Officials from the UAE Ministry of Economy and Vietnam’s Ministry of Industry and Trade (MoIT) have agreed to accelerate the negotiation for a key Comprehensive Economic Partnership Agreement (CEPA) between the two countries.
MoIT Minister Nguyen Hong Dien highlighted the improving UAE-Vietnam economic and trade cooperation as he received Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, in the capital Hanoi on January 24.
He noted that the two countries have been expanding cooperation in several important fields, especially the launch of their negotiation for UAE-Vietnam CEPA. In the coming time, the two sides have agreed to cooperate more closely for the negotiation process to conclude soon.
Exploring benefits of UAE’s ambitious CEPA programme
Minister Dien called on the UAE side to facilitate business delegation exchanges and coordinate to organise trade promotion activities, according to Vietnam News. He also proposed the Emirati businesses to invest in Vietnam in areas of mutual interest.
In pursuit of the UAE’s economic objectives, the country has been deepening its focus on improving international ties to build on its position as a global trade and logistics hub – and signing CEPAs is key to this goal.
This is in pursuit of the Emirates’ Projects of the 50, a series of bold initiatives driving the country’s next phase of sustainable development. Benefits of CEPAs include enhanced market access, lower or eliminated tariffs, and clear and transparent rules.
UAE-Vietnam CEPA to further improve trade ties
Currently, the UAE is the largest export market and the second-largest trade partner of Vietnam in West Asia, after Kuwait. Last year, Vietnam’s exports to the UAE reached more than $4 billion and its imports from this market hit over $676 million.
The numbers represent a year-on-year increase of 4.3% and 16%, respectively. Vietnam’s main imports from the Emirates include raw plastics, liquefied petroleum gas (LPG), petroleum products, metals, chemicals and animal feed materials.
In addition, the ASEAN member’s key exports to the Gulf state include mobile phones, computers and components, household electronics, footwear, pepper, seafood, textiles, grain products, plastics and wooden furniture.
“I look forward to the benefits closer ties will bring”
Taking to X on Thursday, the UAE minister Thani bin Ahmed Al Zeyoudi underscored that Vietnam remains the UAE’s largest trading partner in the ASEAN bloc, with non-oil trade reaching $7.4 billion in the first 9 months of last year.
He also highlighted his discussions with Prime Minister Pham Minh Chinh in Hanoi, during which he emphasised the “value of our relationship and its potential for further growth.” The minister also noted his meeting with Nguyen Hong Dien.
The developments represent the UAE and Vietnam’s eagerness to further improve economic cooperation as they see new opportunities in multiple key sectors. “I look forward to the benefits closer ties will bring,” Al Zeyoudi mentioned on the platform.
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