UAE Businesses Wish to Promote Investment Cooperation in Vietnam

9:28:18 AM | 6/14/2023

Recently, Mr. Pham Tan Cong, President of the Vietnam Chamber of Commerce and Industry (VCCI), had a working session with a business delegation of the United Arab Emirates (UAE) led by Mr. Thani bin Ahmed Al Zeyoudi, the United Arab Emirates' Minister of State for Foreign Trade.

VCCI President Pham Tan Cong (R) and Mr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade

At the meeting, Mr. Thani bin Ahmed Al Zeyoudi expressed his delight at the positive developments in trade and economic ties between Vietnam and the UAE. He affirmed that the UAE Government always considers Vietnam an important partner in the Asia-Pacific region and wishes to strengthen cooperation in all fields with Vietnam.

According to Mr. Thani bin Ahmed Al Zeyoudi, the UAE is willing to coordinate with Vietnam to complete negotiations toward signing the bilateral Comprehensive Economic Partnership Agreement (CEPA) in the near future.

The UAE delegation, including representatives from many large enterprises and investment funds, came to Vietnam to survey the market and seek investment cooperation opportunities in Vietnam. UAE businesses are interested in such fields as energy, agricultural products and medical equipment. The UAE Minister of State wished that VCCI will support and connect the businesses of the two countries to help them promote potential partnership opportunities.

In particular, the UAE also proposed establishing the Vietnam-UAE Business Council to promote trade and investment ties between the business communities of the two countries.

Agreeing with the UAE Minister of State, VCCI President Pham Tan Cong assessed that the cooperation between Vietnam and the UAE has been developing strongly in recent years, especially in trade and investment.

In the context of difficulties surrounding the global economy, Vietnam has maintained stable growth momentum. In 2022, Vietnam’s total import-export value reached US$732.5 billion. Up to now, Vietnam has deeply integrated into the world economy with 15 bilateral and regional free trade agreements (FTAs), creating many market opportunities for foreign investors and enterprises doing business in Vietnam.

According to VCCI President Pham Tan Cong, Vietnam encouraged international businesses, especially UAE businesses, to invest in fields of mutual interest such as energy, renewable energy, logistics, human resources, real estate and infrastructure. In the field of agricultural products, the President of VCCI emphasized the need to promote investment cooperation between Vietnam and the UAE, especially in halal production, to help Vietnamese goods penetrate more deeply into the UAE and other markets in the Middle East.

The VCCI President proposed that in the coming time, the two sides continue to strengthen delegation exchange activities, and promote trade and investment cooperation through exhibitions, trade fairs and business exchanges. Besides, Mr. Pham Tan Cong wished that the UAE will continue to provide and exchange information on the market and potential investment cooperation projects so that VCCI can promptly spread the information to Vietnamese businesses.

“With a nationwide membership network of more than 220,000 businesses operating in many fields, VCCI pledges to act as a solid bridge for UAE businesses to come to Vietnam and seek investment opportunities in the coming future,” emphasized VCCI President Pham Tan Cong.

The UAE is one of the leading economic partners of Vietnam in the Middle East. Over the past time, the friendly and cooperative relationship between the two countries has resulted in positive developments in many fields such as politics-diplomacy, trade, investment, education, tourism and energy. In 2022, bilateral trade turnover reached over US$4.4 billion. There remains significant room for the two countries to enhance cooperative ties, particularly in trade and investment.

By Huong Ly, Vietnam Business Forum