As part of his official visit to the United Arab Emirates (UAE), on October 28, Prime Minister Pham Minh Chinh held talks with UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum.
VIETNAM’S FIRST FTA WITH AN ARAB COUNTRY
At the talks, Prime Minister Pham Minh Chinh expressed his delight to be back in Dubai, a leading economic and financial center in the region and the world.
The Prime Minister congratulated the UAE on successfully hosting the United Nations Climate Change Conference (COP28) in December 2023, leaving a strong impression in the process of accelerating the implementation of climate change goals.
He praised the important achievements of Dubai, in particular, and the UAE, in general, in nation-building and development, and expressed his belief that the UAE will successfully achieve its “Vision 2031” goals.
The Prime Minister conveyed greetings from General Secretary To Lam, President Luong Cuong, and National Assembly Chairman Tran Thanh Man to the UAE leaders.
He thanked the UAE Vice President and Prime Minister for their goodwill towards Vietnam and affirmed that the official visit to Vietnam in 2007 by the UAE Vice President and Prime Minister was a historic milestone, contributing to the promotion of bilateral relations today.
Prime Minister Pham Minh Chinh also shared with the UAE Vice President and Prime Minister the important achievements of Vietnam since 2007, especially in the economic field, with the country’s GDP increasing nearly fivefold from about $100 billion to about $480 billion in 2024 if economic growth reaches 7%.
The UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum welcomed Prime Minister Pham Minh Chinh’s official visit to the UAE, affirming that the visit contributes to further enhancing the good bilateral relationship.
The UAE Vice President and Prime Minister congratulated Vietnam on its strong and rapid development in all fields, expressing his love and affection for the country and people of Vietnam. He looked forward to visiting Vietnam again soon to witness the achievements and innovations of Vietnam since 2007.
The two leaders witnessed the signing of the Comprehensive Economic Partnership Agreement (CEPA), the first free trade agreement between Vietnam and an Arab country.
This is also Vietnam’s fastest-negotiated free trade agreement, demonstrating the strong determination of the leaders and ministries of both countries to create a breakthrough in economic, trade, and investment cooperation, opening up a significant path and marking a historic step for Vietnam’s deeper engagement in the Middle East market.
With its comprehensive negotiation content, the CEPA agreement promises to bring balanced benefits to both countries and is in line with Vietnam and the UAE’s desire to strengthen cooperation in multiple fields.
5 KEY AREAS OF COOPERATION
In the spirit of “innovating in thinking, creating in strategy, uniting in coordination, and resoluteness in implementation to concretize and realize the results of high-level visits and signed cooperation agreements,” the two leaders discussed and agreed on five key areas of cooperation for the future.
First, enhance exchanges of delegations at all levels to further strengthen political trust and establish joint working groups to substantiate the Comprehensive Partnership.
Second, effectively implement the CEPA to create a breakthrough in trade exchanges and further open up markets, aiming to increase two-way trade to over $10 billion in the coming period; encourage and facilitate cooperation and investment between enterprises of the two countries.
Third, strengthen cooperation in the fields of digital transformation, green transition, and innovation. Vietnam encourages UAE businesses to invest more in areas of Vietnam’s interest and the UAE’s strengths, such as green transition infrastructure, digital transformation, digital finance, and especially artificial intelligence, cloud computing, and the Internet of Things.
Fourth, promote cooperation in people-to-people exchanges, culture, and tourism. Prime Minister Pham Minh Chinh affirmed that he would direct the establishment of direct flights between Vietnam and the UAE to further facilitate people-to-people exchanges and mutual understanding.
Fifth, strengthen cooperation and mutual support in multilateral forums, as both countries share many common views on regional and international issues and are peace-loving nations, desiring cooperation for peace, stability, and development in the two regions and the world.
Emphasizing the effective implementation of the agreed-upon contents, the two leaders agreed to assign relevant ministries to actively coordinate and concretize the proposals.
Prime Minister Pham Minh Chinh invited the UAE Vice President and Prime Minister, Sheikh Mohammed bin Rashid Al Maktoum, to visit Vietnam soon. The UAE Vice President and Prime Minister accepted the invitation with pleasure.
On this occasion, the two leaders also witnessed the announcement of the signing of six cooperation documents between the two sides, including a Memorandum of Understanding on Investment, Innovation, and Financial Center; a Memorandum of Understanding on Exchanging Experiences in Modernization and Government Development; a Memorandum of Understanding on Higher Education and Scientific Research Cooperation; a Memorandum of Understanding between the State Bank of Vietnam and the Central Bank of the UAE; a Memorandum of Understanding between the General Department of Customs and Abu Dhabi Ports; and a Memorandum of Understanding between the Vietnam Chamber of Commerce and Industry (VCCI) and the Abu Dhabi Chamber of Commerce and Industry.
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