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Wed 16 Oct 2019 10:21 AM

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UAE and Vietnam to forge closer economic links

Investment and trade agreements signed by both countries at Vietnam-UAE Business Forum in Hanoi

UAE and Vietnam to forge closer economic links

The deals were struck during the recent Vietnam-UAE Business Forum, which was organised during a state visit by UAE Minister of Economy Sultan bin Saeed Al Mansouri, along with trade promotion organisations and around 20 major UAE businesses.


The UAE and Vietnam have signed cooperation agreements to boost investment and trade in both countries.

The deals were struck during the recent Vietnam-UAE Business Forum, which was organised during a state visit by UAE Minister of Economy Sultan bin Saeed Al Mansouri, along with trade promotion organisations and around 20 major UAE businesses.

Total non-oil trade between the two sides reached $8.2 billion in 2018 - the UAE accounted for 54 percent of the total value of non-oil trade between Vietnam and the GCC.

Meanwhile, Vietnam was responsible for 39 percent of the total value of non-oil trade between the UAE and ASEAN countries in 2017, and it is the largest trading partner of the country from the ASEAN region.

Speaking at the business forum in Hanoi, Minister of Industry and Trade, Tran Tuan Anh, urged UAE businesses to look at investment opportunities in infrastructure development for energy, logistics, oil, gas, renewable energy and energy saving.

He also spoke of opportunities in the chemical industry, supporting industry, materials production, agro-processing, food and industrial park construction in some potential economic areas of Vietnam, such as Central Highlands, South Central and the South West.

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