Aiming to reach 10 billion USD in bilateral trade with the UAE

Discussing socio-economic development, the Prime Minister emphasized the Vietnamese Government’s commitment to facilitating business growth. He shared that Vietnam is undergoing economic transformation and restructuring to enhance quality, efficiency, and achieve rapid, sustainable development grounded in science, technology, innovation, the digital economy, the green economy, the circular economy, the sharing economy, and the knowledge economy. He encouraged the UAE to share experiences and explore collaborative opportunities with Vietnam in these areas.

The Prime Minister commended Minister Al Marri, in his capacity as Chair of the UAE Subcommittee of the Intergovernmental Committee between the two countries, for his key contributions to advancing bilateral relations, particularly in finalizing negotiations for the Comprehensive Economic Partnership Agreement (CEPA).

Looking ahead, the Prime Minister proposed that the two countries deepen their cooperation and share experiences to strengthen economic linkages, unlock potential in economic cooperation, and leverage their respective strengths. Key areas of focus include institutional development, financial center establishment, free trade zones, enterprise development, talent attraction, and the promotion of scientific research, technological innovation, and knowledge exchange. He also highlighted the importance of organizing trade and investment promotion activities, fostering business connections, encouraging people-to-people exchanges, expanding tourism cooperation, and establishing direct flights between the two nations.

The Prime Minister also urged the UAE to facilitate the import of Vietnam’s key products, such as agricultural and aquatic products, fresh fruits and vegetables, and processed foods. Additionally, he called for cooperation in developing the Halal industry in Vietnam, with the goal of achieving 10 billion USD in bilateral trade turnover.

Minister Abdulla bin Touq Al Marri expressed high regard for Vietnam’s socio-economic achievements in recent years, noting his admiration for the country's economic policies, especially those related to tax exemptions, tax reductions, and investment incentives. The Minister shared his keen interest in exploring these policies and discussed some of the UAE's own experiences in areas like business development, investment attraction, economic zones, free trade, talent acquisition, intellectual property, and visa policies. He particularly emphasized the streamlined processes for business registration, company formation, and investment project implementation, which have enabled the UAE to grow from 500,000 businesses three years ago to 1.5 million today.

The Minister thanked Prime Minister Pham Minh Chinh for his determination and active support during the CEPA negotiations, expressing the UAE's satisfaction and anticipation for the signing of the Agreement. He highlighted the UAE’s eagerness to leverage the Agreement's opportunities to create a breakthrough in economic relations between the two countries.

Furthermore, the Minister proposed organizing a large-scale investment conference in Vietnam, inviting top regional and international corporations, businesses, and esteemed speakers to share experiences, advance economic cooperation, and draw investments from the UAE and around the world to Vietnam. Prime Minister Chinh welcomed the proposal and assigned the Ministry of Planning and Investment, along with relevant agencies, to coordinate with the UAE in planning and hosting this significant event.