Foreign Minister of the United Arab Emirates (UAE) Sheikh Abdullah bin Zayed Al Nahyan said his country values the comprehensive economic partnership agreement (CEPA) with Vietnam.

Vietnam’s Prime Minister Pham Minh Chinh and UAE’s Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan in Hanoi on June 14. Photo: Nhat Bac/VGP

The affirmation was made at the meeting with Vietnam’s Prime Minister Pham Minh Chinh in Hanoi today [June 14] as the CEPA is expected to make a breakthrough for economic and investment cooperation between the two countries.

The foreign minister hoped that the two sides would complete negotiations on this important agreement soon.

Economic ties are the pillar of bilateral relations. In this regard, Minister Sheikh Abdullah bin Zayed Al Nahyan proposed further cooperation in other vital sectors apart from trade and investment, such as renewable energy, climate response, environmental protection, sustainable development, and people-to-people ties.

He said the UAE agencies would closely cooperate with their Vietnamese peers to make things possible.

On economic ties, Prime Minister Chinh highlighted the role of CEPA, stressing the importance of completing the negotiation soon to tap the potential of both sides. In addition, he requested the UAE to support Vietnam in developing the Halal industry and services, investing in Halal product production, and building cooperation mechanisms on Halal certification in Vietnam.

The Vietnamese Prime Minister said that Vietnam encourages UAE businesses and investment funds to invest and transfer technology in areas of mutual interest, such as logistics, real estate, services, infrastructure, and innovation.

He highly appreciated the UAE hosting the 2023 United Nations Climate Change Conference (COP28) and pledged to contribute to the event's success.

Minister Abdullah bin Zayed Al Nahyan said the UAE’s top leaders put Vietnam among the key partners in Asia-Pacific, valuing Vietnam’s support in international forums and expecting investment inflows into Vietnam, mainly in renewable energy.

Vietnam's Minister of Industry and Trade, Nguyen Hong Dien, and Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, at a meeting in Dubai in April 2023. Photo: UAE Ministry of Economy

Comprehensive economic partnership

Concerning CEPA, signed in April 2023, Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said the launch of CEPA negotiations is the result of a shared aspiration of both governments to elevate the existing trade and economic ties to new heights.

Al Zeyoudi said at the meeting with Vietnamese Minister of Industry and Trade Nguyen Hong Dien during his visit to Dubai in April 2023 that the UAE is Vietnam’s number one Arab trade partner, accounting for 39% of its total trade with the Arab countries.

The volume of non-oil trade between the two sides reached US$8 billion in 2022. The trade in goods other than telephones and accessories rose 9% on year to $3 billion last year, according to the UAE Ministry of Economy.

He said: “We look forward to strengthening our economic and trade partnerships through the UAE’s global economic partnerships program, especially since Vietnam is our largest trade partner in the ASEAN as of 2022.”

He believed that CEPA would boost economic and trade cooperation in unprecedented ways, support the private sector’s access to both markets and drive new investment opportunities, which will result in a higher volume of trade exchanges.

Both sides vowed to promote collaboration in trade, investment, economy, industry, energy, logistics, agriculture, and infrastructure as the CEPA process unfolds.

Vietnam’s Minister Nguyen Hong Dien said there was huge potential and opportunities from the agreement for both countries. The UAE has strengths as a trans-shipment, financial, and logistics center, while Vietnam is also becoming a factory for many crucial global industries.

“The combination of the two countries’ competitive advantage will create momentum for trade and investment growth in the near future,” he said.