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Last updated: Tuesday, December 11, 2018

 

UAE's Success Story: Valuable Experience for Vietnam’s Development and Integration Process

Posted: Thursday, November 29, 2018


Over the past time, the fine relationship between the United Arab Emirates (UAE) and Vietnam has been increasingly consolidated and diversified through high ranking visits, business delegation, signed agreements and MoUs as well as mutual support at various international organisations that reflected the huge potential for our partnership. Especially, the bilateral direct trade spectacularly increased year-on-year, expected to reach US$10 billion by 2020, notably Vietnam always enjoys a trade surplus, making the UAE the first exporting market of Vietnam in the Middle East and Africa and the 10th largest exporting market of Vietnam in the world.

On 2nd December 2018, the United Arab Emirates marks its National Day, celebrating 47 years since the state was established in 1971. The National Day is always an important occasion for citizens and expatriate residents of the seven emirates to recall the initial phase of establishment of the country with various difficulties. It has been another year during which the country has continued to prosper, despite the instability that has continued to affect much of the region.

This year is a special one for the UAE in marking the 100th birthday of its founder, the late Sheikh Zayed Bin Sultan Al Nahyan. To commemorate this historic national occasion, HH Sheikh Khalifa bin Zayed AlNahyan – President of the United Arab Emirates named 2018 in the UAE as the Year of Zayed. This year-long commemoration will feature a series of events and initiatives in the UAE and abroad, designed to commemorate the memory of the inspirational world leader the late Sheikh Zayed was and showcase his impact and legacy, and promote the values he lived by and carried forward.

By virtue of his wise leadership and foresight, Sheikh Zayed was widely recognised as a visionary leader and a great inspirational man. His wisdom and determination was truly highlighted in the UAE’s journey to development became a prosperous country, accompanied by the unanimous solidarity of the entire of Emiratis. He was committed to building a sustainable future for generations to come and laid the foundations to the vibrant, diverse and cosmopolitan society that the UAE remains today.

Nowadays, the UAE has been widely known as a diverse and knowledge based economy, economic growth remained stable despite the faltering global economy, and expected to grow from 8.9% to 9.7 per cent in 2018 and 2019 respectively. According to World Bank, the UAE ranks 10th in the world in terms of per capita of GNP by 70 thousand USD per year.

During the process of its development, the UAE has also gained high rankings in various sectors such as among top countries with high quality of infrastructure; ranked the top in Middle East and North Africa region and 11th globally in World Bank’s 2018 Ease of Doing Business report, even higher than some countries in Europe and Asia; UAE passport recognized as the third most powerful passport in the world, according to ranking by Passport Index report 2018;

By 2017, UAE has ranked top 20 countries in the world in terms of foreign direct investment (FDI) inflows in line with many favorable incentives to attract foreign investors to free zones located nearby modern airports and seaports. Together with the increase in the purchasing power of 9 million citizens and expatriates from 200 nationalities who are together peacefully living, studying and working in the country.

These achievements have made the UAE an ideal destination for investment, commerce, tourism and employment promotion. The UAE has become an important centre of Islamic Economy in the world. It was selected to host the World Islamic Economic Forum, the World Energy Summit 2019 and the Expo 2020 Dubai.



All indicators confirm the stability of the UAE economy and its potentials to grow, making the country as main commercial and business hub in the region and an international centre for maritime transport and aviation, linking the East and the West. These successes were attributed to a number of complementary factors, notably political stability, security, advanced infrastructure and an enabling legislative environment. Combined, the leaders and the people have established the country a preferred business destination and helped the UAE become the second largest economy in the Arab world and achieve impressive growth rates.

Looking further ahead, His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister and Ruler of Dubai, launched the National Strategy for Innovation, which aims to make the UAE one of the most innovative countries in the world by 2021. Proudly, KhalifaSat was successfully launched into orbit in October 2018, as a vivid evidence of UAE’s efforts in promoting innovation a higher level in research science in general and space industry in particular. KhalifaSat (the satellite named with the present President UAE) is the first Earth observation satellite to be manufactured entirely by UAE engineers at the Mohammed Bin Rashid Space Center in Dubai. It was inspired by the UAE founder Sheikh Zayed Bin Sultan Al Nahyan since the 1970s, and nurtured the UAE's dream of conquering the space. And after a few decades, right on the 100th anniversary of his birth, this dream has come true.

