Effective implementation of CEPA Agreement, creating breakthrough for Vietnam-UAE trade exchange

Within the framework of his official visit to the United Arab Emirates (UAE), on the afternoon of October 28, local time, Prime Minister Pham Minh Chinh had talks with UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum.

Prime Minister Pham Minh Chinh holds talks with UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum. (Photo: Nhat Bac/VGP).

At the meeting, Prime Minister Pham Minh Chinh expressed his pleasure to return to visit the Emirate of Dubai, the leading economic and financial center of the region and the world. The Prime Minister congratulated the UAE on successfully hosting the United Nations Conference on Climate Change (COP28) in December 2023, creating a strong mark in the process of accelerating the implementation of climate change goals. The Prime Minister praised the important achievements that Dubai in particular and the UAE in general have achieved in building and developing the country and believed that the UAE will successfully implement the goal of "Vision 2031".

The Prime Minister conveyed the greetings of General Secretary To Lam, President Luong Cuong and National Assembly Chairman Tran Thanh Man to the UAE leaders. Prime Minister Pham Minh Chinh thanked the UAE Vice President and Prime Minister for their good sentiments towards Vietnam, affirming that the official visit to Vietnam in 2007 by the UAE Vice President and Prime Minister was a profound and historic milestone, contributing to promoting bilateral relations today.

Prime Minister Pham Minh Chinh also shared with the UAE Vice President and Prime Minister about Vietnam's important achievements since 2007, especially in the economic field when the country's GDP increased nearly 5 times from about 100 billion USD to about 480 billion USD in 2024 if economic growth reaches 7%.

UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum welcomed Prime Minister Pham Minh Chinh at Zaabeel Palace (Photo: Nhat Bac/VGP).

UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum welcomed Prime Minister Pham Minh Chinh's official visit to the UAE, affirming that the visit contributes to further enhancing the good bilateral relations.

The UAE Vice President and Prime Minister congratulated Vietnam on its strong and rapid development in all fields, expressed his affection and love for the country and people of Vietnam, and wished to soon return to visit Vietnam to see Vietnam's achievements in development and innovation since 2007.

Prime Minister Pham Minh Chinh and UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum (Photo: Nhat Bac/VGP).

After the talks, the two leaders also witnessed the signing ceremony of the Comprehensive Economic Partnership Agreement (CEPA), the first Free Trade Agreement (FTA) between Vietnam and an Arab country. This is also the FTA with the fastest negotiation time of Vietnam, demonstrating the high determination of the leaders as well as the ministries and branches of the two countries to create a breakthrough in the economic, trade and investment cooperation between the two countries, opening a large, historic path for Vietnam to penetrate deeper into the Middle East market.

With comprehensive negotiation contents, the CEPA Agreement promises to bring balanced benefits to both countries and is in line with the desire to enhance cooperation in many fields between Vietnam and the UAE.

Prime Minister Pham Minh Chinh and UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum witnessed the signing ceremony of the Vietnam - UAE Comprehensive Economic Partnership Agreement (CEPA) (Photo: Nhat Bac/VGP).

In the spirit of “innovation in thinking, creativity in strategy, consensus in coordination, and determination in implementation to concretize and realize the results of high-level visits between the two countries and signed cooperation agreements”, the two leaders discussed and agreed on 5 key cooperation focuses in the coming time.

One is, Strengthen delegation exchanges at all levels to create more political trust; establish joint working groups to substantively implement the Comprehensive Partnership.

Second, Effectively implement the CEPA Agreement to create a breakthrough in trade exchange, further open the market towards the goal of bringing bilateral trade turnover to over 10 billion USD in the coming time; encourage and create conditions for businesses of the two countries to invest and do business with each other.

Third, Strengthening cooperation in the fields of digital transformation, green transformation, and innovation. Vietnam encourages UAE businesses to invest more in areas that Vietnam is interested in and the UAE has strengths in, such as green transformation infrastructure, digital transformation, digital finance, and especially artificial intelligence, cloud computing, and the Internet of Things.

Four is, promote cooperation in people-to-people exchange, culture and tourism. Prime Minister Pham Minh Chinh affirmed that he will direct the opening of a direct flight route from Vietnam-UAE to create more favorable conditions for people of the two countries to increase visits and mutual understanding.

Five is, Strengthen cooperation and mutual support in multilateral forums in the context that both countries share many common views on regional and international issues, are peace-loving peoples, and wish to cooperate for peace, stability and development in the two regions and in the world.

Emphasizing the effective implementation of the contents agreed by both sides, the two leaders agreed to assign relevant ministries and branches to actively coordinate with each other to concretize the proposals.

On this occasion, Prime Minister Pham Minh Chinh invited UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum to visit Vietnam in the near future. The UAE Vice President and Prime Minister thanked him and happily accepted the invitation.

Immediately after the talks, Prime Minister Pham Minh Chinh and UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum witnessed the signing ceremony of the Comprehensive Economic Partnership Agreement (CEPA) and announced the signing of six other documents between the two sides, including the Memorandum of Understanding on Investment, Innovation and Financial Center, the Memorandum of Understanding on Experience Exchange in Government Modernization and Development, the Memorandum of Understanding on Higher Education and Scientific Research Cooperation, the Memorandum of Understanding on Cooperation between the State Bank of Vietnam and the Central Bank of the UAE, the Memorandum of Understanding on Cooperation between the General Department of Customs and Abu Dhabi Port, and the Memorandum of Understanding on Cooperation between the Vietnam Federation of Industry and Commerce (VCCI) and the Abu Dhabi Chamber of Commerce and Industry.

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