His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, received Pham Minh Chinh, PM of Vietnam, at Zabeel Palace in Dubai. The Vietnamese Prime Minister is visiting the UAE on an official trip.
Advancements in bilateral relations
H.H. Sheikh Mohammed warmly welcomed Prime Minister Chinh and his delegation, expressing his sincere appreciation for the significant advancements in UAE-Vietnam relations. He emphasized their shared commitment to enhancing cooperation that aligns with mutual development objectives and fulfills the aspirations of both nations’ citizens. He underscored the importance of this visit as a reflection of the longstanding ties established since 1993 and recognized Vietnam as the UAE’s largest trading partner among ASEAN countries.
Signing of the economic partnership agreement
During the meeting, His Highness noted that he had witnessed the signing of a Comprehensive Economic Partnership Agreement with Prime Minister Pham Minh Chinh. He remarked on Vietnam being one of the fastest-growing economies in Asia and highlighted the UAE’s pride in being their largest regional trade partner. He stated that the non-oil trade with Vietnam had seen a remarkable thirty-eight percent increase between 2022 and 2023, adding that UAE companies such as DP World, Mubadala, and Borouge had made significant investments in Vietnam, with non-oil trade exceeding $12 billion in 2023.
His Highness mentioned that under the continued leadership of his brother, His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, they were forging unprecedented economic links with countries around the world.
Exploring new avenues for collaboration
The leaders, Dubai Media Office reported, discussed strategies to strengthen their bilateral partnership by exploring new avenues for collaboration in sectors like tourism, investment, industry, and technology. They also addressed enhancing trade and tourism exchanges, improving logistics capabilities, creating innovative investment opportunities, and fostering collaboration between the private sectors of both countries.
Accelerating economic cooperation
Strategies to accelerate economic cooperation were explored, focusing on increasing mutual investments and expanding opportunities for the investment communities in both nations. This included nurturing new business partnerships and bolstering investor support through flexible regulations, reliable infrastructure, and other growth-enabling factors.
Commitment to friendship and cooperation
The Vietnamese Prime Minister expressed pride in the flourishing friendship and cooperation between the two countries, emphasizing the immense potential for further collaboration. He further reiterated the shared vision for the future of the UAE-Vietnam partnership, highlighting their mutual commitment to enhancing the positive impact of their relationship on the development pathways of both nations. Additionally, he reaffirmed Vietnam’s commitment to strengthening ties as part of its broader efforts for international integration and cooperation with friendly nations.
Discussion of regional developments
The meeting also covered regional and international developments, particularly recent events in the Middle East. Moreover, both leaders stressed the importance of collective international efforts to promote peace and foster a cooperative environment for development.
Attendees of the meeting
Furthermore, attending the meeting were His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai; His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Airports and Chief Executive of Emirates Airline and Group; His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Ports and Borders Security Council; along with several ministers and senior officials.
Signing of the comprehensive economic partnership agreement
The Comprehensive Economic Partnership Agreement was signed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and His Excellency Nguyen Hong Dien, minister of Industry and Trade, on behalf of Vietnam. This agreement is also expected to usher in a new era of cooperation, enhancing access to global markets, simplifying customs procedures, and promoting fair trade competition.
Facilitating access to various sectors
The agreement aims to facilitate access for UAE service providers across various sectors in Vietnam, including business and communications, engineering, financial services, healthcare, tourism, and transportation. It is designed to energize bilateral trade momentum, with Vietnam being the fastest-growing economy in the ASEAN region and the UAE’s largest trading partner there. Non-oil trade between the two countries surpassed $6.06 billion in the first half of 2024, marking a nine percent increase from the same period in 2023. Foreign trade is crucial to the UAE’s economic strategy, with non-oil trade reaching a record AED3.5 trillion in 2023. The comprehensive economic partnership with Vietnam will bolster the UAE’s efforts to achieve its 2031 non-oil trade target of AED4 trillion ($1.1 trillion).
Key MoUs and agreements
During the meeting, several agreements and memorandums of understanding (MoUs) were announced to enhance cooperation in key sectors such as the economy, investment, trade, government, education, scientific research, and logistics.
Notably, one MoU focused on investment cooperation in innovation and financial centers between the UAE Ministry of Investment and Vietnam’s Ministry of Investment and Planning, while another aimed at exchanging expertise in government excellence between the UAE Cabinet General Secretariat and Vietnam’s Ministry of Internal Affairs.
Further agreements in education and trade
Additional agreements included cooperation in higher education and scientific research between the UAE Ministry of Higher Education and Scientific Research and Vietnam’s Ministry of Education and Training, an MoU between the Central Bank of the UAE and the State Bank of Vietnam, a partnership agreement between Abu Dhabi Ports and the General Department of Vietnam Customs, and a cooperation agreement between the Abu Dhabi Chamber of Commerce and Industry and the Vietnam Chamber of Commerce and Industry.
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