Standing Deputy PM to pay visits to UAE, Germany next week

*Since the establishment of diplomatic relations in 1993, Viet Nam and the UAE have built a substantive relationship. These bilateral ties have been nurtured and reinforced on the basis of amity, equality, mutual respect, and mutually beneficial cooperation for the two peoples. Both sides have recorded significant achievements and tangible progress in numerous areas of cooperation, such as diplomacy, economic and trade ties.

On the occasion of Prime Minister Pham Minh Chinh's official visit to the UAE in October last year, leaders of both nations agreed to upgrade bilateral ties to a Comprehensive Partnership.

The two sides pledged to actively implement the Comprehensive Economic Partnership Agreement (CEPA) with a view to unlocking US$20 billion in bilateral trade and the resulting economic and trade benefits to the two countries.

The two sides vowed to effectively implement the Memorandum of Understanding (MOU) on the Establishment of a Joint Working Group for Economic and Trade Cooperation, and to look into the establishment of new mechanisms for economic cooperation, such as a UAE-Viet Nam Business Council, a Joint Task Force for investment cooperation, and a UAE-Viet Nam Joint Investment Fund.

*Viet Nam and Germany are celebrating the 50th anniversary of the two countries' diplomatic relations this year.

Economic ties between Viet Nam and Germany form a key pillar of their strategic partnership. Germany is Viet Nam's biggest trading partner in Europe, while Viet Nam is Germany's largest trading partner in Southeast Asia, with two-way trade steadily growing by over 10 per cent annually.

The EU–Viet Nam Free Trade Agreement (EVFTA), strongly supported by Germany, has significantly boosted bilateral economic relations, contributing to increasing the export of Vietnamese goods to Germany./.