Vietnam and UAE eye US$10 billion trade target
Vietnam and the United Arab Emirates (UAE) will strengthen all-round cooperation to raise their trade turnover to US$10 billion in the near future from the current US$5 billion.
The agreement was reached during a meeting between UAE President Sheikh Mohamed bin Zayed Al Nahyan and Vice President of Vietnam Vo Thi Anh Xuan who arrived in Dubai on May 3 for the 2023 Global Summit of Women and the visit to the UAE.
UAE Vice President Sheikh Mohamed bin Zayed also attended the meeting.
To realize the target, Xuan proposed that the two sides encourage their businesses to engage in investment and trade promotion activities, and create favourable conditions for their key products to enter each other’s markets.
The two sides should continue to improve the legal framework to support economic cooperation, especially the early start of negotiations for the Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the UAE, she said.
The two sides also agreed to boost investment attraction, expand cooperation in the fields of oil and gas, renewable energy, logistics, agriculture, and halal products. They consented to soon convene a meeting of the Vietnam – UAE Intergovernmental Committee this year to review and work on measures to promote bilateral cooperation.
They stressed the need to increase reciprocal visit exchanges, strengthen cultural and people-to-people exchanges, and support each other at regional and international forums.
President Sheikh Mohamed bin Zayed Al Nahyan affirmed that the United Arab Emirates considers Vietnam an important partner in the Asia-Pacific region, and it wishes to strengthen cooperation with Vietnam in all fields.
He highly appreciated the Vietnamese community’s contributions to the UAE, and assured his guest that the UAE Government will continue to support the community to develop and further contribute to the friendship between the two countries.
Vice President Vo Thi Anh Xuan affirmed that Vietnam wishes to further strengthen the friendship and multi-faceted cooperation with the UAE, an important economic, trade and investment partner in the Middle East region.
She conveyed President Vo Van Thuong’s invitation to invite UAE President Sheikh Mohamed bin Zayed Al Nahyan to visit Vietnam. She also invited UAE Vice President Sheikh Mansour bin Zayed to visit Vietnam at an appropriate time. The President and Vice President of the UAE happily accepted the invitations.
