Vietnamese Ambassador to the UAE Nguyễn Mạnh Tuấn (third, left) at an event to introduce Vietnamese agricultural products in the UAE. VNA/VNS Photo

Hanoi (VNA) - Economic cooperation has always been a crucial pillar and bright spot in the bilateral relationship between Vietnam and the United Arab Emirates (UAE), Vietnamese Ambassador to the UAE Nguyễn Mạnh Tuấn told the Vietnam News Agency.

On the occasion of the 30th anniversary of bilateral diplomatic ties (August 1, 1993-2023), the diplomat said that the UAE has identified the Comprehensive Economic Partnership Agreement (CEPA) as one of the three priority pillars in economic cooperation with Việt Nam until 2030.

The two countries officially kicked off the negotiations on the agreement in April this year and pledged to sign the trade pact as soon as possible. Once signed, it will be the largest and most comprehensive agreement, and a major milestone in the cooperative relationship between Việt Nam and the UAE, opening a new phase in strategic trade and investment cooperation between the two nations.

CEPA is expected to elevate bilateral relations and economic collaboration in particular in a practical and comprehensive manner, helping Vietnam expand the export of goods and services to the UAE, and creating a premise for Việt Nam to strengthen trade and service relations with Middle East and African countries. It will also promote the UAE’s investment in Vietnam and expand cooperation opportunities to potential fields such as innovation, renewable energy, investment, logistics, technology, tourism, and agriculture.

The UAE is the largest trade partner of Việt Nam in the Middle East – North Africa region. It is also the seventh biggest importer of Vietnamese goods. In 2022, Việt Nam's export turnover to the UAE increased 27.5 times compared to that in 2006. The country now is the UAE's biggest trade partner in Southeast Asia.

There remains big room for the two countries to further boost economic relations on the basis of the complementary strengths of the two economies, Ambassador Tuấn said.

He also highlighted the flourishing development in the bilateral friendship and cooperation across fields from politics and diplomacy to trade, investment, labour and tourism.

Political trust and mutual understanding between the two countries have been continuously strengthened through the regular exchange of delegations at all levels between the two countries over the recent times, he added.

The visit to the UAE by Vice President Võ Thị Ánh Xuân in May 2023 created a new impetus for bilateral relations. The UAE side has actively implemented new cooperation proposals through the visits to Việt Nam by Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan in June.

At present, there are about 3,500 Vietnamese labourers working in the UAE. As planned, Việt Nam will send over 100,000 skilled workers to the UAE in the near future.

The Vietnamese Embassy in the UAE will exert efforts and seek solutions to address difficulties facing trade and investment relations between the two countries, thus benefiting businesses of both sides, Ambassador Tuấn said.

The embassy will give priority to promoting promising fields, including trade and investment cooperation in energy, agriculture, infrastructure, finance, logistics, labour, and tourism, towards further deepening the bilateral relations, he added.

The diplomat said the two countries have coordinated to organise activities to celebrate the 30th founding anniversary of diplomatic ties in 2023, including the exchange of delegations, art performance programmes, and people-to-people exchange activities. VNS