Permanent Deputy Prime Minister Nguyễn Hoà Bình (left) and Deputy Prime Minister and Minister of Finance of the United Arab Emirates (UAE) Maktoum bin Mohammed bin Rashid Al Maktoum at their meeting in the UAE. — VNA/VNS Photo

DUBAI — Permanent Deputy Prime Minister Nguyễn Hoà Bình held talks with Deputy Prime Minister and Minister of Finance of the United Arab Emirates (UAE) Maktoum bin Mohammed bin Rashid Al Maktoum, and met with other officials as well as representatives of local corporations and businesses on September 24-25 as part of his working visit to the country. 

Meeting with Al Maktoum, Bình expressed admiration for achievements of the UAE and Dubai in particular, especially in developing its financial market with two major regional and global hubs – the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Centre (DIFC).

Al Maktoum praised Việt Nam's efforts and affirmed the UAE’s readiness to share experience and support Việt Nam in establishing an international financial centre (IFC).

The officials discussed the socio-economic development of their countries, welcomed positive progress in the first year since the establishment of the comprehensive partnership, and reaffirmed their determination to create breakthroughs in bilateral relations across areas in the coming period. They agreed to step up coordination in implementing commitments made by the two countries’ high-ranking leaders during Vietnamese Prime Minister Phạm Minh Chính's official visit to the Middle East country in October 2024.

Al Maktoum pledged to expedite procedures for approving the Comprehensive Economic Partnership Agreement (CEPA) with Việt Nam, aiming to raise two-way trade to US$20 billion as soon as possible. The UAE side noted that Emirates airline, which currently operates 25 weekly flights to Việt Nam, hopes for more favourable visa policies for UAE citizens, entrepreneurs, and investors who want to explore the Vietnamese market.

The two sides agreed to effectively implement the recently signed memoranda of understanding between ADGM and the People’s Committees of HCM City and Đà Nẵng, strengthen experience sharing on building an integrated ecosystem for attracting international capital, legal tools, and personnel training to enhance financial services at the IFC.

Việt Nam welcomed and pledged to create favourable conditions for UAE investors and financial institutions to operate in the country. The officials agreed to actively coordinate for the successful organisation of the UAE–Việt Nam Investment Conference in Việt Nam in early 2026.

Permanent Deputy Prime Minister Nguyễn Hoà Bình (left) had talks with UAE Minister of Cabinet Affairs Al Gergawi. — VNA/VNS Photo

In his meeting with Minister of Cabinet Affairs Al Gergawi, Bình sought the minister’s advice and recommendations on innovative approaches and key factors for Việt Nam to successfully develop its IFC.

Al Gergawi noted that it is necessary to create distinct advantages, establish an independent regulatory authority, develop a specialised legal framework, and attract leading global financial institutions. He added that the most important factors are ensuring safety and transparency, along with the ability to respond quickly to policy changes in a volatile world.

He emphasised that Việt Nam needs to clearly define its development segment, identify competitors, and determine its position on the “global financial chessboard,” noting that securing the participation of leading global financial institutions from the outset would be crucial.

Bình affirmed that Việt Nam highly values learning from the UAE’s experience in institutional reform and IFC development.

The two sides agreed to continue policy exchanges, share governance experiences, and strengthen connections between their financial centres, helping position Việt Nam and the UAE as financial bridges between ASEAN, the Gulf Cooperation Council (GCC), and the global market.

Meeting with UAE Minister of Artificial Intelligence Al Olama, Bình expressed Việt Nam's readiness to learn from the UAE’s experience in creating attractive working conditions for top talent in finance and technology.

Minister Al Olama praised Việt Nam's orientations for digital economy development, digital transformation, and IFC establishment. He said that if Việt Nam stays on the right path, its IFC could become a promising new destination.

During his stay, the Vietnamese official also met with representatives from DIFC, G42 Group, Bybit, Binance, and Emaar – major companies in digital assets and real estate.

On this occasion, he witnessed the signing of a memorandum of understanding on blockchain and digital asset development between Binance and the People’s Committee of Đà Nẵng. — VNA/VNS