Vietnam and the United Arab Emirates (UAE) have committed to enhancing their multifaceted cooperation, with a focus on trade and investment, and have expressed their intention to establish a Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA) in the near future. The commitment was made during a meeting between Vietnamese Prime Minister Pham Minh Chinh and his UAE counterpart Mohammed bin Rashid Al Maktoum on the sidelines of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in Dubai.
Prime Minister Chinh, on a four-day visit to the UAE, praised the fruitful development of Vietnam-UAE relations over the past 30 years since the establishment of diplomatic ties. He urged both countries to further boost multifaceted cooperation, including trade and investment, expressing the hope for the prompt signing of a bilateral CEPA to unlock the cooperative potential between the two nations.
Prime Minister Chinh also requested the UAE to share experiences and provide support for Vietnam in establishing an international financial center. Additionally, he encouraged investment from the UAE’s funds into Vietnam. The UAE Prime Minister, recalling his positive impressions from a visit to Vietnam 20 years ago, expressed his desire to revisit the Southeast Asian nation soon. He affirmed the UAE’s significant commitment to the multifaceted ties with Vietnam.
The Crown Prince of Dubai conveyed his readiness to exchange knowledge and experiences in building a financial center and shared his admiration for the high quality of Vietnamese coffee products. He expressed a hope to visit Vietnam in the near future.
The UAE holds a prominent position as Vietnam’s leading trade partner in the Middle East, with an annual turnover of approximately US$5 billion. As of November 20, the UAE ranked 53rd among 143 countries and territories investing in Vietnam, with 39 projects totaling $71.51 million. Vietnam has around 4,500 workers in the UAE, mainly in construction, mechanics, and hospitality sectors.
