Prime Minister Pham Minh Chinh arrives in Abu Dhabi, starting an official visit to UAE
For the first time in 15 years, a Vietnamese Prime Minister has officially visited the United Arab Emirates (UAE). Therefore, Prime Minister Pham Minh Chinh’s visit is of great significance.
The first official visit in 15 years by the Vietnamese Government to the UAE
The UAE is the second-largest economy in the Gulf. It is a major financial and commercial center in the Middle East and the fourth largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC). The UAE plays an important role in the Middle East-North Africa region. In recent years, the UAE has actively promoted the trend of regional easing, actively implemented the “Go East” policy, and attached importance to relations with Asian countries, including Vietnam.
The United Arab Emirates is the first stop on Prime Minister Pham Minh Chinh’s visit to three countries in the Middle East. At the invitation of the President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, the Head of the Vietnamese Government, paid an official visit to the UAE from October 27 to 29.
This is the first visit of a Vietnamese Prime Minister to the UAE in 15 years, which is extremely important in enhancing political mutual trust between Vietnam and other countries and enhancing the breadth and depth of Vietnam-UAE relations. During this official visit, the head of the Vietnamese Government will hold talks with UAE President Mohamed bin Zayed Al Nahyan and meet with senior UAE leaders and representatives of major businesses in the country.
Bilateral economic cooperation between Vietnam and the UAE
Diplomatic relations between Vietnam and the UAE were established on August 1, 1993. Trade turnover between the two countries in recent years has always been around five billion USD; specifically, in 2023 it reached 4.7 billion USD, an increase of 6.8% compared to 2022. According to UAE statistics, trade exchange between the two countries in 2023 reached 8.8 billion USD.
As of September 2024, the total registered FDI capital of 42 ongoing projects reached nearly 74.1 million USD. This has brought the UAE to 52nd place out of 148 countries and territories that have invested in Vietnam so far. Most of the UAE investment projects in Vietnam are related to the manufacturing industry, wholesale and retail, automobile and motorbike repair, science and technology, transportation, warehousing and construction. In addition, there are five investment projects from Vietnam in the UAE, with a total investment capital of more than 1.8 million USD. There are three projects in the following fields: Wholesale and retail; repair of automobiles, motorbikes, motorbikes and other motor vehicles; processing and manufacturing industry; science and technology….
Upgrading relations to Comprehensive Partnership and Comprehensive Economic Partnership Agreement (CEPA)
On the afternoon of October 28, local time, Prime Minister Pham Minh Chinh of Vietnam met with Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates.
After the talks, the leaders of the two countries witnessed the signing of the Comprehensive Economic Partnership Agreement (CEPA) and six cooperation documents. This was the first free trade agreement between Vietnam and an Arab country, and it was the fastest negotiation time in Vietnam. The focus of economic, trade, investment and agricultural cooperation is to actively implement the Comprehensive Economic Partnership Agreement (CEPA) to increase bilateral trade turnover to 20 billion USD. Through CEPA, the UAE commits to eliminating tariffs on 99% of Vietnam’s exports according to the roadmap, and we commit to eliminating tariffs on 98.5% of UAE’s exports according to the roadmap. The agreement also includes many provisions to promote trade and investment, which are in line with the current trend of digital transformation and green development.
Calling for investment in infrastructure, energy and technology
On the afternoon of October 27, Prime Minister Pham Minh Chinh had a working session with leaders of four major UAE companies specializing in infrastructure, seaports, logistics, industrial zones, transportation and strategic consulting. Attending the meeting were Mr Tamer Wagih Salem, Chairman of Prime Group; Mr Mohamed Juma Al Shamisi, General Director of Abu Dhabi Ports Group (ADPG); Mr Neils De Bruijn, Director of NDMC; and Mr Khaled Al Shemeili, Director of Emirates Car Company.
During the meeting, leaders of the above companies emphasized their advantages, affirmed that Vietnam has many opportunities for cooperation and investment, and outlined specific plans and projects to cooperate with Vietnamese companies such as VinGroup. In addition, Abu Dhabi Ports also revealed its intention to establish a representative office in Vietnam.
The Prime Minister said that Vietnam is focusing on three important strategic steps: institutions, infrastructure and human resources. Of these, a special focus is on strategic transport infrastructure, including airports, seaports and highways. He urged the Abu Dhabi Ports and NDMC groups to consider potential cooperation and investment opportunities in this area. He stressed that Vietnam has more than 3,000 km of coastline and holds a strategic location, making seaports a significant advantage. Currently, there are several major ports under development or construction, such as Lach Huyen in Hai Phong, Lien Chieu in Da Nang, Cai Mep – Thi Vai and Can Gio ports in Ho Chi Minh City.
At the same time, the Prime Minister called on businesses to research and encourage cooperation in the field of digital and green transformation. This includes partnerships such as VinFast and Emirates Driving in electric vehicle manufacturing, along with innovation and development areas such as artificial intelligence, cloud computing and the Internet of Things (IoT). The Prime Minister urged NDMC to strengthen cooperation with Vietnamese partners, especially the Vietnam Oil and Gas Group, focusing on areas such as gas exploitation, offshore wind energy projects and coastal rehabilitation efforts.
Support for the development of financial centers in Ho Chi Minh City and Da Nang
During his official visit to the United Arab Emirates (UAE) on October 28 (local time), Prime Minister Pham Minh Chinh met with UAE Minister of Investment Mohammed Bin Hassan Al Suwaidi. The Prime Minister stressed that Vietnam’s focus is on attracting investment in high-tech sectors such as electronics, semiconductors, innovation, artificial intelligence, cloud computing and the Internet of Things. These sectors are in line with both the UAE’s strengths and global trends. He proposed that the UAE Ministry of Investment share its expertise and help identify partners for strong and comprehensive investment cooperation with Vietnam, including cooperation with Vietnam’s National Innovation Center (NIC).
Currently, Vietnam is focusing on establishing an international financial center in Ho Chi Minh City and Da Nang, along with creating free trade zones in key urban areas. The Prime Minister expressed his hope that the UAE, based on the experience of the Dubai and Abu Dhabi Financial Centers, will support Vietnam in building a suitable policy framework and growth model, as well as participating in the construction, investment and development of a financial center in the country. He noted that Vietnam is prioritizing institutional improvement, training highly skilled human resources and developing essential infrastructure, including seaports, high-speed railways and airports, to position itself as an international transit hub.
Source: Multiple sources
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