Hanoi (VNA) - The United Arab Emirates (UAE) remains a vital market and partner for Vietnam in the Middle East, according to Vietnamese Ambassador to the UAE Nguyen Thanh Diep.
In an interview granted to the Vietnam News Agency (VNA), the diplomat stressed that Vietnam and the UAE have seen notable progress in their relations 30 years after the establishment of diplomatic ties, especially in diplomacy, trade, investment, labour, and tourism.
Notably, 2024 witnessed fruitful cooperation between the two countries with an increasing number of UAE enterprises expressing interest in partnering with Vietnamese counterparts.
The UAE is Vietnam's largest export market in the Middle East, with annual two-way trade in recent years consistently reaching around 5 billion USD. In the first nine months of 2024, trade value hit nearly 5 billion USD, marking an increase of over 40% compared to the same period in 2023.
The two countries also hold huge potential for investment cooperation, as the UAE possesses large-scale investment funds, while Vietnam seeks to attract investment in important sectors such as innovation, infrastructure, renewable energy, oil and gas, and logistics.
Vietnam mainly exports household appliances, mobile phones, computers, and agricultural products to the UEA. The growing demand in the UAE market makes it a promising destination for Vietnamese exports.
According to Diep, the UAE is also a potential market for labour, as the country is eager to welcome more Vietnamese workers. The nation has a strong demand, and offers numerous incentives for high-quality labourers in the fields of software engineering and technology.
Workers can receive a very competitive annual salary, along with additional benefits related to healthcare, housing allowances, and education subsidies for their children, he said.
In the near future, Vietnam is proposing a salary increase for Vietnamese workers currently employed in the UAE, given the high cost of living in the country, the ambassador added.
Creating breakthroughs in Vietnam – UAE relations
The diplomat cited Prime Minister Pham Minh Chinh’s successful official visit to the UAE in October 2024, saying that it helped strengthen and create breakthroughs in the bilateral relations.
The official upgrade of the Vietnam – UAE relations to a Comprehensive Partnership and the signing of the Comprehensive Economic Partnership Agreement (CEPA), were the highlights of the trip, he stated, noting that these marked the beginning of a new phase in economic, trade, and investment cooperation.
According to Diep, following PM Chinh's visit, the two sides will increase the exchange of high-level delegations, foster coordination at multilateral forums, and intensify cooperation in trade, investment, security, and tourism in the coming time.
Major investment funds and businesses of the UAE are interested in the Vietnamese market, so the bilateral relations will undoubtedly be further strengthened, he noted.
Diep described the UAE as a unique market as domestic production does not meet consumption demand. The UAE relies heavily on imported goods, which means that there are opportunities for Vietnamese products. However, the market is highly competitive, so Vietnam faces several challenges compared to other countries, such as higher transport costs due to the long distance, as well as differences in demand, culture, language, consumer preferences, and business customs.
There is a great potential for the two countries to expand cooperation in the coming time, Diep stressed.
Regarding the goal of boosting trade between the two countries in 2025, the embassy is planning to organised a workshop to further promote investment and tourism partnerships, with the participation of 300 businesses from both countries, he said.
The embassy will also host tourism fairs, and exhibitions showcasing Vietnamese cuisine and culture in the Middle East country, towards promoting culture and tourism connections between the two nations, he said./.