While the UAE is determined to pursue its economic growth, it is at the same time, aware of the need to ensure that development is sustainable. Part of this is the recognition that natural resources are exhaustible, and need to be used wisely, coupled with the understanding that the country must play its part, along with international community, to efforts to deal with the global threat posed by climate change. Accordingly, the UAE has invested at home and abroad in solutions to the climate challenge, leading the region in deploying clean energy, including four nuclear power stations that are now under construction and the world's largest concentrating solar power plant, Shams 1, developed by Masdar. The UAE is supposed that the sustainable development and renewable energy are also the interest of Vietnam in the process of its deeper global integration.

Recently, more countries have registered as member of IRENA (International Renewable Energy Agency – Abu Dhabi based organization), with a view to seeking IRENA’s technical and financial assistance in promoting clean energy at each state member. This is also a practical consideration and valuable experience for Vietnam to refer in its process of sustainable development

Over the past time, the fine relationship between the United Arab Emirates (UAE) and Vietnam has been increasingly consolidated and diversified through high ranking visits, business delegations, signed agreements and MoUs as well as mutual support at various international organisations that reflected the huge potential for our partnership. Especially, the bilateral direct trade spectacularly increased year-on-year, expected to reach US$10 billion by 2020, notably Vietnam always enjoys a trade surplus, making the UAE the first exporting market of Vietnam in the Middle East and Africa and the 10th largest exporting market of Vietnam in the world.

Meanwhile, the UAE has invested extensively in Vietnam's different projects. UAE-based companies also accept a large number of employees of Vietnam who play a major role in the development of the UAE. This trading and investment relationship is expected to continue to grow stronger. As a hub of the Middle East and a gateway to both Europe and Africa, the UAE is well placed to facilitate Vietnamese access and expansion into the global market. Remarkably, the Expo 2020 Dubai is a great occasion for Vietnam to promote its images about the immense beauty of the country, the people, cultural identity through traditional arts, culture performances, traditional cuisines as well as well-known aquacultures commodities and so many handy made crafts toward international friends. Also, Vietnam entrepreneurs have the opportunity to better understand market demand, look for potential partners as well as big deals or contracts likely made between Vietnamese entrepreneurs and foreign partners during the time of the Expo 2020. It would be so proudly that Expo 2020 Dubai is the first World Expo to be held in the Middle East, Africa and South Asia (MEASA) region, and the first to be hosted by an Arab nation, a useful platform connecting Vietnam business community with those in the region and the globe as well.

Over the nearly five decades, although UAE has now transformed into a model for others through exemplary achievements in various fields; however, the most sparkling feather in its cap is its leading role at the global level in the field of humanitarian aid for people in need, regardless of geography, race or religion. As passing time, UAE citizens and residents recall with pride the life of the founding father - Sheikh Zayed bin Sultan Al Nahyan and his tireless efforts to promote the country as a global capital for charitable works.

The UAE has remained generous over the years, and more than 170 countries worldwide benefited from this generosity, including Vietnam. In 2017, UAE has been acknowledged as the world’s largest foreign aid donor, with 19.32 billion AED (equivalent 5.26 billion USD). In which, more than half of its value in non-refund grants (about 54 per cent) to support the development plans implemented by the beneficiary countries.

In the past years, a large number of UAE charity organisations and corporations such as Red Crescent Society, Dar Al Ber Society, Sheikh Khalifa Bin Zayed Al Nahyan Foundation, Borouge, Mubadala and many Emiratis persons have donated the purchase of medical equipment and ambulances, the construction of clinics and houses, as well as electric pumps, schools, mosques and bridges for poor people in southern provinces of Vietnam. So far, all construction works have been finished and put into operation and brought about many changes and much happiness to local people. These decent activities have been continued and inspired by the spirit of the Year of Zayed during the whole year 2018.

Huy Dinh








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