UAE, Vietnam sign CEPA, fostering deep-rooted economic ties

The UAE and Vietnam have signed a Comprehensive Economic Partnership Agreement (CEPA), fostering relations between the two countries which recorded a 38 per cent growth in their non-oil trade between 2022 and 2023.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai said in comments on the CEPA signing "Vietnam is among Asia’s fastest-growing economies, and we are their largest regional trade partner."

"Our national companies, including DP World, Mubadala, and Borouge, have made substantial investments in Vietnam. Our non-oil trade with the country surpassed $12 billion in 2023," he added.

The UAE leader received Pham Minh Chinh, the Prime Minister of Vietnam, on Monday at Zabeel Palace in Dubai.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

He highlighted the shared commitment to enhancing cooperation that serves mutual development goals and meets the aspirations of the two peoples.

He also noted the importance of the visit, reflecting on the deep-rooted UAE-Vietnam ties established in 1993, and highlighted Vietnam's position as the UAE’s largest trading partner among ASEAN countries.

The Vietnamese Prime Minister expressed pride in the growing friendship and cooperation between the two countries, highlighting the vast potential for expanding the cooperation.

Non-oil trade between the two nations surpassed $6.06 billion in the first half of 2024, marking a 9 per cent increase compared to the same period in 2023.

The comprehensive economic partnership agreement with Vietnam will boost the UAE’s efforts to achieve its 2031 non-oil trade target of Dh4 trillion ($1.1 trillion).

• UAE-Serbia Cepa set to add $351m to GDP