Vietnamese Prime Minister Pham Minh Chinh hoped that the United Arab Emirates (UAE), with its experience in developing Dubai and Abu Dhabi international financial centers, would support Vietnam in perfecting a policy framework and model to build such financial centers, heard a meeting between the top Vietnamese official and UAE Minister of Investment Mohamed bin Hassan Alsuwaidi on Monday.

The meeting is part of PM Chinh’s ongoing official visit to the Middle Eastern nation.

The government leader prompted the UAE to join the process of investing and developing financial centers in Vietnam.

Particularly, Vietnam aims to build international financial centers in Ho Chi Minh City and Da Nang City, as well as set up free trade zones in major cities, the premier said.

Vietnam is focusing on improving its institutions, training high-quality human resources, and developing strategic infrastructure, including seaport systems, high-speed railways, and airports, to move toward becoming an international transit hub, he added.

He urged UAE investment funds to assist Vietnam in accessing international financial and investment sources, particularly green financial sources, to achieve its sustainable development and green growth goals.

The minister of the UAE affirmed that the nation is willing to share its experience and support Vietnam in building financial centers in Ho Chi Minh City and Da Nang.

At the meeting, the prime minister congratulated the UAE on its socio-economic achievements, emphasizing that Vietnam attaches much significance to deeper investment cooperation with the Middle Eastern region.

The UAE is one of Vietnam’s top focuses, he stressed.

The Vietnamese leader praised the UAE as one of the world's largest investors but pointed out that their mutual investments fall short of their potential.

The UAE has invested in 38 foreign direct investment projects in Vietnam, with a total registered capital of US$74.1 million, ranking 52nd out of 144 countries and territories investing in Vietnam.

Vietnam currently has five investment projects in the UAE, with a total pledged capital of $1.8 million.

This signifies the enormous potential for further investment cooperation between the two countries.

PM Chinh revealed that during his visit to the UAE, the two sides will upgrade relations and sign the Vietnam-UAE Comprehensive Economic Partnership Agreement.

The visit will also push the two nations to build a plan to connect the two economies to soon raise two-way trade to $10 billion.

The Vietnamese leader stated that Vietnam is prioritizing investments in high technology, electronics, semiconductor chips, innovation, artificial intelligence, cloud computing, and the Internet of Things -- areas that are both global trends and strengths of the UAE.

He urged the UAE Ministry of Investment to share its expertise in attracting foreign investment and to help identify and connect partners for robust and comprehensive investment cooperation with Vietnam, including partnerships with Vietnam’s National Innovation Center.

The UAE official committed to exploring opportunities and guiding UAE corporations to invest in strategic projects in Vietnam.

He also promised to introduce potential UAE partners to Vietnamese business leaders and investors, fostering cooperation, expanding operations, and ensuring the successful execution of investment projects in the UAE.

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