Al Zeyoudi discusses CEPA with Vietnam PM in Hanoi

The UAE Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi, met with the Prime Minister of Vietnam, Pham Minh Chinh, in Hanoi on Monday to discuss progress towards a Comprehensive Economic Partnership Agreement (CEPA).

A series of meetings with representatives from the public and private sectors were also held to explore opportunities for stronger bilateral trade and investment ties.

The two sides also reviewed progress towards a Comprehensive Economic Partnership Agreement (CEPA), which will accelerate trade and investment flows by removing tariffs, simplifying customs procedures, and improving market access for services exporters, once implemented. 

Al Zeyoudi also discussed the far-reaching benefits of the CEPA throughout talks with Nguyen Ba Hoan, Deputy Minister of Labour - Invalids and Social Affairs, and Tran Thanh Nam, Deputy Minister of Agriculture and Rural Development, during which they discussed the potential for joint ventures and partnerships in these critical sectors.

The talks focused on deepening cooperation in sectors considered crucial to both nation’s economic growth and diversification agendas, which include renewable energy, logistics, manufacturing, technology and agriculture.

Following the visit, Al Zeyoudi expressed his optimism about the future of UAE-Vietnam ties and the benefits of greater exchange with the ASEAN community as a whole.

“The meetings this week underscore the value of our relationship with Vietnam, a long-standing and strategically important partner in a high-growth region." He said.

"Our nations both understand the benefits of closer cooperation and more open trade, and there is a clear desire to work collaboratively across all economic sectors. We are particularly excited about the opportunities in agriculture, manufacturing and energy, while our investors see the vast potential in the country’s infrastructure, logistics, tourism and real estate development. Vietnam’s pro-growth policies align closely with our own and the many constructive conversations we have enjoyed here point the way to a prosperous future for us both,” he added.

The ASEAN region is an increasingly important one for the UAE, sharing $15.3 billion (AED 56 billion) in trade in H1 2023 and representing 5.2 percent of the UAE’s total non-oil foreign trade.

The UAE has now signed and implemented Comprehensive Economic Partnership Agreements with Indonesia and Cambodia, both key ASEAN nations.