UAE Trade & Investment Forum seeks to boost imports from Vietnam

UAE Trade & Investment Forum seeks to boost imports from Vietnam
Published: 17 October 2019 - 8:10 a.m.
By: Logistics Middle East Staff

The UAE Trade and Investment Forum in Hanoi saw the participation of more than 150 officials, businessmen and investors from the UAE and Vietnam to discuss the prospects for greater trade.

Sultan bin Saeed Al Mansouri, UAE Minister of Economy said in his speech that the UAE and Vietnam enjoy strong and prosperous bilateral relations. He pointed out that the UAE is the topmost trading partner of Vietnam in the Middle East and North Africa and serves as an excellent gateway for the trade of Vietnamese goods and products with the region.

The country is also an attractive destination for Vietnamese companies looking to expand trade and investment in the region’s markets, he added.

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The total non-oil trade between the two sides reached US $8.2 billion in 2018, and the UAE accounted for 54 per cent of the total value of non-oil trade between Vietnam and the GCC in the same year.

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

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

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Tran Tuan Anh, Minister of Industry and Trade of Vietnam, hailed his country's relations with the UAE, emphasising that it is witnessing a continuous development reflecting the resolve of both parties at the governmental and corporate levels to move towards a broader partnership.

He further reaffirmed his country's desire to develop cooperation efforts with the UAE in various fields.

The forum witnessed the signing of a Memorandum of Understanding (MoU) between Customs World - Dubai and Vietnam Logistics Business Association to enhance trade exchange and to facilitate the movement of goods and commodities between and through the two countries to various regional markets, by facilitating procedures, reducing costs and opening up new markets for companies and businesses in both countries.

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