Green power: Workers assemble equipment inside a wind turbine tower at a factory in Tan Thanh. Vietnam plans to form close cooperation with the UAE in not only traditional energy but also new and renewable energy development. — Bloomberg
HANOI: Industry and Trade Minister Nguyen Hong Dien has signed a Ministerial Declaration with United Arab Emirates (UAE) Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi.
The move will see both nations starting negotiations on a comprehensive economic partnership agreement (CEPA) right after Vietnam completed its procedures.
The signing took place after a meeting between Dien and Al Zeyoudi during the Vietnamese minister’s working visit to the UAE last week.
During the meeting, the Vietnamese official said the two countries can start their negotiations on CEPA after the draft terms of reference of the agreement is agreed and approved by the authorised agencies.
Dien spoke highly of opportunities that the CEPA can bring for both countries, in the context of Vietnam having become a manufacturing hub for many important commodities in the region and the world, while the UAE has many strengths as a transshipment port and financial and logistics centre.
The combination of strengths of the two sides will create a momentum for growth in their trade and investment ties in the coming time, he said.
The minister affirmed that the UAE is Vietnam’s largest trading partner in the Middle East-North Africa regions, noting that ample room remains for the two countries to tap the potential of their economies that have complementary strengths.
He suggested the two countries strengthen the exchange of all-level delegations and business delegations to explore cooperation opportunities, especially in the field of trade and investment.
Dien also proposed management agencies of Vietnam and the UAE study and promote the establishment of a cooperation mechanism for halal certification to facilitate the trade in agricultural products between the two countries.
Agreeing with the proposals of the Vietnamese official, Al Zeyoudi said his country wishes to expand economic cooperation with Vietnam and has always considered Vietnam its important economic partner.
The UAE’s leaders have also given instructions on starting negotiations on the CEPA as soon as Vietnam completes procedures, he noted,
He added that not only the Foreign Trade Ministry but many ministries and sectors in charge of fields such as energy, industry and logistics services of the UAE have all backed the negotiation, signing and implementation of the CEPA.
Also during the visit, Dien held a meeting with the UAE’s Energy and Infrastructure Minister, Suhail bin Mohammed Al Mazrouei.
Dien informed his host on Vietnam’s wish to cooperate more closely with the UAE’s Energy and Infrastructure Ministry in not only traditional energy but also new and renewable energy development.
He proposed the two sides sign a new memorandum of understanding on energy cooperation, adding that Vietnam will create favourable conditions for UAE partners to cooperate with Vietnam in oil and gas exploitation. — Viet Nam News/ANN
