Vietnam attaches importance to expanding investment cooperation with UAE

PM Chinh received UAE Minister of Investment Mohamed bin Hassan Alsuwaidi on October 28 as part of his official visit to the Middle Eastern nations.

At the function, PM Chinh said he hopes the UAE, with its experience in developing the Dubai and Abu Dhabi financial centres, will support the Vietnamese side in forming a suitable policy framework and model.

He also asked the UAE to join in the process of building, investing, and developing financial centres in the country, adding that the nation is set to build international financial centres in Ho Chi Minh City and Da Nang, as well as building free trade zones in major cities.

The Vietnamese Government chief terefore hailed the UAE's position as the largest investor in the Arab world, with billions of US$ in overseas investment and US$35 billion in FDI attraction by 2023. He affirmed that the UAE is one of the top priority partners to expand investment co-operative ties.

PM Chinh congratulated the UAE on its socio-economic development achievements, especially in the fields of renewable energy, green transformation, science and technology, innovation, and financial centres, emphasizing that the country attaches importance to investment ties with the Middle East region, in which the UAE is one of the top focuses.

However, he noted that the investment ties that exist between the two are still far from meeting their full potential. The UAE now has a total of 38 foreign direct investment (FDI) projects in the country, with a total registered investment capital of US$74.1 million, ranking 52nd out of 144 countries and territories investing in the Vietnamese market. Meanwhile, the country has five investment projects in the UAE, with a total registered capital of US$1.8 million.

The PM stressed that the two boast huge potential for investment co-operation. He informed that during his visit to the UAE this time, the two sides will upgrade relations and sign the Vietnam - UAE Comprehensive Economic Partnership Agreement (CEPA). They will also devise a plan to connect the two economies to swiftly achieve the goal of bringing two-way trade up to US$10 billion.

He told the guest that Vietnam now prioritises investment projects in the fields of high technology, electronics, semiconductor chips, innovation, artificial intelligence, cloud computing, and the Internet of Things, all of which are in line with the strengths of the UAE as well as global trends.

He called on the UAE Ministry of Investment to share experience in attracting foreign investment; and consider, select, and connect partners to participate in strong and comprehensive investment co-operation with Vietnam, including collaboration with the National Innovation Centre (NIC) of Vietnam.

The nation is focusing on fine-tuning its institutions; training high-quality human resources; and developing strategic infrastructure, including seaport systems, high-speed railways, and airports. This is towards becoming an international transit point, calling on UAE investment funds to support the country in accessing international financial and investment sources, especially green financial sources, to implement sustainable development goals towards green growth, PM Chinh told his host.

For his part, the UAE Minister of Investment said that Vietnam, with a population of 100 million, and the UAE, with a population of 10 million, are both countries with major roles and positions in the region.

He stated that as the two countries are developing rapidly based on science, technology, innovation, and strongly attracting foreign investment, they can work together and complement each other across multiple areas.

The Minister assured his nation’s readiness to share experience and support the Vietnamese side in building financial centres in Ho Chi Minh City and Da Nang city, the Minister said, promising to research and direct UAE corporations to invest in strategic projects in the nation. This is along with introducing potential UAE partners to Vietnamese firms and financiers to co-operate, expand operations and effectively carry out investment projects in the UAE.

At a reception held for UAE Minister of Economy Abdulla Bin Touq Al Marri in Abu Dhabi on the same day, the Vietnamese cabinet leader suggested that the two sides should implement bilateral agreements, especially the to-be-signed Comprehensive Economic Partnership Agreement (CEPA), to reach the goal of US$10 billion in two-way trade at an early date.

Hailing the UAE’s achievements with the Minister's contributions in economic restructuring, sustainable development, the diversification and digitalisation of the economy, and innovation, PM Chinh said he believed that the UAE Vision 2031, which aims to turn the UAE into a global economic hub and a successful development model for the world, will become a reality.

He therefore congratulated the UAE for successfully hosting the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28).

Vietnam is in the process of transforming and restructuring its economy towards higher quality and efficiency. In addition, it is focusing on rapid and sustainable development based on science and technology; innovation; as well as the development of the digital economy, green economy, circular economy, sharing economy, and knowledge-based economy. In line with this, the Government leader duly asked the UAE to share experience and promote co-operation with Vietnam in these fields.

PM Chinh applauded the role of Al Marri, chairman of the UAE Sub-committee of the Vietnam-UAE Inter-Governmental Committee, in fostering the bilateral relations, especially in finalizing negotiations for the CEPA.

He proposed that in the coming time the two side should step up linkages and experience sharing for stronger connectivity between the two economies. Other efforts include creating breakthroughs for economic ties, promoting complementary strengths in institution building, developing financial centres and enterprises, attracting talents, and increasing research and the application of science and technology and innovation. All of this should be done while stepping up the organisation of trade and investment promotion activities, connecting enterprises, enhancing people-to-people exchanges, boosting co-operation, and opening direct flights between the two countries.

He asked the UAE to open its market more widely for strong Vietnamese products such as agricultural and aquatic items, fresh vegetables, and processed foods, and promote co-operation and support the development of the Halal industry in Vietnam, thereby helping to achieve the goal of US$10 billion in two-way trade.

For his part, Al Marri highly evaluated Vietnamese socio-economic development achievements over recent years, showing his positive impression of the country’s economic policies, especially in tax exemption and investment attraction.

He shared the UAE’s experience in business development, investment attraction, the development of economic zones and free trade zones, talent attraction, intellectual property, and visa policy, especially how to process procedures for business registration and deployment of investment projects in an exceptionally short time.

He thanked PM Chinh for his support during negotiations for the CEPA, underlining that the UAE is delighted at and looks forward to the signing of this agreement with a view to ramping up ties to optimize the opportunities brought about by the deal, thereby creating breakthroughs in economic ties between the two nations.

He said that the UAE hopes to hold a large-scale investment conference in Vietnam with the participation of leading regional and international enterprises and prestigious speakers to share experience, augment economic ties, and attract investment from the UAE and the world to the Vietnamese market.

PM Chinh welcomed the idea and said that he will assign the Ministry of Planning and Investment and relevant agencies of Vietnam to co-ordinate with the UAE side to organize the event.