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Vietnam, UAE agree to set up comprehensive economic partnership soon

Vietnam, UAE agree to set up comprehensive economic partnership soon

Saturday, December 02, 2023, 15:39 GMT+7
Vietnam, UAE agree to set up comprehensive economic partnership soon
PM Pham Minh Chinh shakes hands with his UAE counterpart Mohammed bin Rashid Al Maktoum in Dubai on December 1, 2023. Photo: Vietnam’s Ministry of Foreign Affairs

Vietnam and the United Arab Emirates (UAE) have pledged to further strengthen multifaceted cooperation, including trade and investment, and soon enter into a Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA) soon.

The pledge was made between Vietnamese Prime Minister Pham Minh Chinh and his UAE counterpart Mohammed bin Rashid Al Maktoum when they met on Friday on the sidelines of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), which opened in Dubai on the same day.

The Crown Prince of Dubai, Hamdan bin Mohammed Al Maktoum, also joined the meeting.

PM Chinh, who arrived in UAE on a four-day trip starting Friday for the COP28 and other activities, told his hosts that he highly appreciated the fruitful development of the Vietnam-UAE relations over the past 30 years since the establishment of their diplomatic relations.

He asked the two countries to further promote their multifaceted cooperation, including trade and investment, and expressed his wish that a bilateral CEPA will be made available soon to better tap the cooperative potentials of the two nations. 

The Vietnamese government leader asked the UAE to share experiences and support Vietnam in building an international financial center, and call on the UAE’s investment funds to invest in Vietnam.

The UEA prime minister recollected his good impressions of his visit to Vietnam 20 years ago and said he wished to re-visit the Southeast Asian country soon.

He agreed with PM Chinh’s proposals on promoting bilateral relations, especially the early signing of a CEPA, and affirmed that the UAE attaches great importance to the multifaceted ties with Vietnam.

The Crown Prince of Dubai told his guest that he was ready to exchange knowledge and experiences in building a financial center.

He also expressed his special impressions of the famous quality of Vietnamese coffee products, and added that he hoped to visit Vietnam in the near future.  

UAE is Vietnam’s leading trade partner in the Middle East region with the turnover in recent years always reaching approximately US$5 billion, according to official figures.

As of November 20, UAE ranked 53rd among 143 countries and territories investing in Vietnam, with 39 projects worth $71.51 million, the Voice of Vietnam reported.

There are currently about 4,500 Vietnamese workers in the Western Asian country, mainly in the construction, mechanics and hospitality sectors, according to statistics.

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Vinh Tho - Ngoc An - Thanh Hien / Tuoi Tre News


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