Mohammed bin Rashid and Vietnam PM Explore New Avenues for Strategic Cooperation

Photo : Dubai Government Media Office

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, welcomed His Excellency Pham Minh Chinh, Prime Minister of Vietnam, at Za’abeel Palace in Dubai today. The Vietnamese Prime Minister's official visit underscores the growing ties between the two nations.

During the meeting, Sheikh Mohammed expressed his appreciation for the strong progress in UAE-Vietnam relations, highlighting a shared commitment to cooperation that serves mutual development goals. He emphasized the significance of the visit as a reflection of the deep-rooted connections established since 1993. Vietnam has become the UAE’s largest trading partner within the ASEAN bloc, a status that both leaders aim to enhance further.

Sheikh Mohammed noted that the relationship between the two countries is currently experiencing a notable phase, with the UAE serving as Vietnam’s largest trading partner in the Middle East. He shared that last year, non-oil trade between the nations surpassed $12 billion. "Today, we are signing a new partnership agreement because we believe in the future of our relations," he remarked. The trade volume has surged by 38% from 2022 to 2023, and the leaders expect this agreement to further bolster trade growth in the coming years.

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The discussion focused on new opportunities for cooperation in areas such as tourism, investment, industry, and technology. They explored increasing trade and tourism exchanges, enhancing logistics capabilities, and creating innovative investment opportunities, all aimed at encouraging collaboration between the private sectors of both nations.

The two leaders also reviewed strategies to accelerate economic cooperation by increasing mutual investments and expanding opportunities for investment communities in both countries. This includes fostering new partnerships and enhancing support for investors through adaptable regulations and reliable infrastructure.

Prime Minister Chinh expressed pride in the deepening friendship and collaboration between the two nations, acknowledging the vast potential for future expansion. He reiterated Vietnam's commitment to strengthening ties with the UAE as part of its broader efforts to promote international integration.

The meeting also addressed regional and international developments, particularly recent events in the Middle East. Both leaders recognized the necessity of collective international efforts to foster peace and create a cooperative environment for development.

Several dignitaries attended the meeting, including His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai; His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Airports; and His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Ports and Borders Security Council.

Sheikh Mohammed and Prime Minister Chinh witnessed the signing of a comprehensive economic partnership agreement, which was formalized by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and His Excellency Nguyen Hong Dien, Minister of Industry and Trade of Vietnam. This agreement aims to open new avenues for cooperation between the two countries, facilitating improved access to global markets, streamlining customs procedures, and fostering fair trade competition.

The agreement is expected to enhance UAE service providers' access to various sectors in Vietnam, including business, engineering, financial services, healthcare, and tourism. With Vietnam achieving significant economic growth—7% in the first half of 2024—the comprehensive economic partnership is positioned to further strengthen the bilateral trade relationship.

Throughout the meeting, several agreements and memorandums of understanding (MoUs) were announced to bolster cooperation in key sectors, including economy, investment, education, and scientific research. Noteworthy MoUs included one on investment cooperation in innovation between the UAE and Vietnam's respective ministries, as well as an agreement focusing on exchanging expertise in government excellence.

Additionally, agreements were signed to enhance cooperation in higher education and scientific research, collaboration between the Central Bank of the UAE and the State Bank of Vietnam, and a partnership between Abu Dhabi Ports and the General Department of Vietnam Customs, among others.

This significant gathering and the resulting agreements are set to pave the way for a new phase of cooperation, enhancing the strategic bilateral partnership between the UAE and Vietnam.