Partnership opportunities for business communities

The Vietnam UAE Trade and Investment Forum commenced in Hanoi (Tuesday, October 15, 2019) in the presence of H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy; and Tran Tuan Anh, Minister of Trade and Industry of Vietnam, and with the support more than 150 officials, businessmen and financial specialists from both nations to examine the possibilities of economic cooperation during the next phase. The also aims to discuss about approaches to extend partnership frameworks in different economic fields of common interest.

The UAE delegation incorporates H.E. Abdullah bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade Affairs; in the presence of H.E Obaid Saeed Obaid Al Dhaheri, UAE Ambassador to Vietnam. It also includes H.E. 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 (FFZA); 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.

H.E Al Mansoori said in his discourse that the UAE and the Socialist Republic of Vietnam appreciate strong and prosperous two-sided relations. He pointed out that the UAE is the highest trading accomplice 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 nation is additionally an appealing destination for Vietnamese companies hoping to grow trade and investment in the regions markets, he included.

H.E further clarified that the quality of this collaboration is well reflected in the figures and indicators of trade between the two countries. The total non-oil trade between the two sides reached USD 8.2 billion in 2018, and the UAE accounted for 54 per cent of the total value of non-oil trade between Vietnam and the GCC in the same year.
Meanwhile, Vietnam accounted for 39 per cent 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. H.E also praised Vietnams outstanding economic performance, adding that the UAEs investment companies are keen to expand their presence in the Vietnamese markets. The UAE investments in Vietnam are currently concentrated in the sectors of logistics, ports, maritime operations, aviation, tourism and hospitality, in addition to oil and gas, he said, pointing out 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, R&D, smart cities and technology.

H.E Tran Tuan Anh, Minister of Industry and Trade of Vietnam, hailed his country's relations with the UAE, emphasizing 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.

H.E Obaid Saeed Al Dhaheri, UAE Ambassador to Vietnam, said in his welcoming speech that the extent of bilateral and economic cooperation between the UAE and Vietnam are developing, and the two sides are witnessing an increase in the exchange of visits by officials and trade delegations. This reflects the vitality and momentum of the partnerships and the positive opportunities it offers for cooperation during the coming period. He further pointed out 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.

MoU to promote trade & logistics cooperation
The forum saw the signing of a Memorandum of Understanding (MoU) between Customs World - Dubai and Vietnam Logistics Business Association to upgrade trade exchange and to facilitate the movement of goods and commodities between and through the two countries to various regional markets, by encouraging methods, decreasing expenses and opening up new markets for companies and businesses in both countries.