Vietnam & UAE agree to boost investment and trade cooperation

Vietnam and the United Arab Emirates (UAE) still hold a lot of potential to continue expanding and developing their cooperation, especially in the context of both actively promoting negotiations over the signing of a Comprehensive Economic Partnership, according to Minister of Industry and Trade Nguyen Hong Dien and the UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi.

They made the comments while co-chairing the fifth meeting of the Vietnam-UAE Inter-Governmental Committee in Hanoi on October 8.

Two-way trade has been maintained at $5 billion annually since 2019, helping Vietnam rank in the top 10 largest import partners of the UAE and the UAE one of Vietnam’s largest trading partners in the Middle East.

To further boost bilateral cooperation in the future, the two sides agreed to study investment and business cooperation opportunities in industrial and energy fields of potential, such as chemical production, fertilizers, textiles and footwear, electronics and mechanics, automobiles, and energy.

They agreed to closely coordinate to review and strengthen the legal framework to create favorable conditions for cooperation, including their comprehensive economic agreement, the agreement on cooperation and mutual support in customs, the agreement on extradition, and the agreement on the transfer of sentenced persons.