Vietnam, UAE leaders agree on key cooperation areas

Updated: 17:48, 29/10/2024

Prime Minister Pham Minh Chinh held talks with Vice President and Prime Minister of the United Arab Emirates (UAE) Sheikh Mohammed bin Rashid Al Maktoum in Dubai on October 28 (local time) on the occasion of the Vietnamese leader's official visit to the Middle East country.

Prime Minister Pham Minh Chinh (left) and Vice President and Prime Minister of the United Arab Emirates (UAE) Sheikh Mohammed bin Rashid Al Maktoum witness the signing of the Comprehensive Economic Partnership Agreement.

He hailed important achievements made by Dubai in particular and the UAE in general in national construction and development, expressing his belief that the Middle East country will successfully impalement the "We the UAE 2031" vision.

Conveying the regards from Party General Secretary To Lam, President Luong Cuong, and National Assembly Chairman Tran Thanh Man to the UAE leaders, PM Chinh affirmed that the official visit to Vietnam in 2007 by the UAE Vice President and Prime Minister was a bold and historic mark, contributing to promoting the bilateral relations.

PM Chinh also shared with the host Vice President and PM the significant achievements of Vietnam since 2007, particularly in the economic sector. He noted that the country's GDP has nearly quintupled, from approximately 100 billion USD in 2007 to an estimated 480 billion USD in 2024.

For his part, the host warmly welcomed PM Chinh on his official visit to the UAE, affirming that this visit will further enhance the already strong bilateral relations.

He congratulated Vietnam on its rapid and robust development across all sectors, expressing his love for the country and its people. He said he wishes to return to Vietnam soon to witness the remarkable development and reform achievements the country has made since 2007.

The two leaders discussed and agreed on five key areas of cooperation, including facilitating the exchange of all-level delegations to foster greater political trust and establish joint working groups for the effective implementation of the Comprehensive Partnership.

A priority is the effective implementation of the Comprehensive Economic Partnership Agreement (CEPA), aiming to create significant breakthroughs in trade and further open markets.

The leaders set a target of achieving over 10 billion USD in two-way trade in the near future. They also pledged to encourage and facilitate mutual investment, creating lucrative business opportunities for enterprises from both countries.

Crucially, they agreed to enhance cooperation in digital transformation, green energy, innovation, and creativity.

Vietnam extended a warm invitation to UAE businesses to invest more in sectors aligned with Vietnam's interests and the UAE's strengths, including infrastructure for green transition, digital transformation, digital finance, and particularly artificial intelligence, cloud computing, and the Internet of Things (IoT).

The two sides will enhance cooperation in people-to-people exchange, culture, and tourism. Prime Minister Pham Minh Chinh affirmed that he will direct the opening of a direct flight route between Vietnam and the UAE to further facilitate mutual visits between the people of both countries.

They will strengthen cooperation and mutual support at multilateral forums, given that both nations share many common viewpoints on regional and international issues. Both are peace-loving nations that seek collaboration for peace, stability, and development in their respective regions and in the world.

Emphasizing the effective implementation of the agreed-upon contents, the two leaders agreed to assign relevant ministries and sectors to actively coordinate with one another to realise the proposals.

PM Chinh used the occasion to invite the UAE leader to visit Vietnam soon. The latter accepted the invitation with pleasure.

Following their talks, they witnessed the signing of the CEPA — Vietnam’s first free trade agreement (FTA) with an Arab nation.

This is also the fastest-negotiated FTA for Vietnam, demonstrating the strong commitment of the leaders as well as ministries and agencies from both countries to advance economic, trade, and investment cooperation, opening up a big path of historical significance for Vietnam to enter the Middle Eastern market.

With its comprehensive negotiation content, the CEPA promises to bring balanced benefits to both countries and aligns with their shared goal of enhancing cooperation across various sectors.

On this occasion, the two sides announced the signing of six other documents, comprising a memorandum of understanding (MoU) on investment, innovation, and financial centre; one on exchanging experience in government modernisation and development; one on cooperation in higher education and scientific research; one on cooperation between the State Bank of Vietnam and the UAE Central Bank; one on cooperation between the General Department of Vietnam Customs and Abu Dhabi Ports; and another on cooperation between the Vietnam Chamber of Commerce and Industry (VCCI) and the Abu Dhabi Chamber of Commerce and Industry.