The UAE and Vietnam are expected to sign a major trade deal this year, according to a top diplomat.
The two countries should conclude the Comprehensive Economic Partnership Agreement (CEPA) this year, which will add new vigour to the 30th anniversary celebrations of diplomatic relations, said Nguyen Manh Tuan, the Vietnamese Ambassador to the UAE.
It comes as non-oil trade between the countries reached AED29.4bn ($8bn) in 2022 the UAE was declared to be Vietnam’s number one Arab trade partner, accounting for 39 per cent of its total trade with the Arab countries.
UAE-Vietnam trade talks
Manh Tuan said: “During the past 30 years, the friendship and cooperation between Vietnam and the UAE have been actively developing in all areas, especially politics, diplomacy, trade, investment, labour and travel.
“Vietnam and the UAE are accelerating the negotiation of CEPA, which shall give great impetus to two-way trade between the two countries.
The ambassador said Vietnam and the UAE are accelerating the negotiation process to sign the “crucial” CEPA within this year.
Manh Tuan said increased interactions between top officials of both countries have further strengthened the bilateral relations.
It all began with the 2007 Vietnam visit of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The latest in that series were Vietnamese Vice President Thi Anh Xuan’s visit to the UAE and Vietnam visit of Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, this year, the ambassador pointed out.
Another milestone was a series of Memorandums of Understanding (MoUs) for cooperation signed between both countries in almost all major sectors, he said.
The bilateral economic cooperation has witnessed tremendous growth since 1993 with constant official and business-to-business interactions between both sides to boost trade and investment, Manh Tuan noted.
Regarding investments, he expressed hope that as both Vietnam and the UAE have committed to achieving Net Zero by 2050, renewable and clean energy such as solar power, wind power and hydrogen would be the keys to unlock investment potential of the two countries.
About the Vietnamese businesses in the UAE, the envoy said most of them deal with logistics, fruits and vegetable, foodstuff and non-food items.
Vietnam Oil and Petroleum Corporation (PTSC- PetroVietnam), and Financing and Promoting Technology Corporation (FPT) have set up their offices in Abu Dhabi and Dubai.
“We are expecting more of them to come as soon as the CEPA negotiation is moving forward.”
As previously reported, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said: “The UAE is Vietnam’s number one Arab trade partner, accounting for 39 per cent of its total trade with the Arab countries.
“The volume of non-oil trade between the two sides reached AED29.4bn ($8bn) in 2022. The trade in goods other than mobile phones and their accessories, which grew to 46 per cent from less than 36 per cent in 2019, is promising.
“It totalled AED13.5bn ($3.5bn) last year, up 9 per cent from 2021, and with a 34 and 26 percent growth from 2020 and 2019 respectively.”
The increased interactions through trade, aviation and tourism have helped Vietnamese and Emiratis know each other well, Manh Tuan pointed out.
The UAE’s tourist attractions, especially in Dubai and Abu Dhabi, are drawing thousands of Vietnamese tourists every year, he said.
With more halal restaurants and other attractions for Arabs in Vietnam, the tourist traffic from the UAE is expected to increase in the coming days, the envoy added.
About 3,500 Vietnamese people are working in the UAE, mainly in construction, mechanical works, shipbuilding, and service industries.
Follow us on
