The UAE – Vietnam Trade and Investment Forum opened in Hanoi on October 15 with the aim of fostering economic, trade and investment cooperation between Vietnam and the United Arab Emirates (UAE).
|The two Ministers witness the signing of cooperation agreements between Vietnamese and UAE enterprises. (Photo: tapchicongthuong.vn)
The forum, which was co-chaired by Vietnamese Minister of Industry and Trade Tran Tuan Anh and UAE Minister of Economy Sultan bin Saeed Al Mansouri, was held on the occasion of the visit to Vietnam by the UAE Minister along with UAE trade promotion agencies and enterprises.
Addressing the event, Minister Tran Tuan Anh affirmed that Vietnam always attaches importance to and wishes to promoting friendship and economic, trade and investment cooperation with UAE.
The Vietnamese Government is also willing to create favourable conditions for foreign investors, including UAE investors to run business in Vietnam, Anh noted.
He suggested business communities from both countries continue to coordinate closely with authorised agencies of the two countries to utilize market opportunities and boost economic cooperation.
Two-way trade revenue between Vietnam and UAE reached US$5.67 billion in 2018, up 1.3% compared to 2017 including US$5.2 billion worth of Vietnam’s export revenue to UAE (up 3.5% compared to 2017) and US$468 million worth of Vietnam’s import revenue from UAE (down 18% over 2017).
The import-export revenue between the two countries was posted at US$4.26 billion in the first nine months of 2019, a slight decrease compared to the same period in 2018.
Minister Anh said that Vietnam attaches importance to cooperating with UAE in the field of liquefied petroleum gas and oil and gas because Vietnam has become an energy importer and to ensure national energy security.
He also suggested UAE enterprises invest in areas of energy infrastructure, logistics, oil and gas, renewable energy, chemicals industry, supporting industry, materials production, food, and building of industrial zones in potential regions such as Central Highlands, South central region and Southwest region of Vietnam.
The UAE Minister appreciated the potential and business opportunities of the Vietnamese market amid the Vietnam’s dynamic development and participation in a number of free trade agreements.
He added that the two sides need to closely coordinate with each other to facilitate trade and business community of both sides.