In that context, the official visit to the UAE by Prime Minister Pham Minh Chinh, his wife, and a high-ranking Vietnamese delegation is of great significance, creating a new development momentum with a double highlight in which the two sides decided to upgrade bilateral ties to a comprehensive partnership and conclude negotiations on the Comprehensive Economic Partnership Agreement (CEPA).
The UAE is the first stop of Prime Minister Pham Minh Chinh on his visit to the Middle East region, marking the first official visit by a Vietnamese Prime Minister to the region in 15 years.
UAE leaders warmly welcomed Prime Minister Pham Minh Chinh, his spouse, and the high-ranking Vietnamese delegation. Returning to the UAE this time since attending the COP28 Conference in Dubai in December 2023, the prime minister has a deeper appreciation for the words of UAE President Sheikh Mohamed bin Zayed Al Nahyan: "The UAE is a land of tolerance, coexistence, and openness."
The highlight of Prime Minister Pham Minh Chinh's visit was the successful meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan. The two leaders agreed to elevate the bilateral relationship to a comprehensive partnership, opening great prospects for cooperation between the two countries in all fields. This is the result of the good friendship and cooperation that generations of leaders and people of the two countries have worked hard to cultivate over the past three decades in the spirit of goodwill, equality, and mutual respect.
Another highlight is that after the talks between Prime Minister Pham Minh Chinh and UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, the two leaders also witnessed the signing of the CEPA between Vietnam and the UAE. This is the first Free Trade Agreement (FTA) between Vietnam and an Arab country, and it also marks the FTA with the fastest negotiation time in Vietnam to date, demonstrating the strong determination of the governments, ministries and sectors of the two countries to create a breakthrough in the economic, trade and investment cooperation between the two countries, opening a major and historic path for Vietnam to penetrate deeper into the Middle Eastern market.
This is also a strong affirmation that, in the new era — the era of the Vietnamese people's rise — the Middle East and the UAE have a very important position in Vietnam's foreign policy. Minister of Industry and Trade Nguyen Hong Dien assessed that the CEPA not only creates a breakthrough in the economic and trade cooperation between Vietnam and the UAE, but is also a driving force to attract strong investment from the UAE to Vietnam in areas such as energy, industry, high technology, and supply chain development.
To realise the comprehensive partnership, the prime minister proposed that Vietnam and the UAE strengthen cooperation with 6 major priorities: continuing to maintain, consolidate and foster political trust, especially high-level delegation exchanges; making economic, trade and investment cooperation an important pillar of the bilateral relationship; enhancing cooperation in science and technology, innovation, digital transformation and green transformation; further strengthening cooperation in education and training, people-to-people exchange, tourism and cultural cooperation between the two countries; promoting multilateral cooperation, uphold international law, persistently promote dialogue, build trust, enhance solidarity and understanding among peoples; and contributing more actively and proactively with the international community to address global challenges.
Through this visit, Vietnam has learned more experience and further strengthened its determination to accelerate the digital transformation, green transformation, clean energy, innovation, circular economy, and enter emerging industries and fields, because although it is among the world's leading oil-rich countries, the UAE has determined not to "depend" on this traditional fossil energy source.
Recently, the UAE has successfully implemented a policy of reducing dependence on oil (currently oil accounts for 30% of GDP and the goal is to reduce it to 20% from now to 2030) and diversifying the economy (focusing on developing industry, high technology, tourism, finance, trade). The UAE aims to become a global economic centre and a model of successful development in the world. This also completely coincides with the major orientations and goals that Vietnam is pursuing.
The theme of enhancing cooperation and connecting the two economies with a focus on promoting trade and investment was highlighted during Prime Minister Pham Minh Chinh's working trip. During the meeting with UAE Minister of Economy Abdulla bin Touq Al Marri, the prime minister highly appreciated the minister in his role as chairman of the UAE Subcommittee in the Intergovernmental Committee between the two countries for his important contributions to promoting bilateral relations, especially the completion of negotiations on the CEPA Agreement.
The prime minister was particularly impressed when the minister informed him about the UAE's open policies to encourage business development, whereby it takes a business only takes 5-10 minutes to register. At the request of Prime Minister Pham Minh Chinh, Minister Abdulla bin Touq Al Marri enthusiastically shared some of the UAE's experiences in business development, investment attraction, economic zones, free trade, talent attraction, intellectual property, visa policies, and shortening the time for granting investment project licenses.
The minister expressed that the UAE is very pleased and looking forward to the signing of the CEPA, wishing to promote cooperation to maximize the opportunities brought by the agreement, creating a breakthrough in economic relations between the two countries. The minister said that the UAE wishes to organise a large-scale investment conference in Vietnam with the participation of leading corporations and enterprises in the region and internationally, prestigious speakers to share experiences, promote economic cooperation and attract investment from the UAE and the world to Vietnam. The prime minister warmly welcomed and immediately directed the Ministry of Planning and Investment and relevant agencies to coordinate with the UAE to urgently organise this event.
Shaking hands with Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, the prime minister especially thanked him for actively travelling back and forth between the two countries many times in a short time to contribute to the completion of the CEPA with Vietnam. It was also Mr. Thani Bin Ahmed Al Zeyoudi who accompanied Prime Minister Pham Minh Chinh to attend many events during this official visit.
In the above context, the Vietnam-UAE Business Dialogue with the participation of Prime Minister Pham Minh Chinh and senior UAE officials was highly anticipated and expected by the business communities of the two countries. UAE officials and large corporations highly appreciated the role and position of Vietnam. Thani Bin Ahmed Al Zeyoudi said that the prime minister's visit is symbolic of the relationship between the two countries; assessed Vietnam as an ideal partner for the UAE, with great market potential, the fastest growth rate in ASEAN, and the ability to support the UAE in the long term in ensuring food security.
For his part, responding to the expectations of the business communities of both sides, the prime minister expressed that we should not miss the opportunity to connect the two economies, connect people, and connect businesses of the two countries. Vietnam and the UAE can complement each other's strengths; the UAE has strengths in services, developing emerging industries according to the trends of the times, with a population of nearly 10 million people, while Vietnam has strengths in agriculture, with a population of more than 100 million people, a young and abundant labour force.
The Prime Minister said that Vietnam can ensure food security for the UAE, such as through the production and processing of agricultural products according to orders from UAE businesses. The Prime Minister believes that, on the basis of the good relationship between the two countries, combining the strengths of the people and intelligence of the two nations, along with the investment capital and experience of businesses, the cooperation between the two sides will bring specific results, bringing benefits to the people of the two countries, contributing to the economic development of the two regions of the Middle East and Southeast Asia, promoting friendship and creating a space for peace, cooperation and development in the region and the world. The message of the leader of the Vietnamese Government was warmly welcomed by the business communities of both sides.
The official visit to the UAE by Prime Minister Pham Minh Chinh, his wife, and the high-ranking Vietnamese delegation was a great success, marking a historic milestone and opening an important new chapter in the cooperative relationship between the two countries. The UAE is a nation that has made the impossible possible. Starting from a barren desert with limited human resources, the UAE has become an attractive destination for international business and investment, a leading symbol of development in the world. Vietnam and the UAE need to accompany, inspire and stand side by side on the journey to realise the vision and aspirations for development towards a prosperous and happy future.
