At the Vietnam-UAE business forum, Prime Minister Pham Minh Chinh said that the two sides are facing a great opportunity to connect the two economies, promote each other, and complement each other, while the UAE Minister of State for Economy emphasized that Vietnam is an ideal partner.
On the afternoon of October 28 (local time), in Dubai city - the leading financial center of the UAE, the Middle East and the world, Prime Minister Pham Minh Chinh attended the Vietnam - UAE business forum.
The seminar was organized by the Ministry of Planning and Investment, the Vietnamese Embassy in the UAE in coordination with the UAE Ministry of Investment and the Dubai Chamber of Commerce.
Also attending were Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son, leaders of ministries, branches and localities; Mr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade - Ministry of Economy; more than 200 delegates representing large corporations and enterprises of the two countries.
Reasons why Vietnam is an ideal partner
Mr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade - UAE Ministry of Economy, said that the Prime Minister's visit is symbolic for the relationship between the two countries.
He assessed Vietnam as an ideal partner for the UAE, with great market potential, the fastest growth rate in ASEAN, and can support the UAE long-term in the goal of ensuring food security.
Mr. Abdul-Aziz Abdulla Al Ghurair, Chairman of the Dubai Chamber of Commerce, assessed Vietnam as a dynamic economy with a strategic location and a key partner of the UAE.
The UAE Chamber of Commerce has opened an office in Ho Chi Minh City and recently organized a very successful business delegation to visit Vietnam in May 2024, with 180 meetings between businesses from both sides.
According to UAE statistics, trade between the two countries in 2023 reached 8.8 billion USD, and in the first 9 months of 2024 it exceeded 6 billion USD.
At the seminar, delegates were introduced to Vietnam's investment and business environment; businesses spoke about investment cooperation opportunities in priority areas.
In particular, leaders of Hyosung Group (Korea) discussed successful investment experiences in Vietnam and implemented a sustainable plastic production project; VinGroup discussed innovation and application of high technology in electric vehicle production; FPT spoke about the potential for digital transformation cooperation with the UAE.
On the UAE side, Emirates Group spoke about green transformation in the aviation sector and cooperation opportunities in Vietnam; G42 Group discussed the importance of artificial intelligence for countries.
Mr. Hyo Sung Lim, Vice President of Hyosung, said that the group's total investment capital in Vietnam has reached 4 billion USD, with total revenue from 2007 to present reaching 24 billion USD.
Sharing the reasons for continuing to invest in Vietnam, Mr. Hyo Sung Lim cited important factors such as a young, dynamic and highly skilled workforce, helping businesses maintain cost competitiveness. The open trade environment with 19 free trade agreements signed with major economies in the world, including ASEAN, China and the EU, helps enhance export competitiveness. Political stability is also an important factor in minimizing investment and business risks in Vietnam.
The Vietnamese government also provides many incentives for foreign companies to encourage the production and export of high value-added products. Support and quick approval procedures are also favorable for foreign companies, helping to simplify administrative procedures. Investors can also transfer profits, capital and other legal sources of income abroad without any restrictions.
“Our success in Vietnam is built on a strong relationship of trust with the Vietnamese Government over the past 17 years. This means that we have always kept our commitment to investing in Vietnam and the Vietnamese Government has always delivered on their promise of support. This has created a virtuous cycle, leading to more investments from our side, while creating more jobs and increasing industrial and export activities, contributing to Vietnam’s economic growth,” said Mr. Hyo Sung Lim, hoping that Hyosung’s success story in Vietnam can be a valuable reference for other businesses from the UAE and around the world looking for investment opportunities in Vietnam.
Connecting two economies, promoting each other, complementing each other
Speaking at the Forum, Prime Minister Pham Minh Chinh said that during this visit, the upgrading of the relationship between the two countries to a Comprehensive Partnership and the conclusion of negotiations on the Comprehensive Economic Partnership Agreement (CEPA) are of great significance to promoting economic, trade, investment and cooperation between businesses of the two countries.
The good political relations, the friendship between the people of the two countries; the strategic position of the UAE in the Middle East and of Vietnam in Southeast Asia - the two most dynamically developing regions in the world - are an important foundation, favorable conditions and great opportunities for businesses of the two countries to cooperate and invest. Currently, Vietnam is the largest trading partner of the UAE in Southeast Asia and the UAE is the largest economic partner of Vietnam in the Middle East.
According to the Prime Minister, in addition to connecting through various forms of transportation, the two countries are rapidly connecting through telecommunications, fiber optic cables, etc. and may soon connect more closely through artificial intelligence. "We should not miss the opportunity to connect the two economies, connect people, and connect businesses of the two countries," the Prime Minister shared.
