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Vietnam — A bright star in Asia

The country has become a dynamic force in the Asian economy, showcasing resilience and growth through strategic partnerships, robust exports, and a commitment to sustainable development on the global stage

After 79 years under the leadership of the Communist Party, Vietnam has been thriving and has become a key player in Southeast Asia with constantly developing social culture, improved material and spiritual life, stable politics and society. Recent years have seen a growing reputation, prestige and presence of Vietnam in the international arena.

During the period, Vietnam has broken the besiege and embargo, expanded its foreign relations towards multilateralism and diversification; proactively and actively integrated into the world; acting as a trusted friend and partner and a responsible member of the international community.

Diplomatic relations have been constantly expanded and deepened. To date, our country has established diplomatic relations with 193 countries worldwide, including strategic partnerships and comprehensive partnerships with 30 countries, economic relations with more than 230 countries and territories, and has signed 16 Free Trade Agreements (FTAs), including many new-generation FTAs.

Vietnam economy surges

Vietnam’s economy is projected to expand by close to six per cent in 2024, up from five per cent in the previous year, driven by a recovering export sector, robust foreign direct investment, and policy support, according to the International Monetary Fund (IMF).

Being a country located next to the South China Sea, Vietnam has 3,260km of coastline from north to south and a vast sea area including thousands of large and small islands, including two archipelagos of Hoang Sa (Paracels) and Truong Sa (Spatlys).

Vietnam is restructuring its marine economy with top priorities in developing marine and island tourism, renewable energy, biotechnology, pharmaceutical industry, maritime, exploitation of oil and gas and other minerals, fish farming and shipbuilding... to adapt to climate change and promote economic growth.

Over the past 30 years, the friendship and cooperation between Vietnam and the UAE have been developing positively in many fields such as politics, diplomacy, trade, investment, labour and tourism.

Over the years, Vietnam and the UAE have cultivated a multifaceted relationship, marked by significant achievements in politics, diplomacy, trade, culture, and people-to-people exchanges.

In political and diplomatic ties, the two countries have witnessed positive developments, as demonstrated by more frequent exchanges of delegations at all levels, particularly the high-ranking visits, underscoring the importance both countries attach to their bilateral ties.

In the economic aspect, the UAE has become one of Vietnam’s largest partners in the Middle East. Bilateral trade between the two countries has experienced robust growth over the years, reaching $4.7 billion in 2023.

Exchanges between the business sectors of both countries are being further promoted, as evidenced by the two-way trade turnover of $3.2 billion in the first half of 2024, marking a 43 per cent increase year-on-year.

A comprehensive economic partnership agreement between the two countries (Cepa) is an important milestone in the bilateral cooperation since it will herald a new phase of strategic cooperation in various fields.