Mohammed Bin Rashid And Vietnam Prime Minister Explore New Avenues For Strategic Bilateral Cooperation

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, welcomed Pham Minh Chinh, the Prime Minister of Vietnam, at Zabeel Palace in Dubai. The Vietnamese leader is visiting the UAE officially. His Highness expressed appreciation for the strengthening UAE-Vietnam relations and emphasised their shared commitment to enhancing cooperation for mutual development goals.

The meeting highlighted the exceptional phase of UAE-Vietnam relations. His Highness noted that the UAE is Vietnam’s largest trading partner in the Middle East. "Last year, our non-oil trade exceeded $12 billion. Today, we are signing a new partnership agreement because we believe in the future of our relations. Trade has grown by 38 percent from 2022 to 2023, and we expect this agreement to further boost it in the coming years," he stated.

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The discussions focused on expanding cooperation in tourism, investment, industry, and technology. Both leaders explored ways to increase trade and tourism exchanges while enhancing logistics capabilities. They also discussed creating innovative investment opportunities and encouraging collaboration between private sectors in both nations.

Strategies to accelerate economic cooperation were also examined during the meeting. The focus was on boosting mutual investments and expanding opportunities for investment communities in both countries. This involves fostering new partnerships between businesses and strengthening support for investors through flexible regulations and reliable infrastructure.

Sheikh Mohammed bin Rashid Al Maktoum and Prime Minister Pham Minh Chinh witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA). Dr. Thani bin Ahmed Al Zeyoudi signed on behalf of the UAE, while Nguyen Hong Dien represented Vietnam. This agreement aims to improve market access globally by simplifying customs procedures and encouraging fair trade competition.

The CEPA is expected to enhance access for UAE service providers across various sectors in Vietnam. These include business communications, engineering, financial services, healthcare, social services, travel and tourism, and transportation.

Economic Growth and Trade Targets

The agreement seeks to boost bilateral trade by leveraging Vietnam's significant economic growth of 7% year-on-year in early 2024. Non-oil trade between the two countries surpassed $6.06 billion in H1 2024—a 9% increase from H1 2023. Foreign trade is crucial to the UAE's economic strategy with non-oil trade reaching AED3.5 trillion in 2023.

The CEPA with Vietnam will aid the UAE's goal of achieving its 2031 non-oil trade target of AED4 trillion ($1.1 trillion). Several agreements were announced during the meeting to enhance cooperation in key sectors such as economy, investment, trade, government, education, scientific research, and logistics.

Memorandums of Understanding

Key MoUs include one on investment cooperation between the UAE Ministry of Investment and Vietnam's Ministry of Investment and Planning. Another focuses on exchanging expertise in government excellence between the UAE Cabinet General Secretariat and Vietnam's Ministry of Internal Affairs.

Other agreements involve higher education cooperation between respective ministries from both countries. An MoU was signed between the Central Bank of the UAE and State Bank of Vietnam along with a partnership agreement between Abu Dhabi Ports and Vietnam Customs Department.

The Vietnamese Prime Minister expressed pride in growing ties with the UAE while highlighting potential for expanded cooperation. He reaffirmed Vietnam's dedication to strengthening these ties as part of its efforts towards international integration.

The meeting also covered regional developments with emphasis on recent events in the Middle East. Both leaders stressed collective international efforts needed for promoting peace while creating an environment conducive for development.

The gathering included notable attendees like H.H Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum; H.H Sheikh Ahmed bin Saeed Al Maktoum; H.H Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum; alongside ministers & senior officials.

With inputs from WAM