Hanoi, Vietnam— With an eye on boosting trade and economic ties between the two countries, the UAE has formally begun negotiations toward a Comprehensive Economic Partnership Agreement (CEPA) with Vietnam.
The agreement once it has been completed will push the bilateral non-oil trade between the UAE and Vietnam beyond US$8.7 billion.
Leading a UAE delegation to Vietnam, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, attended a bilateral meeting with Pham Minh Chin, Prime Minister of Vietnam.
The visit also marked the beginning of negotiations towards a Comprehensive Economic Partnership Agreement (CEPA), the first round of which took place on 5th June.
The discussions between the two sides also touched on the World Trade Organisation’s 13th Ministerial Conference of the World (MC13), which is being held in Abu Dhabi in February 2024, and how Vietnam can support the UAE’s mission to build consensus on key issues such as WTO reform, dispute resolution and the development of global rules for digital trade.
Dr. Thani heralded the developing relationship between the two nations and the potential deeper ties will help realise. “Vietnam is the UAE’s leading trade partner among ASEAN countries, with bilateral non-oil trade totalling US$8.7 billion in 2022, which accounts for 27 percent of trade with the bloc.”
He added: “The proposed UAE-Vietnam Comprehensive Economic Partnership Agreement will push these figures even higher and underline the benefits of open, rules-based trade. We also see considerable opportunity for our private-sectors in high-potential areas, particularly in developing the green economy and food security.”
During the visit, Al Zeyoudi also held meetings with Nguyễn Hồng Diên, Minister of Industry and Trade, and Tran Quoc Khanh, Deputy Minister of Industry and Trade, in addition to Nguyen Chi Dung, Minister of Planning and Investment, to explore ways to facilitate private-sector cooperation and establish investment priorities.
Al Zeyoudi then met with Pham Tan Cong, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), to discuss how the UAE’s global connectivity can support Vietnam’s exporters and manufacturers.
He also addressed the UAE-Vietnam Business Forum and met representatives of leading Vietnamese companies in the food production, metals and electric auto industries.
He underscored the UAE’s dynamic, business-friendly ecosystem, and market-entry programs such as NextGen FDI, that can help Vietnam’s pioneering businesses to expand into new global markets.
The delegation of business leaders from the UAE that accompanied him held a number of productive meetings with their Vietnamese counterparts to explore potential synergies.
The visit is the latest in a series of high-level discussions between the two nations. In May, President Mohamed bin Zayed received Vo Thi Anh Xuanto, Vietnam’s Vice President, where they agreed to pursue areas of mutual interest, particularly in sectors such as renewable energy, food security, the green economy.
The UAE delegation included Dr. Bader Abdulla Al Matrooshi, UAE Ambassador to Vietnam, Rashed Abdulkarim AlBlooshi, Undersecretary of the Abu Dhabi Department of Economic Development, Juma Mohammed Al Kait, Assistant Undersecretary of International Trade Affairs at the Ministry of Economy, Jamal Saif Al Jarwan, Secretary-General of UAE International Investors Council, and many others.