UAE hopes to become sustainable supplier to Vietnam
Bilateral trade between Vietnam and the UAE grew by 5.9% year-on-year in 2023.
The United Arab Emirates (UAE) wants to become a sustainable supplier to Vietnam, said UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi.
| Prime Minister Pham Minh Chinh (right) meets the UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi on January 25. Photo: VGP |
Vietnam is one of the world's leading exporters, he said during a meeting with Vietnamese Prime Minister Pham Minh Chinh on January 25.
The UAE official added that Vietnam and the UAE can achieve stronger results in economic cooperation, trade and investment in sectors such as halal food, energy, and oil and gas.
UAE businesses are very keen on their cooperation with Vietnamese partners, the UAE Minister of State said, adding that a qualified halal food center will be set up in Vietnam this year.
In return, 61 Vietnamese companies registered and operated in the UAE last year, he said.
He pledged that the UAE will continue to strengthen its cooperation with Vietnam on important issues such as the Comprehensive Economic Partnership Agreement (CEPA), the agreement to strengthen bilateral relations in football, and encouraging UAE companies to enhance their partnerships with Vietnamese counterparts.
For his part, Prime Minister Pham Minh Chinh thanked the UAE Minister of State for his contribution to the CEPA negotiations.
Prime Minister Chinh called on UAE investors to expand their operations in Vietnam and invest more in the Vietnamese economy. He also urged the two sides to work on finalizing the Vietnam-UAE Investment Protection Agreement.
In addition, the leader asked the UAE to help Vietnam's central and local authorities build and operate the International Financial Center in Ho Chi Minh City and the National Innovation Center in Hanoi.
Prime Minister Chinh hoped to boost the growth of Vietnam's halal food industry, enhance cooperation with UAE entities in the energy sector, and explore UAE resources to improve Vietnam's football and cultural sectors.
On January 24, UAE Minister of State for Foreign Trade Thani bin Ahmed and Vietnamese Minister of Industry and Trade Nguyen Hong Dien agreed to do their best to finalize the CEPA soon.
The two ministers expected the agreement to boost their economic and trade cooperation and bring benefits to the people and businesses of both sides.
Negotiations on the CEPA started in April 2023 during Minister Dien's official visit to the UAE.
The UAE is Vietnam's largest export market in the Middle East and its second trading partner in the region after Kuwait.
In 2023, bilateral trade between the two economies increased by 5.9% year-on-year to US$4.7 billion, with Vietnamese exports accounting for about 85% of the total.
In 2018-2022, Vietnam and the UAE recorded an average two-way trade value of $5 billion per year. Of this figure, Vietnamese exports to UAE are worth about US$3-4 billion annually.
Major Vietnamese exports to the UAE include smartphones, computers and components, electronics and home appliances, pepper, aquatic products, footwear and garments, cereals, and furniture. Vietnam imports fuel, oil and gas products, liquefied petroleum gas (LPG), and animal feed.
