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Officials from Vietnam’s Ministry of Industry and Trade (MoIT) and the UAE Ministry of Economy on January 24 agreed to speed up the negotiation for a comprehensive economic partnership agreement (CEPA) between the two countries.

Representatives from Vietnam’s Ministry of Industry and Trade (MoIT) and the UAE Ministry of Economy at the meeting in Hanoi on January 24

Receiving Minister of State for Foreign Trade at the UAE Ministry of Economy Thani bin Ahmed Al Zeyoudi in Hanoi on January 24, MoIT Minister Nguyen Hong Dien hailed the Vietnam- UAE economic and trade cooperation in recent years.

The two countries have been expanding cooperation in many fields, notably the launch of their negotiation for Vietnam-UAE CEPA, he said.

Appreciating the efforts and results that the negotiation delegations of the two countries have made, the two officials discussed measures to address issues in which the two sides have different points of view.

Regarding bilateral cooperation, Minister Dien called on the UAE side to consider and facilitate business delegation exchanges and coordinate to organise trade promotion activities. He also proposed the UAE businesses to invest in Vietnam in some areas of mutual interest.

In the coming time, the two sides agreed to cooperate more closely to speed up the Vietnam - UAE CEPA negotiation process and conclude it soon.

Currently, the UAE is the largest export market and the second-largest trade partner of Vietnam in West Asia (after Kuwait).

In 2023, Vietnam's exports to the UAE reached over 4 billion USD and its imports from this market hit over 676 million USD, marking a year-on-year increase of 4.3% and 16% respectively.

Vietnam's main exports to the UAE include mobile phones, computers and components, electrical products, household electronics, pepper, seafood, footwear, textiles, grain products, plastic, and wooden furniture. It imports are raw plastics, liquefied petroleum gas (LPG), petroleum products, animal feed materials, metals, and chemicals./.

VNA