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Vietnam – UAE economic, trade and investment links to be stronger 

 Sunday, October 20,2019

AsemconnectVietnam - Vietnam would like to speed up the economic, trade and investment relationship with the U.A.E.

Vietnam – U.A.E economic links to be stronger
Minister of Industry and Trade Tran Tuan Anh affirmed Vietnam’s wish to promote the friendship and economic, trade and investment ties with the UAE while addressing a business forum between the two countries in Hanoi recently.
Minister of Industry and Trade Tran Tuan Anh affirmed Vietnam’s wish to promote the friendship and economic, trade and investment ties with the UAE while addressing a business forum between the two countries in Hanoi on October 15.
The event was part of a visit by UAE Minister of Economy Sultan bin Saeed Al Mansouri, along with some trade promotion organisations and nearly 20 major businesses of the Southwestern Asian nation.

In his speech, Minister Anh said the Vietnamese Government always welcomes and is ready to create the best possible conditions for foreign companies, including those from the UAE, to make investment and do business.
He called on the two business communities to coordinate closely with government agencies of Vietnam and the UAE to better grasp opportunities and foster economic, trade and investment partnerships.
Statistics show that bilateral trade has been growing strongly, reaching 5.67 billion USD in 2018, up 1.3 percent year on year. The figure is estimated at 4.26 billion USD in the first nine months of 2019, down slightly from the same period of 2018.

Anh said Vietnam has a number of competitive products with stable quality and prices like textile-garment, wood products, mobile phones, computers, electronic devices and footwear, which also have much export potential in Arabian and Gulf countries. For its part, the UAE is known for liquefied chemicals, animal feed and consumer goods, for which Vietnam also has great demand.
Vietnam, with a stable economic expansion of 6.5 – 7 percent and a double-digit export growth rate, is an emerging market and also an opportunity for foreign businesses, including UAE firms, to capitalise on, the official noted.

Measures to speed up the bilateral relations between the two countries
To boost bilateral relations, he asked UAE enterprises to consider investing in such fields as energy infrastructure, logistics, oil and gas, renewable energy, energy saving, chemical industry, supporting industries, agricultural product processing and industrial park building in some potential economic zones of Vietnam like the Central Highlands, the south-central region, and the southwestern region.

At the forum, Minister Mansouri highly valued the potential of the Vietnamese market and business chances here, adding that the country’s membership in many free trade agreements will generate chances for UAE firms not only in Vietnam but also in larger markets when they invest and do business in the Southeast Asian nation.
He said it is necessary for both sides to keep close coordination in facilitating trade and connecting the two countries’ businesses to promote bilateral friendship and cooperation.
At the forum, the two ministers witnessed the signing of various cooperation agreements between Vietnamese and UAE enterprises.

Vietnam will create favourable conditions to attract more investments from UAE
The Vietnamese Government stands ready to create all possible conditions for foreign investors, including those from the United Arab Emirates (UAE), Deputy Prime Minister Trinh Dinh Dung told UAE Minister of Economy Sheikh Sultan Bin Saeed Al Mansouri in Hanoi on October 15.
The Vietnamese Government stands ready to create all possible conditions for foreign investors, including those from the United Arab Emirates (UAE), Deputy Prime Minister Trinh Dinh Dung told UAE Minister of Economy Sheikh Sultan Bin Saeed Al Mansouri in Hanoi on October 15.

The Vietnamese official rejoiced at the rapid development and outcomes of the friendship and multifaceted cooperation between Vietnam and the UAE, especially the bilateral economic, trade and investment ties.
Dung expressed his hope that more businesses from the UAE will invest in projects in Vietnam in such areas as energy infrastructure, logistics, oil and gas, renewable energy, energy saving, support industries, material production, farm produce processing, food, labour, finance, tourism, culture, sports, construction and aviation transportation.

He called on the UAE to create favourable conditions for Vietnamese living and working in the country.
The host highly valued the role and operation of the Vietnam-UAE Inter-governmental Committee, especially results of the committee’s fourth meeting in Abu Dhabi last April, under the chair of Minister Bin Saeed Al Mansouri and Vietnamese Minister of Industry and Trade Tran Tuan Anh.
Vietnam wishes to enhance the sharing of information about policies, regulations and investment opportunities in each country with the UAE, while increasing trade promotion activities in respective markets, Dung said.
For his part, Minister Bin Saeed Al Mansouri said the UAE considers Vietnam the most important strategic partner in the Association of Southeast Asian Nations (ASEAN).

There remain great investment opportunities in Vietnam, he said, adding that the UAE has invested in logistics, seaports and real estate in the country and will explore investment opportunities in other spheres like digital and knowledge-based economy.
Alongside cooperation potential in tourism, food processing is also an area in which the UAE is interested and wishes to cooperate with Vietnam, the minister said.
He affirmed that the UAE is willing to share experience and promote cooperation concerning strategies to reform and diversify the economy, and develop the digital and knowledge-based economy.

HCM City expects stronger economic ties with UAE
Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan expressed his city’s wish to boost economic links with UAE localities while receiving Undersecretary of the UAE Ministry of Economy Abdullah Al Saleh on October 17.
Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan expressed his city’s wish to boost economic links with UAE localities while receiving Undersecretary of the UAE Ministry of Economy Abdullah Al Saleh on October 17.
Highlighting the progress in Vietnam-UAE relations, the host official said HCM City is an economic, cultural, educational and scientific – technological hub in southern Vietnam, and also the core of the southern key economic region. It also boasts a favourable location for air, rail, road and sea transportation, which is conducive to economic and trade partnerships.

Therefore, the city is ready to cooperate with other countries for common development, he noted.
Hoan said leaders of HCM City have made working visits to the UAE, a navigation and aviation hub of the world and also a leading economy in the Arabian region, and realised that both sides hold huge cooperation potential.
HCM City wishes to develop ties with localities of the UAE, particularly in economy, the Vice Chairman said, adding that many investors from the country have also invested in his city.

Briefing his host about the working trip by the UAE Ministry of Economy’s delegation, Abdullah Al Saleh said the Vietnam-UAE trade and investment forum was successful with the participation of many businesses and investors from both sides.
He said he hopes Vietnam will build a portal on its investment policies so as to further help UAE businesses learn about the local investment climate and make investment in the country, including HCM City.
The undersecretary asked for an optimal visa policy to attract more UAE tourists and investors to Vietnam, thereby promoting bilateral investment. He also suggested Vietnam open an investment promotion centre in his country to assist Vietnamese firms to make investment, do business and export goods to the UAE.
CK
Source: VITIC/Vietnamplus.vn

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