Prime Minister Pham Minh Chinh speaks at the 26th UN Climate Change Conference of the Parties (COP26) (Photo: VNA) Deputy Minister of Foreign Affairs Do Hung Viet said this is the PM's secondvisit to the Middle East within two months, following his attendance atASEAN-Gulf Cooperation Council (ASEAN-GCC) summit and bilateral activities inSaudi Arabia in October, reflecting Vietnam's clear interest in promotingmultifaceted cooperation with the region.
The trip contributes to strengthening political trust andcreating new momentum, bringing breakthroughs to the sides’ cooperation acrossmyriad sectors, ranging from economics, trade, and investment to such new areasas innovation, science, technology, and energy.
It also aims to implement Vietnam’s foreign policydirection of independence, self-reliance, and multilateralisation anddiversification 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 supportfor the UAE, considering the host nation as a potential partner in climatechange response.
While in the UAE, Chinh is also scheduled to engage inmeetings with local businesses, corporations, and investment funds, thus opening up more markets for Vietnam's exports, attracting high-quality investmentcapital, and expanding cooperation in science and technology, clean energy,digital transformation, and innovation.
Vietnam and the UAE officially established diplomaticrelations on August 1, 1993. Their amicable relationship and cooperationhave deep historical roots, forged during their struggles for nationalindependence. Over the past three decades, the bilateral ties have positivelydeveloped across various sectors, including politics, diplomacy, trade,investment, labour, and tourism. The sides’ political trust and mutualunderstanding have continually strengthened, evidenced in their recent vibrant exchangeof 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 forForeign Trade Thani bin Ahmed Al Zeyoudi signed a ministerial declaration toinitiate negotiations on the countries’ comprehensive economic partnershipagreement (CEPA). This is a crucial foundation for bringing the relations to anew level, contributing to expanding Vietnam’s export market of goods andservices to the UAE and paving the way for it to enhance trade with Middle Eastand African countries. The agreement also holds promise of boosting UAEinvestment in Vietnam and expanding collaboration potential into other sectorssuch as innovation, renewable energy, investment, logistics, technology,tourism, and agriculture.
Economic cooperation, meanwhile, remains a crucial pillar and a bright spot in the panorama of the Vietnam-UAE cooperation. (Illustrative photo - Source: nhandan.vn) Economic cooperation, meanwhile, remains a crucial pillarand a bright spot in the panorama of the Vietnam-UAE cooperation. The UAE iscurrently 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 andeven higher in the coming years.
Regarding investment, the UAE is one of the major investorsin 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 inthe Middle East. The signing of CEPA will provide a legal foundation for the sidesto beef up cooperation in the exploration and exploitation of oil and gas,exchange technical expertise, and train high-quality human resources in thiscrucial sector./.
VNA
