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UAE firms keen on investing in infrastructure, finance sectors in Vietnam

UAE firms keen on investing in infrastructure, finance sectors in Vietnam

Monday, December 04, 2023, 12:03 GMT+7
UAE firms keen on investing in infrastructure, finance sectors in Vietnam
Vietnamese Prime Minister Pham Minh Chinh (R, 2nd) and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi of the UAE (L, 2nd) witness the exchange of a memorandum of understanding on cooperation between the two countries in the UAE, December 3, 2023. Photo: Vietnam News Agency

Leaders of businesses and investment funds from the United Arab Emirates (UAE) expressed their interest in cooperating with Vietnam to develop seaports, renewable energy projects, and a finance hub in the Southeast Asian nation during their meeting with Vietnamese Prime Minister Pham Minh Chinh on Sunday.

The meeting gathered Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi of the UAE and leaders of nine major UAE enterprises and funds, including Mubadala Investment Company, Masdar Energy, Abu Dhabi Fund for Development, and Abu Dhabi National Oil Company.

PM Chinh and the UAE minister shared the view that both countries have significant cooperation potential to further promote their economic, trade, and investment ties, including the UAE funds’ investment in renewable energy and infrastructure development projects in Vietnam.

The UAE minister thanked PM Chinh and a Vietnamese delegation’s active contribution to the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28), held in Dubai from November 29 to December 12.

Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi of the UAE said the Comprehensive Economic Partnership Agreement between Vietnam and the UAE could be signed in 2024. Photo: Vietnam News Agency

Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi of the UAE said the Comprehensive Economic Partnership Agreement between Vietnam and the UAE could be signed in 2024. Photo: Vietnam News Agency

Thanks to the huge efforts of both nations’ leaders, Vietnam and the UAE have made considerable headway with negotiations on the bilateral Comprehensive Economic Partnership Agreement (CEPA), which could be signed in 2024, the UAE minister said.

PM Chinh lauded the UAE businesses and funds for exploring the possibility to expand investment in Vietnam, suggesting that the latter develop seaport cities or financial centers in the Southeast Asian nation.

The UAE business executives at the meeting pinned their hopes on the upcoming official signing of the CEPA, which would enable them to foster cooperation with Vietnam in the fields of infrastructure development, seaports, renewable energy, offshore wind power, healthcare, agriculture, as well as in building a financial hub in Ho Chi Minh City.

The Vietnamese government leader and the UAE minister also witnessed the exchange of memoranda of understanding on cooperation between Abu Dhabi Ports Group and the Vietnam Maritime Administration as well as between Sirius International Holding, a subsidiary of the UAE conglomerate International Holding Company, and the Vietnamese Ministry of Information and Communications’ National Digital Transformation Agency.

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Hong Ngan - Ngoc An - Thanh Hien / Tuoi Tre News

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