Viet Nam, UAE sign historic economic deal
VGP - Viet Nam and the United Arab Emirates have signed a Comprehensive Economic Partnership Agreement (CEPA), the first of its kind between Viet Nam and an Arab country.
The signing ceremony took place in Abu Dhabi on October 28 under the presence of Prime Minister Pham Minh Chinh and Vice President cum Prime Minister of the United Arab Emirates Sheikh Mohammed bin Rashid Al Maktoum.
The signing of the agreement reflects the strong determination of leaders and relevant ministries from both countries to create a breakthrough in economic, trade, and investment cooperation. It paves the way for Viet Nam to deeply enter the Middle Eastern market.
The CEPA is expected to bring balanced benefits to both countries and aligns with the desire of Viet Nam and the UAE to strengthen cooperation across various fields.
On this occasion, the two leaders also witnessed the signing of six cooperation documents, including:
(1) - A Memorandum of Understanding (MoU) on investment, innovation, and the financial center
(2) - A MoU on the exchange of experiences in government development and modernization
(3) - A MoU on cooperation in higher education and scientific research
(4) - A MoU between the State Bank of Viet Nam and the Central Bank of the UAE
(5) - A MoU between the Vietnamese General Department of Customs and Abu Dhabi Ports
(6) - A MoU between the Viet Nam Chamber of Commerce and Industry (VCCI) and the Abu Dhabi Chamber of Commerce and Industry.
Earlier the same day, during the talks held between the two leaders, Prime Minister Pham congratulated the UAE on successfully hosting the 28th United Nations Climate Change conference (COP28) in December 2023, leaving a strong mark in accelerating the achievement of climate change goals.
The Prime Minister praised the significant achievements of Dubai, in particular, and the UAE, in general, in its national development, expressing confidence that the UAE will successfully accomplish the goals of its Vision 2031.
The Prime Minister expressed gratitude for the affections that the UAE Vice President and Prime Minister has shown toward Viet Nam, affirming that the UAE Vice President and Prime Minister's official visit to Viet Nam in 2007 was a historic milestone that has helped advance the bilateral relations.
Sheikh Mohammed, for his part, welcomed Prime Minister Pham Minh Chinh's official visit to the UAE, saying the visit contributes to further enhancing the strong bilateral relations.
He congratulated Viet Nam on its rapid and robust development across all fields, expressing his wish to soon come back to Viet Nam.
The two leaders discussed and agreed on five key areas of cooperation for the coming period.
Firstly, they vowed to enhance the exchange of delegations at all levels to build greater political trust and establish joint working groups to effectively implement the comprehensive partnership.
Secondly, the host and the guest underlined the need to effectively implement the CEPA to create a breakthrough in trade exchanges, further open markets with the goal of raising bilateral trade turnover to over US$10 billion in the near future as well as encourage and facilitate cooperation in investment and business between enterprises from both countries.
Thirdly, they pledged to strengthen cooperation in the fields of digital transformation, green transition, and innovation.
Viet Nam encourages UAE businesses to invest more in areas UAE has strengths such as green transition, infrastructure, digital transformation, digital finance, and particularly in artificial intelligence, cloud computing, and the Internet of Things.
Fourthly, both sides agreed to promote cooperation in people-to-people exchanges, culture, and tourism.
Prime Minister Pham said that he would direct the opening of direct flights between the two nations to further facilitate mutual visits and understandings between the two peoples.
Fifthly, they occurred to enhance cooperation and mutual support at multilateral forums, given that both countries share many common views on regional and international issues. They are both peace-loving nations that seek to collaborate for peace, stability, and development in their respective regions and globally.
Pham invited UAE Vice President and Prime Minister to pay a visit to Viet Nam soon. The UAE Vice President and Prime Minister gladly accepted the invitation./.
