During his official visit to the United Arab Emirates (UAE), on the morning of October 28, local time, in the capital Abu Dhabi, Prime Minister Pham Minh Chinh received UAE Minister of Investment Mohammed Bin Hassan Al Suwaidi.
The UAE currently owns many of the largest FDI investment funds in the world, such as the Abu Dhabi Investment Authority, which manages 853 billion USD, the fourth largest investment fund in the world; the Dubai Investment Corporation, which manages 320.8 billion USD, ranking 12th in the world; the Mubadala Investment Company, which manages 276 billion USD, ranking 13th in the world; the Abu Dhabi Development Company, which manages 159 billion USD, ranking 16th in the world; the Emirates Investment Authority, which manages 87 billion USD, ranking 20th in the world, etc.
At the meeting, Prime Minister Pham Minh Chinh congratulated the positive results in socio-economic development that the UAE has achieved in recent times, including the important contributions of the Ministry of Investment and the Minister himself, especially in the fields of renewable energy, green transformation, science and technology, innovation, and financial center.
Emphasizing that Vietnam attaches importance to expanding investment cooperation with the Middle East region, of which the UAE is one of the top focuses, the Prime Minister highly appreciated the UAE's position as the largest investor in the Arab world with billions of USD in overseas investment and attracting 35 billion USD in FDI in 2023; affirming that the UAE is one of the top priority partners to expand investment cooperation.
However, according to the Prime Minister, with 38 FDI projects in Vietnam with a total registered investment capital of 74.1 million USD, the UAE ranks 52nd out of 144 countries and territories with investment projects in Vietnam and Vietnam has 5 investment projects in the UAE with a total registered capital of 1.8 million USD, the above investment results are not commensurate with the potential and expectations of both sides.
The Prime Minister emphasized that the opportunities and potential for investment cooperation between Vietnam and the UAE are huge; said that during the Prime Minister’s visit to the UAE, the two sides will upgrade relations and sign the Vietnam – UAE Comprehensive Economic Partnership Agreement (CEPA); then build a plan to connect the two economies to soon achieve the goal of bringing two-way trade to 10 billion USD.
Informing the UAE Minister of Investment about the economic situation in Vietnam, the Prime Minister said that Vietnam prioritizes attracting investment in projects in the fields of high technology, electronics, semiconductor chips, innovation, artificial intelligence, cloud computing, Internet of Things, etc., in line with the UAE's strengths as well as global trends; requested the UAE Ministry of Investment to share its experience in attracting foreign investment; consider, select and connect partners to participate in strong and comprehensive investment cooperation with Vietnam, including cooperation with the National Innovation Center (NIC) of Vietnam.
The Prime Minister said that Vietnam aims to build an international financial center in Ho Chi Minh City and Da Nang and build free trade zones in major cities; he hoped that the UAE, with experience from the Dubai and Abu Dhabi Financial Centers, would support Vietnam in forming a suitable policy framework and development model; participate in the process of building, investing and developing a financial center in Vietnam.
Informing that Vietnam is focusing on perfecting its institutions, training high-quality human resources, developing strategic infrastructure, including seaport systems, high-speed railways, airports, etc., with the orientation of becoming an international transit point, the Prime Minister called on UAE investment funds with their capacity, resources and influence to support Vietnam in accessing international financial and investment resources, especially green financial resources to implement sustainable development goals towards green growth.
Welcoming Prime Minister Pham Minh Chinh's visit to the UAE, UAE Minister of Investment Mohammed Bin Hassan Al Suwaidi said that Vietnam with a population of 100 million and the UAE with a population of 10 million, are both countries with roles and positions in the region; are developing rapidly based on science, technology, innovation, strongly attracting foreign investment..., so the two sides have many areas of cooperation that can complement each other.
The UAE Minister of Investment said he is ready to share experience and support Vietnam in building financial centers in Ho Chi Minh City and Da Nang City; affirmed that he will research and guide UAE corporations to invest in strategic projects in Vietnam, creating effects for the entire economy; create favorable conditions to support and introduce potential UAE partners to Vietnamese businessmen and investors to cooperate, expand operations and smoothly implement investment projects in the UAE.
Agreeing with the Minister's opinion, Prime Minister Pham Minh Chinh emphasized that Vietnam is committed to accompanying and creating favorable conditions for foreign investors, including the UAE, in developing effective investment and business activities in Vietnam./.
Source: https://baotainguyenmoitruong.vn/thu-tuong-uae-la-uu-tien-hang-dau-trong-hop-tac-dau-tu-382298.html
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