PM proposed Vietnam and UAE to reach trade target of $10 billion

Prime Minister Pham Minh Chinh hosted a reception for UAE Minister of Economy Abdulla Bin Touq Al Marri in Abu Dhabi on October 28 (local time), during which the Vietnamese leader suggested that Vietnam and the UAE should realize bilateral agreements, especially the to-be-signed Comprehensive Economic Partnership Agreement (CEPA), to reach the goal of $10 billion in two-way trade at an early date, according to a report from the Vietnam News Agency.

Praising the UAE’s achievements with the Minister's contributions in economic restructuring, sustainable development, diversification and digitalization of the economy, and innovation, PM Chinh said he believed that the UAE Vision 2031, which aims to turn the UAE into a global economic hub and a successful development model for the world, will become a reality.

The Vietnamese Government leader congratulated the UAE for successfully hosting the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28).

Noting that Vietnam is in the process of transforming and restructuring the economy towards higher quality and efficiency, and rapid and sustainable development based on science and technology, innovation, development of digital economy, green economy, circular economy, sharing economy, and knowledge-based economy, the PM asked the UAE to share experiences and promote cooperation with Vietnam in these fields.

The PM hailed the role of Minister Al Marri, as Chairman of the UAE Sub-committee of the Vietnam-UAE Inter-Governmental Committee, in promoting the bilateral relations, especially in finalizing negotiations for the CEPA.

The Vietnamese leader proposed that in the coming time, the two side should strengthen cooperation and experience sharing for stronger connectivity between the two economies, creating breakthroughs for economic cooperation, promoting complementary strengths, especially in institution building, developing financial centers and enterprises, attracting talents, and increasing research and application of science and technology and innovation, while stepping up the organization of trade and investment promotion activities, connecting enterprises, enhancing people-to-people exchanges, tourism cooperation, and opening direct flights between the two countries.

He asked the UAE to open its market more widely for Vietnam's strong products such as agricultural and aquatic products, fresh vegetables, and processed foods, and promote cooperation and support the development of the Halal industry in Vietnam, helping to achieve the goal of $10 billion in two-way trade.

For his part, Minister Al Marri highly evaluated Vietnam's socio-economic development achievements in recent years, and expressed his impression of the country’s economic policies, especially in tax exemption and investment attraction.

He shared the UAE’s experiences in business development, investment attraction, development of economic zones and free trade zones, talent attraction, intellectual property, and visa policy, especially how to process procedures for business registration and deployment of investment projects in an exceptionally short time.

The Minister thanked PM Chinh for his support during negotiations for the CEPA, underlined that the UAE is delighted at and looks forward to the signing of this agreement with the hope of promoting cooperation to optimize the opportunities brought by the deal, thereby creating breakthroughs in economic relations between the two countries.

He said that the UAE hopes to organize a large-scale investment conference in Vietnam with the participation of leading regional and international enterprises and prestigious speakers to share experiences, promote economic cooperation and attract investment from the UAE and the world to Vietnam.

PM Chinh welcomed the idea and said that he will assign the Ministry of Planning and Investment and relevant agencies of Vietnam to coordinate with the UAE side to organize the event.