Vietnam, UAE target US$10 billion in trade before 2020

The target was set during the third session of Vietnam-UAE Inter-Governmental Committee which took place in Hanoi on May 10-11.

Minister of Industry and Trade Tran Tuan Anh led the Vietnamese delegation while the UAE’s delegation was headed by Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan. 

At the meeting, the two sides agreed to bolster the exchange of high-level visits while supporting each other at regional and international forums as well as in matters of mutual concerns.

They also consented to facilitate business partnership of their enterprises in numerous areas, including oil and gas, renewable energy, metallurgy, ship repair, chemicals and mechanical engineering, among others. 

The two countries will speed up negotiation on supplementary regulations to their investment treaty as well as on cooperation agreements on customs, banking and aviation in order to creating favourable conditions for trade and investment activities.

Bilateral trade has been growing very strongly in the past five years, with Vietnam’s trade with the UAE predicted to increase by 15% to seven billion USD in 2016. 

About US$5.7 billion of the UAE’s US$6.1 billion trade with Vietnam in 2015 came through Vietnamese import of electronic goods, computer products and consumer goods.

According to the Vietnam ’s Trade Office in Dubai , the UAE imported about US$250 million worth of food from Vietnam in the same year. 

The UAE is also benefiting from the relationship, particularly through the burgeoning number of tourists from Vietnam . In 2013, 500 Vietnamese nationals visited the UAE. This increased to 1,200 in 2014 and leapt to 25,000 last year.