PM pushes for stronger Vietnam-UAE economic ties at business roundtable

Delegates shared development strategies, investment opportunities, and solutions to unlock and drive bilateral economic and investment cooperation. Business leaders showcased their potential, strengths and collaboration needs, particularly in green transition, digital transformation, sci-tech, and artificial intelligence (AI). Success stories and experiences in investing in Vietnam were also highlighted.

Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, praised Vietnam as the UAE’s largest ASEAN trade partner, while noting that the UAE stands as Vietnam’s largest trade partner in the Middle East. He stressed that the signing of the bilateral Comprehensive Economic Partnership Agreement (CEPA) would present new opportunities to enhance trade and investment, ultimately fostering prosperity for both nations and the broader region.

In his keynote speech, Prime Minister Chinh underscored the significance of elevating bilateral relations to a Comprehensive Partnership and concluding CEPA negotiations during his visit. He articulated that these moves are pivotal in promoting economic, trade and investment cooperation between businesses from both countries.

The strong political relations and friendly ties between people of the two countries, along with the strategic positions of the UAE in the Middle East and Vietnam in Southeast Asia, provide a solid foundation, favourable conditions, and substantial opportunities for businesses to collaborate and invest, he said.

He spotlighted the rapid connectivity between the two countries through various modes of transportation, telecommunications and fiber optics, envisioning even closer ties through advancements in AI.

Trade cooperation has achieved positive results, Chinh remarked, saying that businesses should stay more proactive in investment cooperation to revitalize the traditional growth drivers of investment, export and consumption; and promote new growth drivers such as digital transformation, green transition, circular economy, sharing economy, knowledge economy, and emerging fields like AI, cloud computing, and Internet of Things (IoT).

Introducing Vietnam's key development achievements after nearly 40 years of Doi moi (renewal), the Vietnamese leader elaborated on foundational elements and major orientations in Vietnam’s socio-economic development, foreign relations, integration, national defence and security, cultural development, social welfare, Party and political system building, and anti-corruption efforts.

He said that in the coming time, Vietnam will persist in building a socialist-oriented market economy, a law-governed socialist state, and a socialist democracy, consistently taking people as the centre, the subject, the goal, the resource, and the driving force for development.

Chinh affirmed Vietnam's commitment to protecting the legitimate rights and interests of businesses and investors; avoiding the criminalisation of civil, administrative, and economic relations; fostering an open, transparent, equal, and healthy business environment in the spirit of “harmonising benefits and sharing risks."

With its policy of selectively attracting foreign investment, Vietnam is prioritising investment projects in science and technology, innovation, research and development; digital, circular, and knowledge-based economy, and nighttime economy; semiconductor manufacturing, new energy and renewable energy; green finance, and developing financial centres in Ho Chi Minh City and Da Nang, he stated.

Additionally, priority will be given to biotechnology, health care, electronic components, electric vehicles, strategic infrastructure development, and the diversification of markets, products, and supply chains, he added.

Chinh called on UAE businesses to invest in the above-mentioned areas, affirming that Vietnam will create the most favourable conditions for investors to operate effectively and sustainably, and for the long term in the Southeast Asian country.

Vietnam also vows stable electricity supply and uninterrupted telecommunications services to support economic transformation and development, he noted.

The Prime Minister emphasised the significant potential for Vietnam and the UAE to connect their economies, fostering mutual growth. He cited that while the UAE excels in services and emerging industries, Vietnam boasts strengths in agriculture, with a population of over 100 million, and a young, abundant workforce.

He assured that Vietnam can ensure food security for the UAE by producing and processing agricultural products tailored to its businesses' needs. The country is currently implementing a project to cultivate one million hectares of high-quality, low-emission rice in the Mekong Delta, focusing on "green, clean, and delicious" products.

He expressed his belief that based on the strong relationship between the two nations, combined with their strengths in human resources, intellect, investment capital and experience, bilateral cooperation will see tangible outcomes, benefiting both peoples and contributing to economic development in the Middle East and Southeast Asia.

On this occasion, 12 cooperation agreements were signed between businesses from both countries across various sectors, including AI, data centre development, energy transition, aviation, seaport, logistics, electric vehicle production, finance, agriculture and services.

Notably, Viettel Group partners with the UAE's G42 and Presight to develop data centers and AI solutions, while Vietnam Airlines collaborates with Etihad and Emirates for aviation services. Additionally, Vingroup and Emirates Driving Company are set to join hands in EV production.