Vietnam, recognized as a strategic partner and a leading economic power in Asia, has taken a significant step forward in its economic cooperation with the UAE. The Comprehensive Economic Partnership Agreement between the two countries is seen as a move that will benefit both nations. Mohammed Hadi Al Hussaini, Minister of State for Financial Affairs, expressed optimism about the new paths for economic cooperation that would open up for both countries through the agreement.
The UAE's focus on enhancing communication, cooperation, and expanding global partnerships aligns with the vision of the Comprehensive Economic Partnership Agreement between the UAE and Vietnam. Notably, the agreement is part of the UAE's broader foreign trade strategy, aiming to boost non-oil trade and exports significantly by 2031.
With the signing of the agreement, Vietnam solidifies its position as the UAE's largest non-oil trading partner within the ASEAN region. This move is expected to strengthen the alignment between the two economies and create opportunities in various industries, from food security to manufacturing and logistics.
The UAE government officials and ministers have emphasized the importance of the Comprehensive Economic Partnership Agreement with Vietnam. They believe that this agreement will not only boost bilateral trade and investments but also reinforce the UAE's position as a global hub for trade and investment. The focus is on removing trade barriers, improving market access, and creating new investment opportunities.
The agreement with Vietnam is seen as the beginning of a new era in investment relations between the two countries. It aims to enhance cooperation in key sectors like energy, infrastructure, food production, apparel, textiles, machinery, and metals. The agreement also opens new avenues for cooperation in sectors crucial for long-term development.
The UAE sees Vietnam as an attractive destination for investment, given its rapid economic growth and strategic location in Southeast Asia. The UAE aims to leverage Vietnam's potential, especially in sectors like infrastructure and industry. By fostering stronger relations with Vietnam, the UAE also strengthens its ties with ASEAN, a region known for its high growth potential.
