UAE Minister's Hanoi Visit Bolsters Trade And Investment Ties With Vietnam

Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, recently visited Hanoi to discuss enhancing UAE-Vietnam trade and investment. During his visit, he met with Pham Minh Chinh, Vietnam's Prime Minister, focusing on sectors like renewable energy, logistics, manufacturing, technology, and agriculture.

Accompanied by Dr Bader Abdulla Saeed bin Saeed AlMatrooshi, UAE Ambassador to Vietnam, Dr Thani Al Zeyoudi also held talks with Nguyễn Hồng Diên, Vietnam’s Minister of Industry and Trade. They discussed expanding non-oil trade between the two nations. In the first half of 2024, bilateral trade reached US$6.1 billion, showing a nine percent increase from 2023 and a 34 percent rise from 2022.

The discussions also covered progress towards a Comprehensive Economic Partnership Agreement (CEPA). This agreement aims to boost trade and investment by removing tariffs, simplifying customs procedures, and improving market access for services exporters.

Al Zeyoudi further explored the benefits of CEPA in meetings with Nguyen Ba Hoan, Deputy Minister of Labour - Invalids and Social Affairs, and Tran Thanh Nam, Deputy Minister of Agriculture and Rural Development. They discussed potential joint ventures in critical sectors such as agriculture and rural development.

Following these discussions, Al Zeyoudi expressed optimism about future UAE-Vietnam relations. He stated: "The meetings this week underscore the value of our relationship with Vietnam, a long-standing and strategically important partner in a high-growth region. Our nations both understand the benefits of closer cooperation and more open trade."

High-Level Delegation

The UAE delegation included key government representatives like Mohamad Abdulrahman Al Hawi from the Ministry of Economy; Ahmed Khalifa Al Qubaisi from Abu Dhabi Chamber of Commerce and Industry; Abdalla Sultan Al Owais from Sharjah Chamber of Commerce and Industry. Senior representatives from private sector companies such as Abu Dhabi Investment Authority, Mubadala Investment, ADNOC, DP World, Etihad Airways were also part of the delegation.

The ASEAN region holds significant importance for the UAE. In H1 2023 alone, trade between the UAE and ASEAN countries amounted to US$15.3 billion. This represents 5.2 percent of the UAE’s total non-oil foreign trade.

Future Prospects

The UAE has already signed Comprehensive Economic Partnership Agreements with Indonesia and Cambodia. These agreements are expected to enhance economic ties within the ASEAN region further.

Al Zeyoudi highlighted that both nations see vast potential in sectors like infrastructure, logistics, tourism, and real estate development in Vietnam. He added: "Vietnam’s pro-growth policies align closely with our own and the many constructive conversations we have enjoyed here point the way to a prosperous future for us both."

This visit underscores the strategic importance of Vietnam as a partner for the UAE in Southeast Asia. The focus on diverse sectors indicates a comprehensive approach to strengthening bilateral relations.

With inputs from WAM