The Prime Minister said that trade cooperation has achieved many positive results, businesses need to be more active in investment cooperation, thereby renewing traditional growth drivers (investment, export, consumption) and promoting new growth drivers such as digital transformation, green transformation, circular economy, sharing economy, knowledge economy, emerging fields such as artificial intelligence, cloud computing, Internet of Things, etc.
Introducing important development achievements after nearly 40 years of renovation, the Prime Minister spent a lot of time sharing about the fundamental factors and major orientations in socio-economic development, foreign affairs and integration, ensuring national defense and security, cultural development, ensuring social security, building the Party and political system, and preventing corruption and negativity in Vietnam.
In the coming period, Vietnam will continue to firmly build a socialist-oriented market economy, build a socialist rule-of-law state, build socialist democracy, and consistently take people as the center, subject, goal, resource, and driving force for development.
The Prime Minister affirmed that Vietnam is committed to protecting the legitimate and legal rights and interests of businesses and investors, not criminalizing civil, administrative and economic relations; creating a public, transparent, equal and healthy business environment in the spirit of "harmonious benefits, shared risks", "listening and understanding together, sharing vision and action together, doing together, winning together, enjoying together, developing together, sharing joy, happiness and pride"; "what is said must be done, what is committed must be done, what is done must have specific, measurable results".
The Head of Government said that in the coming time, with the policy of selective cooperation and foreign investment attraction, Vietnam will prioritize attracting investment projects in sectors and fields such as science and technology, innovation, research and development; green economy, digital economy, circular economy, knowledge economy, night-time economy; semiconductor production, new energy (such as hydrogen), renewable energy; green finance, building financial centers in Ho Chi Minh City and Da Nang; biotechnology, healthcare; electronic components, electric cars; strategic infrastructure development; diversification of markets, products, supply chains, etc.
Calling on UAE businesses to invest in the above fields, the Prime Minister said that Vietnam will create the most favorable conditions, maintain political stability, national defense, security, and ensure conditions for investors to operate with peace of mind, do business effectively, sustainably, and long-term. Vietnam also commits to having enough electricity and no shortage of telecommunications waves for the process of economic transformation and development.
"We have a great opportunity to connect the two economies, promote each other, and complement each other," the Prime Minister once again emphasized and gave an example of the UAE's strength in services, developing emerging industries according to the trend of the times, with a population of nearly 10 million people, while Vietnam has strength in agriculture, a population of more than 100 million people, a young and abundant labor force...
The Prime Minister said that Vietnam can ensure food security for the UAE, such as through the production and processing of agricultural products according to orders from UAE businesses. Vietnam is currently implementing a project of 1 million hectares of high-quality, low-emission rice in the Mekong Delta, producing agricultural products in the direction of "green, clean, delicious".
The Prime Minister believes that on the basis of the good relationship between the two countries, combining the strengths of the people and intelligence of the two nations, along with investment capital and experience of enterprises, the cooperation between the two sides will bring concrete results, benefit the people of the two countries, contribute to the economic development of the Middle East and Southeast Asia, promote friendship, create a space of peace, cooperation and development in the region and the world.
10 cooperation documents were presented between businesses of the two countries.
After the discussion, the Prime Minister and delegates witnessed the handover ceremony of 10 cooperation documents between businesses of the two sides.
These documents include agreements between the Military Industry-Telecoms Group (Viettel) and Presight Company on cooperation in developing and applying artificial intelligence (AI).
Vietjet Air and Emirates Airline signed a cooperation agreement in the aviation sector, thereby expanding Vietjet's footprint on the global aviation map, helping Vietjet passengers experience seamless journeys to international destinations at the most economical cost with Emirates' top-notch service standards.
Emirates and Etihad Airways also signed cooperation agreements with Vietnam Airlines Corporation. In the maritime sector, Vietnam National Shipping Lines and DP World Group signed a cooperation agreement to develop Can Tho Port, exploit inland waterway transport routes and develop logistics systems.
Meanwhile, T&T Group and Golden Nile Investment will cooperate in the fields of banking and finance, digital banking, construction, high-tech agriculture, seaports, aviation, energy and human resource supply.
VinGroup signed agreements with Benya Group on cooperation in developing data centers; with NDMC Group on cooperation in developing data centers; with Abu Dhabi Port Group on cooperation in developing logistics ecosystems and seaport systems; and with Emirates Driving Company on cooperation in the field of electric car manufacturing.
Source: https://baotainguyenmoitruong.vn/thu-tuong-du-toa-dam-doanh-nghiep-tai-dubai-viet-nam-la-doi-tac-ly-tuong-cua-uae-382330.html
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