The UAE and Vietnam have formalized a Comprehensive Economic Partnership Agreement (CEPA), strengthening the bond between the two nations, which saw a 38% increase in their non-oil trade from 2022 to 2023.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, emphasized the significance of the CEPA, stating, "Vietnam is one of Asia’s most rapidly expanding economies, and we are their foremost regional trade partner." He further noted, "Our national entities, such as DP World, Mubadala, and Borouge, have invested significantly in Vietnam. Our non-oil trade with Vietnam exceeded $12 billion in 2023."
During a meeting at Zabeel Palace in Dubai, Sheikh Mohammed welcomed Pham Minh Chinh, the Prime Minister of Vietnam. The UAE leader underscored the mutual dedication to advancing cooperation that supports shared developmental objectives and fulfills the aspirations of both nations. He also acknowledged the historic ties between the UAE and Vietnam, which were established in 1993, and highlighted Vietnam's status as the UAE’s leading trading partner within ASEAN.
Prime Minister Pham Minh Chinh expressed his satisfaction with the deepening friendship and collaboration between the two countries, emphasizing the substantial potential for further cooperation expansion. Non-oil trade between the UAE and Vietnam reached $6.06 billion in the first half of 2024, reflecting a 9% growth compared to the same period in 2023.
The CEPA with Vietnam is anticipated to bolster the UAE’s initiative to reach its 2031 non-oil trade goal of Dh4 trillion ($1.1 trillion). Additionally, Sheikh Mohammed and Prime Minister Pham Minh Chinh explored avenues to fortify the bilateral relationship through enhanced cooperation in tourism, investment, industry, and technology. Discussions also revolved around augmenting trade and tourism exchanges, improving logistics capabilities, fostering innovative investment prospects, and promoting collaboration between the private sectors of both countries.
This agreement is set to enhance UAE service providers' access to various sectors in the Vietnamese market, including business and communications, engineering, financial services, healthcare and social services, travel and tourism, and transportation. Several agreements and memorandums of understanding (MoUs) were also announced during the meeting to strengthen cooperation in critical areas such as the economy, investment, trade, government, education, scientific research, and logistics.
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