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Vietnam hopes for stronger economic links with UAE

16/10/2019

Minister of Industry and Trade Tran Tuan Anh affirmed Vietnam’s wish to promote the friendship and economic, trade and investment ties with the UAE while addressing a business forum between the two countries in Hanoi on October 15.

Minister of Industry and Trade Tran Tuan Anh affirmed Vietnam’s wish to promote the friendship and economic, trade and investment ties with the UAE while addressing a business forum between the two countries in Hanoi on October 15.

The event was part of a visit by UAE Minister of Economy Sultan bin Saeed Al Mansouri, along with some trade promotion organisations and nearly 20 major businesses of the Southwestern Asian nation.

In his speech, Minister Anh said the Vietnamese Government always welcomes and is ready to create the best possible conditions for foreign companies, including those from the UAE, to make investment and do business.

He called on the two business communities to coordinate closely with government agencies of Vietnam and the UAE to better grasp opportunities and foster economic, trade and investment partnerships.

Statistics show that bilateral trade has been growing strongly, reaching 5.67 billion USD in 2018, up 1.3 percent year on year. The figure is estimated at 4.26 billion USD in the first nine months of 2019, down slightly from the same period of 2018.

Anh said Vietnam has a number of competitive products with stable quality and prices like textile-garment, wood products, mobile phones, computers, electronic devices and footwear, which also have much export potential in Arabian and Gulf countries. For its part, the UAE is known for liquefied chemicals, animal feed and consumer goods, for which Vietnam also has great demand.

Vietnam, with a stable economic expansion of 6.5 – 7 percent and a double-digit export growth rate, is an emerging market and also an opportunity for foreign businesses, including UAE firms, to capitalise on, the official noted.

To boost bilateral relations, he asked UAE enterprises to consider investing in such fields as energy infrastructure, logistics, oil and gas, renewable energy, energy saving, chemical industry, supporting industries, agricultural product processing and industrial park building in some potential economic zones of Vietnam like the Central Highlands, the south-central region, and the southwestern region.

At the forum, Minister Mansouri highly valued the potential of the Vietnamese market and business chances here, adding that the country’s membership in many free trade agreements will generate chances for UAE firms not only in Vietnam but also in larger markets when they invest and do business in the Southeast Asian nation.

He said it is necessary for both sides to keep close coordination in facilitating trade and connecting the two countries’ businesses to promote bilateral friendship and cooperation.

At the forum, the two ministers witnessed the signing of various cooperation agreements between Vietnamese and UAE enterprises.

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