PM’s COP28 attendance opens up chances for stronger Vietnam-UAE cooperation

Hanoi (VNA) – The visit by Prime Minister Pham Minh Chinh to the United Arab Emirates (UAE) from December 1 to 3 to attend the 28th UN Climate Change Conference of the Parties (COP28) and have several bilateral activities provides an opportunity to strengthen the two sides’ political trust and cooperation in the future.

Deputy Minister of Foreign Affairs Do Hung Viet said this is the PM's second visit to the Middle East within two months, following his attendance at ASEAN-Gulf Cooperation Council (ASEAN-GCC) summit and bilateral activities in Saudi Arabia in October, reflecting Vietnam's clear interest in promoting multifaceted cooperation with the region.

The trip contributes to strengthening political trust and creating new momentum, bringing breakthroughs to the sides’ cooperation across myriad sectors, ranging from economics, trade, and investment to such new areas as innovation, science, technology, and energy.

It also aims to implement Vietnam’s foreign policy direction of independence, self-reliance, and multilateralisation and diversification of foreign relations, asserting its image as a friendly, sincere and a reliable partner in the international community.

The PM's participation at COP28 affirms Vietnam's strong support for the UAE, considering the host nation as a potential partner in climate change response.

While in the UAE, Chinh is also scheduled to engage in meetings with local businesses, corporations, and investment funds, thus opening up more markets for Vietnam's exports, attracting high-quality investment capital, and expanding cooperation in science and technology, clean energy, digital transformation, and innovation.

Vietnam and the UAE officially established diplomatic relations on August 1, 1993. Their amicable relationship and cooperation have deep historical roots, forged during their struggles for national independence. Over the past three decades, the bilateral ties have positively developed across various sectors, including politics, diplomacy, trade, investment, labour, and tourism. The sides’ political trust and mutual understanding have continually strengthened, evidenced in their recent vibrant exchange of delegations at many levels.

In particular, during a visit to the UAE in April this year, Minister of Industry and Trade Nguyen Hong Dien and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi signed a ministerial declaration to initiate negotiations on the countries’ comprehensive economic partnership agreement (CEPA). This is a crucial foundation for bringing the relations to a new level, contributing to expanding Vietnam’s export market of goods and services to the UAE and paving the way for it to enhance trade with Middle East and African countries. The agreement also holds promise of boosting UAE investment in Vietnam and expanding collaboration potential into other sectors such as innovation, renewable energy, investment, logistics, technology, tourism, and agriculture.

The two countries have also worked together to step up coordination and mutual support at multilateral organisations and forums, boost the effectiveness of their foreign ministries’ political consultation mechanism, and leverage their roles in the relationship between the Association of Southeast Asian Nations (ASEAN) and the Gulf Cooperation Council (GCC).

Economic cooperation, meanwhile, remains a crucial pillar and a bright spot in the panorama of the Vietnam-UAE cooperation. The UAE is currently Vietnam's largest trade and investment partner in the Middle East, with bilateral trade turnover in recent years reaching approximately 5 billion USD. In the first 10 months of 2023, the figure neared USD 4 billion, up 1.8% year-on-year. The two nations are striving to push their trade turnover to 10 billion USD and even higher in the coming years.

Regarding investment, the UAE is one of the major investors in Vietnam, boasting 38 projects worth 71.4 million USD as of October 2023. In energy, Vietnam consistently considers the UAE as one of its most important partners in the Middle East. The signing of CEPA will provide a legal foundation for the sides to beef up cooperation in the exploration and exploitation of oil and gas, exchange technical expertise, and train high-quality human resources in this crucial sector./.