Prime Minister Pham Minh Chinh meets with UAE President Mohammed bin Zayed Al Nahyan during his visit to attend the Asean - Gulf Cooperation Council (GCC) Summit in Saudi Arabia on October 20, 2023. - Vietnam News/ANN
HANOI (Vietnam News/ANN): Vietnam Prime Minister Pham Minh Chinh's official visit to the United Arab Emirates (UAE), starting on Sunday is expected to contribute to strengthening political trust, elevating relations, and creating breakthroughs in bilateral ties in numerous fields in the coming time.
The official visit, made at the invitation of President Mohamed bin Zayed Al Nahyan, and the first of its kind of a Prime Minister of Vietnam over the past 15 years, is taking place in the context that the bilateral relations are developing well across all fields.
Political-diplomatic relations strengthened continuously
Since the two countries set up their diplomatic ties on August 1, 1993, their friendship and cooperation have developed positively in numerous spheres, from politics, diplomacy, trade, and investment to labour and tourism.
Political trust and mutual understanding have been consistently consolidated, reflected through vibrant delegation exchanges at different levels, such as the working visits to the UAE by Minister of Industry and Trade Nguyen Hong Dien in April 2023 and Vice President Vo Thi Anh Xuan in May 2023, UAE Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan’s official visit to Vietnam in June 2023, PM Chinh’s attendance at the 28th United Nations Climate Change Conference (COP28), and bilateral activities in the Middle East country last December, and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi’s Vietnam visit in August 2024.
These trips have contributed to deepening bilateral relations and opening up new opportunities for bilateral collaboration in many fields in the coming time.
In his reception for the UAE Minister of State for Foreign Trade and leaders of 19 UAE groups on August 26, PM Chinh affirmed that Vietnam values its multifaceted friendship and cooperation with the UAE, one of its leading economic partners in the Middle East.
He noted that Vietnam is ready to serve as a bridge for the UAE to strengthen cooperation with the Association of Southeast Asian Nations (ASEAN), while considering the UAE a gateway to foster its collaboration with the Middle East.
The leader also called for the early conclusion of negotiations on the Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA), and suggested facilitating cooperation and investment between businesses of both countries, considering the possibility of reducing tariffs on certain goods to leverage complementary strengths of their economies, aiming for a two-way trade target of 10 billion USD.
For his part, Thani bin Ahmed Al Zeyoudi stated that the UAE wishes to strengthen collaboration with Vietnamese firms to produce and process Halal food.
He added that his country plans to establish a council of business cooperation with Vietnam to deepen the Vietnam-UAE cooperation, particularly in trade and investment.
Meeting between Minister of Industry and Trade Nguyen Hong Dien and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi in Hanoi, on July 30, 2024. - Vietnam News/ANN
Economy-trade - important pillar of cooperation
Economic collaboration has always been an important pillar and a bright spot in the overall picture of the Vietnam-UAE relations. The UAE is currently Vietnam's largest export market in the Middle East and Africa, with two-way trade reaching 4.96 billion USD in the first nine months of this year, higher than the 4.7 billion USD recorded in the whole year of 2023.
As of September 2024, the UAE had 42 projects valued at 74.09 million USD in Vietnam, ranking 52nd among 148 countries and territories investing in the Southeast Asian nation.
There remains an ample room for the development of the bilateral economic and trade ties, as the two economies have complementary strengths and they are conducting negotiations on the CEPA. In recent meetings, the two countries’ leaders have all agreed to soon complete the negotiations towards the signing of the deal, which is expected to help Vietnamese goods not only be directly exported to the UAE, but also enter the Middle East market through the "UAE gateway."
Speaking at a forum in Ho Chi Minh City in May, President and CEO of the Dubai Chambers Mohammad Ali Rashed Lootah described Vietnam as attractive to Dubai investors and traders, explaining the Southeast Asian country boasts strong growth potential thanks to its favourable economic policies, good infrastructure, a skilled workforce, and a strategic location.
Members of the Dubai Chambers have highly evaluated opportunities in Vietnam and are planning to expand investment and business activities in the country, he noted, adding that the commodities promising considerable chances for Vietnam’s exports to Dubai include furniture, nuts, tropical fruits, and coffee. Meanwhile, Dubai firms also appreciated investment potential in sustainable agriculture, construction, tourism, and food industry in Vietnam.
As for labour cooperation, there are currently about 3,000 Vietnamese workers in the UAE. The UAE side wants to receive more Vietnamese labourers, and commits to supporting the Southeast Asian nation in vocational training.
Currently, the two countries share a common perception of the importance of soon elevating bilateral relations to a new height, matching the potential, economic scale and expectations of both sides. - Vietnam News/ANN
