Vietnam & UAE to negotiate comprehensive economic partnership

“The UAE is Vietnam’s number one Arab trade partner, accounting for 39 per cent of its total trade with the Arab countries. The volume of non-oil trade between the two sides reached AED 29.4 billion (around $8 billion) in 2022. The trade in goods other than telephones and their accessories, which grew to 46 per cent from less than 36 per cent in 2019, is promising. It totalled AED 13.5 billion ($3 billion) last year, up 9 per cent from 2021, and with a 34 and 26 per cent growth from 2020 and 2019 respectively,” Al Zeyoudi was quoted as saying in a press release by the UAE ministry of economy.

“There was huge potential and opportunities from the agreement for both countries. The UAE has strengths as a trans-shipment, financial and logistics centre, while Vietnam is also becoming a factory for many crucial, global industries. The combination of the two countries’ competitive advantage will create momentum for trade and investment growth in the near future,” said Dien.

Vietnam is on its way to becoming one of the world’s production centres, while the UAE is a major transit hub and financial and logistics centre. By combining their strengths, the two countries hope to boost trade and investment growth between them in the near future, according to local media reports.

The negotiations towards the CEPA are expected to start soon, and both countries expressed optimism about the outcome of the talks.

Fibre2Fashion News Desk (NB)