The Vietnam-UAE Trade and Investment Forum kicked off in Hanoi on Tuesday, further boosting the growing bilateral and economic cooperation between the two nations. The forum was attended by H.E. Eng. Sultan bin Saeed Al Mansoori, the UAE Minister of Economy, and Tran Tuan Anh, the Minister of Trade and Industry of Vietnam.

The event, which witnessed the participation of more than 150 officials, businessmen and investors from both the countries, discussed ways to expand partnership frameworks in various economic fields of common interest, according to a press statement.

The UAE is the largest trading partner of Vietnam from the Middle East and North Africa (MENA). In 2018, the total non-oil trade between the two sides touched $8.2 billion. The UAE also accounts for 54 per cent of the total value of non-oil trade between Vietnam and the GCC.

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Vietnam, on the other hand, accounted for 39 per cent of the total value of non-oil trade between the UAE and ASEAN countries in 2017, and is the largest trading partner of the country from the ASEAN region.

Apart from oil and gas, the UAE investments in Vietnam are currently concentrated in logistics, ports, maritime operations, aviation, tourism and hospitality sectors.

Lauding Vietnam’s outstanding economic performance, H.E Al Mansoori pointed out that the UAE is an attractive destination for Vietnamese firms looking to expand trade and investment in the regional markets. The UAE’s investment companies are also keen to expand their presence in the Vietnamese markets, he added, while pointing out the importance of collaboration in other sectors such as automotive, textile industries, agriculture and food security, infrastructure, renewable energy, research and development, smart cities and technology.

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Industry and Trade Minister Tran Tuan Anh said that UAE and Vietnam is witnessing a continuous development reflecting the resolve of both parties at the government and corporate levels to move towards a broader partnership.

H.E Obaid Saeed Al Dhaheri, UAE Ambassador to Vietnam, in his speech, said the two sides are witnessing an increase in the exchange of visits by officials and trade delegations which reflects the momentum of partnerships and the positive opportunities it offers during the coming period. He said the UAE-Vietnam Trade and Investment Week is an ideal opportunity to develop a mutually beneficial relationship by discussing opportunities, exchanging views and expanding the network of trade and economic relations for business communities.

The UAE delegation includes H.E. Abdullah bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade Affairs, H.E. Jamal Al Jarwan, Secretary-General of the Emirates Council for Investors Abroad; Dr. Abdulrahman Al Naqbi, Director General of the Department of Economic Development in Ras Al Khaimah; Sharief Habib Al Awadhi, Director General of Fujairah Free Zone Authority (FFZA); Saif Al Mazroui, Chief Executive Officer of Abu Dhabi Ports Operating Company at Abu Dhabi Ports; Nadia Kamali, CEO of Customs World – Dubai; Mohammed Nasser Hamdan Al Zaabi, Director of the Trade Promotion Department at the Ministry of Economy; Mishal Kano, Chairman of the Kanoo Group; and representatives from government agencies and private sector entities including Mubadala Development, Essa Al Ghurair Investments and others.

A Memorandum of Understanding (MoU) to promote trade and logistics cooperation between Dubai Customs World and Vietnam Logistics Business Association was signed. It aims to enhance trade exchange and facilitate the movement of goods and commodities between and through the two nations to various regional markets by facilitating procedures, reducing costs and opening up new markets for companies and businesses in both countries.