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UAE, Vietnam eye stronger trade and investment ties

  • UAE News
  • 06 Jun 2023
  • 12:00 AM

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has attended a bilateral meeting with Pham Minh Chin, Prime Minister of Vietnam, during a high-level visit to Hanoi where they welcomed the beginning of negotiations towards a Comprehensive Economic Partnership Agreement (CEPA), the first round of which took place on 5th June. The discussions also touched on the World Trade Organisation’s 13th Ministerial Conference of the World (MC13), which is being held in Abu Dhabi in February 2024, and how Vietnam can support the UAE’s mission to build consensus on key issues such as WTO reform, dispute resolution and the development of global rules for digital trade. Dr. Thani heralded the developing relationship between the two nations and the potential deeper ties will help realise. “Vietnam is the UAE’s leading trade partner among ASEAN countries, with bilateral non-oil trade totalling US$8.7 billion in 2022, which accounts for 27 percent of trade with the bloc. The proposed UAE-Vietnam Comprehensive Economic Partnership Agreement will push these figures even higher and underline the benefits of open, rules-based trade. We also see considerable opportunity for our private-sectors in high-potential areas, particularly in developing the green economy and food security.” During the visit, Al Zeyoudi also held meetings with Nguyễn Hồng Diên, Minister of Industry and Trade, and Tran Quoc Khanh, Deputy Minister of Industry and Trade, in addition to Nguyen Chi Dung, Minister of Planning and Investment, to explore ways to facilitate private-sector cooperation and establish investment priorities. Al Zeyoudi then met with Pham Tan Cong, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), to discuss how the UAE’s global connectivity can support Vietnam’s exporters and manufacturers. He also addressed the UAE-Vietnam Business Forum and met representatives of leading Vietnamese companies in the food production, metals and electric auto industries. He underscored the UAE’s dynamic, business-friendly ecosystem, and market-entry programs such as NextGen FDI, that can help Vietnam’s pioneering businesses to expand into new global markets. The delegation of business leaders from the UAE that accompanied him held a number of productive meetings with their Vietnamese counterparts to explore potential synergies. The visit is the latest in a series of high-level discussions between the two nations. In May, President His Highness Sheikh Mohamed bin Zayed Al Nahyan, received Vo Thi Anh Xuanto, Vietnam’s Vice President, where they agreed to pursue areas of mutual interest, particularly in sectors such as renewable energy, food security, the green economy. The UAE delegation included Dr. Bader Abdulla Al Matrooshi, UAE Ambassador to Vietnam; Rashed Abdulkarim AlBlooshi, Undersecretary of the Abu Dhabi Department of Economic Development; Juma Mohammed Al Kait, Assistant Undersecretary of International Trade Affairs at the Ministry of Economy; Jamal Saif Al Jarwan, Secretary-General of UAE International Investors Council; Mohamed Al Menhali, Regional CEO at Abu Dhabi Port Group and Executive Vice President of Sardal; Samir Chaturvedi, Chief International Business Officer at Abu Dhabi Ports Group; Fatima Al-Suwaidi, Head of the Masdar Office in Indonesia; Fahed Hamad Al Nuaimi, Director of the AGT Asia Office at ADNOC Global Trading Asia; Hamad Al Hosani, Chief Corporate Officer of Burjeel Holding; Saeed Al Suwaidi, Director of Food Commodities at the Dubai Multi Commodities Center (DMCC); Muhammad Khamis Khalfan Nasser Al Dhaheri, Senior Agricultural Engineer at Ayelet Agro; Rashed Al Balooshi, Senior Vice-Preident of Operated Assets, South-East Asia, for Mubadala Energy; and Zhu Yiteng, Project Business Development for AMEA Power.