Vietnam-UAE trade cooperation flourishes

Minister of Industry and Trade Nguyen Hong Dien affirmed that trade between Vietnam and the UAE has achieved many positive results and is increasingly consolidated and developed.

Vietnamese Minister of Industry and Trade Nguyen Hong Dien and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi. (Source: Ministry of Industry and Trade)

On October 8, at the headquarters of the Ministry of Industry and Trade, Vietnamese Minister of Industry and Trade Nguyen Hong Dien and UAE Minister of State for Foreign Trade, Ministry of Economy Thani bin Ahmed Al Zeyoudi co-chaired the Plenary Session of the 5th Meeting of the Vietnam-United Arab Emirates (UAE) Intergovernmental Committee.

Speaking at the meeting, Minister Nguyen Hong Dien happily welcomed Minister of State Thani bin Ahmed Al Zeyoudi and the UAE delegation, affirming that the meeting is an important and meaningful activity to celebrate the 30th anniversary of the establishment of diplomatic relations between the two countries (1993-2023).

The Minister emphasized that on the basis of good political and diplomatic relations, economic and trade cooperation between Vietnam and the UAE has achieved many positive results and is increasingly consolidated and developed.

Both economies have gradually affirmed their position in the region and the world. Vietnam is currently in the top 5 largest economies in ASEAN, one of the top 20 economies in international trade and was listed by the United Nations Conference on Trade and Development as one of the top 20 countries attracting foreign direct investment (FDI) in the world. Meanwhile, the UAE is considered a leading economic, commercial, financial, tourism and logistics center in the Middle East and the world.

On behalf of the UAE delegation, Mr. Thani bin Ahmed Al Zeyoudi expressed his joy and agreement with the opinion of the Vietnamese Minister of Industry and Trade on the positive developments in bilateral relations in recent times.

Mr. Thani bin Ahmed Al Zeyoudi said that the UAE Government always considers Vietnam an important partner in the Asia-Pacific region, wishes to strengthen cooperation with Vietnam in all fields and suggested that the two sides continue to closely coordinate in implementing measures to promote friendship and multifaceted cooperation in the coming time.

Minister of Industry and Trade Nguyen Hong Dien and Minister of State for Foreign Trade, UAE Ministry of Economy Thani bin Ahmed Al Zeyoudi co-chaired the Plenary Session of the 5th Meeting of the Vietnam-UAE Intergovernmental Committee.

At the meeting, the two sides reviewed the bilateral cooperation situation since the 4th meeting (2019), discussed issues of mutual concern, resolved difficulties, and exchanged new solutions to promote bilateral cooperation in all fields.

In terms of politics and diplomacy, bilateral relations have developed positively over the past 30 years. The two sides have closely coordinated and supported each other at multilateral forums and international organizations. There have been active delegation exchanges at many levels between the two countries, especially in 2023, the anniversary of the establishment of diplomatic relations between the two countries.

Regarding trade cooperation, the two-way trade volume has been maintained at a stable level of 5 billion USD per year since 2019. This result has put Vietnam in the top 10 largest import partners of the UAE and vice versa, the UAE is one of Vietnam's largest trade partners in the Middle East. In addition, the two countries still have a lot of potential and room to continue expanding and developing cooperation, especially in the context that the two sides are actively promoting negotiations and soon signing the Comprehensive Economic Partnership Agreement.

In the field of investment, businesses of the two countries have had investment projects in each other's territories in many fields. As of the end of August 2023, the UAE ranked 43rd out of 148 countries and territories investing in Vietnam, with a total of 38 projects and a total registered capital of more than 71 million USD.

On the other hand, Vietnam has five valid investment projects in the UAE with a total registered capital of over 1.8 million USD. In the coming time, the two sides need to promote investment cooperation to match the potential and development needs of each country.

Cooperation in other areas such as security, transportation and logistics, information and communications, education and training, labor, education, culture and tourism, etc. has seen many improvements.

To seize opportunities to further promote bilateral cooperation, the two sides discussed and agreed to actively promote delegation exchanges at all levels, especially high-level delegations, and continue to strengthen coordination and mutual support at multilateral forums and international organizations.

In addition, closely coordinate to review and improve the legal framework, facilitating cooperation activities in areas such as the Comprehensive Economic Agreement, the Agreement on Cooperation and Mutual Assistance in the Customs Sector, the Agreement on Extradition, the Agreement on the Transfer of Sentenced Persons, etc.

In particular, research investment and business cooperation opportunities in potential industrial and energy fields such as chemical production, fertilizer, textile and footwear, electronics and mechanical industry, automobiles, energy...

On the other hand, the two sides will encourage and create conditions for businesses of the two countries to increase investment and cooperation in areas such as post, telecommunications and digital transformation, logistics, culture, tourism, etc.

In addition, increase information exchange on the list of potential projects in each country to consider promoting investment cooperation, encourage airlines of the two countries to continue opening direct flights between the two countries to promote economic cooperation, tourism and people-to-people exchange.

The 5th meeting of the Vietnam-UAE Intergovernmental Committee took place in a friendly and cooperative atmosphere, in a constructive spirit and in mutual understanding. Based on the results of the online working session of the two countries' technical delegations, on behalf of the Governments of Vietnam and the UAE, the Chairmen of the Sub-Committees unanimously approved and signed the Minutes of the Meeting.

On this occasion, Minister of State Thani bin Ahmed Al Zeyoudi also held talks with Minister Nguyen Hong Dien to discuss the situation of bilateral economic and trade cooperation, promoting the negotiation process of the Comprehensive Economic Partnership Agreement. According to the plan, in the afternoon of the same day, the Minister of State in charge of foreign trade of the UAE Ministry of Economy will meet with Deputy Prime Minister Tran Luu Quang.

Source: https://baoquocte.vn/ho-p-ta-c-thuong-ma-i-viet-nam-uae-nhie-u-kho-i-sa-c-245340.html