Vietnam enjoys major trade surplus with UAE
VOV.VN - Two-way trade turnover between Vietnam and the United Arab Emirates (UAE) hit US$4.015 billion in the January – October 2023 period, including US$3.4 billion worth of Vietnamese exports, resulting in a US$2.8 billion trade surplus in favour of Vietnam, reported the Ministry of Industry and Trade.
Notably, mobile phones and parts made up the largest share of exports, bringing in US$2.5 billion, or three fourths of Vietnam’s total exports to the UAE.
Some of the export items with turnover of more than US$100 million each included computers, electronics and components; machinery, equipment, tools and spare parts; and textiles and footwear.
The country mainly imported chemicals, plastic raw materials, and other petroleum products from the UAE in the reviewed period.
Last year saw their two-way trade turnover fetch nearly US$4.4 billion, of which Vietnamese exports stood at US$3.84 billion, down 18% year on year.
During a visit to the UAE last April, Minister of Industry and Trade Nguyen Hong Dien and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi agreed to initiate negotiations on the two countries’ comprehensive economic partnership agreement (CEPA).
The approval of the CEPA is expected to fully tap into the potential that exists in complementary import and export activities between both sides.
It is expected that the signing of the CEPA will provide a legal foundation for both parties to increase cooperation in the exploration and exploitation of oil and gas, exchange technical expertise, and train high-quality human resources in this crucial industry, according to the Ministry of Industry and Trade.
