Vietnam-UAE Trade and Investment Forum Kicks-Off in Hanoi

The Vietnam-UAE Trade and Investment Forum kicked off in Hanoi in the presence of Sultan bin Saeed Al Mansouri, Minister of Economy, and Tran Tuan Anh, Minister of Trade and Industry of Vietnam.

Over 150 officials, people in business and investors from both countries are taking part in the forum to discuss prospects of economic cooperation, and expand partnership frameworks across various trade and investment sectors of interest.

In a speech at the forum, Al Mansouri said that the UAE and Vietnam enjoy "strong and prosperous" bilateral relations. He pointed out that the UAE is the topmost trading partner of Vietnam in the Middle East and North Africa and serves as an excellent gateway for the trade of Vietnamese goods and products with the region.

The UAE is also an attractive destination for Vietnamese companies looking to expand trade and investment in the region’s markets, Al Mansouri explained, adding that the strength of cooperation is well-reflected in the figures and indicators of trade between the two countries.

Total non-oil trade between the two sides reached US$8.2 billion in 2018, and the UAE accounted for 54 percent of the total value of non-oil trade between Vietnam and the GCC in the same year. Meanwhile, Vietnam accounted for 39 percent of the total value of non-oil trade between the UAE and ASEAN countries in 2017, and it is the largest trading partner of the country from the ASEAN region.

UAE investments in Vietnam are currently concentrated in the logistics, ports, maritime operations, aviation, tourism and hospitality sectors, in addition to oil and gas.

Al Mansouri went on to note the importance of joint work to expand the umbrella of cooperation to include other sectors of mutual interest such as automotive, textile industries, agriculture and food security, infrastructure, renewable energy, research and development, smart cities and technology.

For his part, Tran Tuan Anh hailed his country's relations with the UAE, emphasising that it is witnessing a continuous development reflecting the resolve of both parties at the governmental and corporate levels to move towards a broader partnership. He further reaffirmed his country's desire to develop cooperation efforts with the UAE in various fields.

During the forum, Customs World - Dubai and Vietnam Logistics Business Association signed a memorandum of understanding to enhance trade exchange and to facilitate the movement of goods and commodities between and through the two countries to various regional markets, by facilitating procedures, reducing costs and opening up new markets for companies and businesses in both countries.

Commenting on the forum's proceedings, Obaid Saeed Al Dhaheri, UAE Ambassador to Vietnam, said that the UAE-Vietnam Trade and Investment Week is an ideal opportunity to develop a mutually beneficial relationship by discussing opportunities, exchanging views and expanding the network of trade and economic relations for business communities.

The UAE delegation taking part in the forum includes: Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade Affairs; Jamal Al Jarwan, Secretary-General of the Emirates Council for Investors Abroad; Dr. Abdulrahman Al Naqbi, Director-General of the Department of Economic Development in Ras Al Khaimah; Sharief Habib Al Awadhi, Director-General of Fujairah Free Zone Authority; Saif Al Mazroui, Chief Executive Officer of Abu Dhabi Ports Operating Company at Abu Dhabi Ports; Nadia Kamali, CEO of Customs World - Dubai; Mohammed Nasser Hamdan Al Zaabi, Director of the Trade Promotion Department at the Ministry of Economy; Mishal Kano, Chairman of the Kanoo Group; and representatives from government agencies and private sector entities including Mubadala Development, Essa Al Ghurair Investments and others.