News, General News, The Leader - 28 October, 2024

Mohammed bin Rashid and Prime Minister of Vietnam discuss new avenues to enhance strategic bilateral cooperation

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, today received His Excellency Pham Minh Chinh, Prime Minister of Vietnam, at Za’abeel Palace in Dubai. The Vietnamese Prime Minister is on an official visit to the UAE.

HH Sheikh Mohammed bin Rashid welcomed the Vietnamese Prime Minister and the accompanying delegation, and expressed his deep appreciation for the strong progress in UAE-Vietnam relations. His Highness highlighted the shared commitment to enhancing cooperation that serves mutual development goals and meets the aspirations of the peoples of the two countries. He noted the importance of the visit, reflecting on the deep-rooted ties established in 1993, and highlighted Vietnam's position as the UAE’s largest trading partner among ASEAN countries. 

His Highness said that UAE-Vietnam relations are going through an exceptional phase, noting that the UAE is Vietnam’s largest trading partner in the Middle East. “Last year, our non-oil trade exceeded $12 billion. Today, we are signing a new partnership agreement because we believe in the future of our relations. Trade has grown by 38% from 2022 to 2023, and we expect this agreement to further boost it in the coming years,” His Highness said. "Our national companies, including Dubai Ports, Mubadala, and Borouge, manage significant investments in Vietnam, and we aim to encourage more Emirati companies to enter the Vietnamese market."

The meeting discussed ways to strengthen the bilateral partnership by exploring new avenues for cooperation in tourism, investment, industry, and technology. Discussions also covered increasing trade and tourism exchanges, enhancing logistics capabilities, creating innovative investment opportunities, and encouraging collaboration between the private sectors of both nations.

They also examined strategies to accelerate economic cooperation by boosting mutual investments and expanding opportunities for the investment communities of both countries. This involves fostering new partnerships between businesses and strengthening support for investors through flexible regulations, reliable infrastructure, and other growth-enablers.

The Vietnamese Prime Minister expressed pride in the growing friendship and cooperation between the two countries, highlighting the vast potential for expanding the cooperation. He also highlighted the common vision for the future of the UAE-Vietnam partnership, emphasising a mutual dedication to advancing the partnership’s beneficial impact on the development journeys of both nations. He reaffirmed Vietnam's dedication to strengthening ties as part of its efforts to promote international integration and deepen cooperation with friendly nations.

The meeting also discussed regional and international developments, with a focus on recent developments in the Middle East. The two leaders underscored the need for collective international efforts to promote peace and create a cooperative environment for development.

The meeting was attended by His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai; His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Airports and Chief Executive of Emirates Airline and Group; His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Ports and Borders Security Council; and a number of ministers and senior officials. 

HH Sheikh Mohammed bin Rashid Al Maktoum and the Prime Minister of Vietnam also witnessed the signing of a comprehensive economic partnership agreement between the two countries. The agreement was signed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and His Excellency Nguyen Hong Dien, Minister of Industry and Trade, representing the Vietnamese side. The agreement promises to pave the way for a new phase of cooperation between the two countries by improving access to global markets, simplifying customs procedures, and encouraging fair trade competition.

The agreement is expected to improve access for UAE service providers to a wide range of sectors in the Vietnamese market, including business and communications, engineering, financial services, healthcare and social services, travel and tourism, and transportation.

The agreement seeks to boost bilateral trade between the two countries, capitalising on Vietnam’s significant year-on-year economic growth of 7% in the first half of 2024. Vietnam is the UAE's largest trading partner in the region, with non-oil trade surpassing $6.06 billion in the first half of 2024, a 9% increase from H1 2023.

Foreign trade plays a vital role in the UAE's economic strategy, with non-oil trade alone reaching a record AED3.5 trillion in 2023. The comprehensive economic partnership agreement with Vietnam will boost the country’s efforts to achieve its 2031 non-oil trade target of AED4 trillion ($1.1 trillion).

During the meeting, several agreements and memorandums of understanding (MoUs) were announced between the UAE and Vietnam to enhance cooperation in key sectors such as the economy, investment, trade, government, education, scientific research, and logistics.

Key MoUs signed include one on investment cooperation in innovation and financial centres between the UAE Ministry of Investment and Vietnam's Ministry of Investment and Planning, as well as another focused on exchanging expertise in government excellence between the UAE Cabinet General Secretariat and Vietnam's Ministry of Internal Affairs. 

Other agreements feature cooperation in higher education and scientific research between the UAE Ministry of Higher Education and Scientific Research and Vietnam's Ministry of Education and Training, an MoU between the Central Bank of the UAE and the State Bank of Vietnam, a partnership agreement between Abu Dhabi Ports and the General Department of Vietnam Customs, and a cooperation agreement between the Abu Dhabi Chamber of Commerce and Industry and the Vietnam Chamber of Commerce and Industry.