currently ongoing.

During his visit to Vietnam, leading a UAE delegation, Al Zayoudi held a meeting with Nguyen Hong Dien, the Vietnamese Minister of Industry and Trade, discussing the latest developments regarding the 13th Ministerial Conference of the World Trade Organization, scheduled to take place in the Emirati capital, Abu Dhabi, next month.

The conference aims to achieve international consensus on various issues related to global trade, including subsidies and ensuring greater and fairer access to supply chains for emerging economies.

From the Emirati side, the meeting was attended by Dr. Badr Abdullah Al Matroushi, the ambassador of the United Arab Emirates to Vietnam, Juma Mohammad Al Kit, the assistant minister of economy for foreign trade affairs, Abdullah Al Shamsi, the assistant minister for industrial development in the Ministry of Industry and Advanced Technology, and Dr. Farah Al Zarouni, the assistant minister for specifications and legislation in the Ministry of Industry.

Vietnam is the largest trading partner of the United Arab Emirates (UAE) among the member countries of the Association of Southeast Asian Nations (ASEAN).

It accounted for 27% of the UAE’s total trade volume with the group in 2022. Furthermore, the non-oil bilateral trade between the UAE and Vietnam reached $7.4 billion in the first nine months of 2023, showing a growth rate of 8.4% compared to the same period in 2022.

Al-Ziyoudi stated that Vietnam is gaining increasing importance for the United Arab Emirates as a crucial trade and investment partner within the Association of Southeast Asian Nations (ASEAN).

Additionally, Vietnam’s presence as a country with a dynamic economy and promising opportunities and potential for exporters and investors from the UAE is growing.

This is evident in the strong trade flows between the two countries over the past two years, which have shown significant growth and demonstrated clear resilience in the face of supply chain challenges.

“In addition, we see numerous opportunities for Emirati exports of services in promising sectors such as finance, construction, and professional services. The UAE is an unparalleled global trade gateway for important sectors in Vietnam, such as coffee, clothing, and agricultural products.

We are confident that strong relations and future opportunities, like the ones we are currently discussing, will yield greater and more comprehensive benefits for both sides.”

According to Deen, Vietnam and the UAE have increasingly flourishing and efficient economic and trade relations, and we are eager to expand this cooperation to include various fields through discussions aimed at reaching a comprehensive economic partnership agreement between the two countries.

This would enable us to stimulate trade flows better, develop logistical capabilities, establish new investment and logistics routes that are in high demand, and achieve mutual benefits for individuals, companies, and business communities on both sides.

The visit of Zioudi to Vietnam comes in the aftermath of the participation of the Vietnamese Prime Minister, along with a high-level delegation of officials and business leaders, in the COP28 conference hosted by Dubai in November and December last year.

Several important memorandums of understanding were signed regarding commercial shipping, employment opportunities, and collaboration in high-quality infrastructure development.