The UAE and Vietnam signed a joint declaration of intent to launch talks on establishing a comprehensive economic partnership agreement (CEPA) between the two countries. The declaration was signed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; and Nguyễn Hồng Diên, Vietnamese Minister of Industry and Trade, during a visit by a Vietnamese delegation to the UAE.
During his meeting with the Vietnamese minister, Al Zeyoudi underlined the strong and solid bilateral relations between the UAE and Vietnam, which continue to grow in all fields, particularly trade and the economy. The launch of CEPA negotiations is the result of a shared aspiration on the part of both governments to elevate the existing trade and economic ties to new heights.
Al Zeyoudi said, “The UAE is Vietnam’s number one Arab trade partner, accounting for 39 percent of its total trade with the Arab countries. The volume of non-oil trade between the two sides reached AED 29.4 billion (around US$8 billion) in 2022. The trade in goods other than mobile phones and their accessories, which grew to 46 percent from less than 36 percent in 2019, is promising. It totalled AED 13.5 billion (over US$3.5 billion) last year, up 9 percent from 2021, and with a 34 and 26 percent growth from 2020 and 2019 respectively.”
Both sides addressed promoting joint collaboration in the fields of trade, investment, economy, industry, energy, logistics, agriculture, and infrastructure as the CEPA process unfolds. During the meeting, Al Zeyoudi highlighted the UAE’s success in creating an environment rich with promising investment opportunities in various sectors.
The comprehensive development of the UAE’s economic legislation, which enabled full foreign ownership of companies and significantly enhanced the ease of doing business, has reinforced the country’s position as a global hub for trade and investment, he noted.
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