The UAE and Vietnam have inked a Comprehensive Economic Partnership Agreement (CEPA), strengthening ties between the two nations whose non-oil trade grew by 38% from 2022 to 2023.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, remarked during the CEPA signing, "Vietnam is one of Asia’s fastest-growing economies, and we are their largest regional trade partner." He added, "Our national companies, such as DP World, Mubadala, and Borouge, have made significant investments in Vietnam. Our non-oil trade with the country exceeded $12 billion in 2023."
The UAE leader welcomed Pham Minh Chinh, the Prime Minister of Vietnam, at Zabeel Palace in Dubai on Monday. Sheikh Mohammed emphasized the mutual commitment to advancing cooperation that supports shared development objectives and fulfills the aspirations of both nations. He also acknowledged the importance of the visit, reflecting the long-standing UAE-Vietnam relations established in 1993, and Vietnam's status as the UAE’s top trading partner within ASEAN.
The Vietnamese Prime Minister expressed his pride in the expanding friendship and cooperation between the two countries, emphasizing the considerable potential for further collaboration. Non-oil trade between the two nations reached $6.06 billion in the first half of 2024, a 9% increase compared to the same period in 2023.
The comprehensive economic partnership agreement with Vietnam is expected to bolster the UAE’s efforts to reach its 2031 non-oil trade goal of Dh4 trillion ($1.1 trillion). The meeting also explored avenues to strengthen the bilateral partnership through enhanced cooperation in tourism, investment, industry, and technology. Discussions included boosting trade and tourism exchanges, improving logistics capabilities, fostering innovative investment opportunities, and encouraging collaboration between the private sectors of both countries.
The agreement is anticipated to enhance access for UAE service providers to various sectors in the Vietnamese market, including business and communications, engineering, financial services, healthcare and social services, travel and tourism, and transportation. During the meeting, several agreements and memorandums of understanding (MoUs) were announced to deepen cooperation in key sectors such as the economy, investment, trade, government, education, scientific research, and logistics.
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