Prime Minister Phạm Minh Chính and UAE Minister of Economy Abdulla Bin Touq Al Marri in Abu Dhabi on Monday. — VNA/VNS Photo Dương Giang

ABU DHABI — Prime Minister Phạm Minh Chính meets UAE Minister of Economy Abdulla Bin Touq Al Marri in Abu Dhabi on Monday as part of his visit to the Middle Eastern country, during which he suggested leveraging bilateral agreements to reach the goal of US$10 billion in two-way trade at an early date.

The Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which is expected to be signed soon, is among these important documents.

Praising the UAE’s achievements with the minister's contributions in economic restructuring, sustainable development, diversification and digitalisation of the economy, and innovation, PM Chính expressed confidence in the success of the UAE Vision 2031, which aims to turn the UAE into a global economic hub and a successful development model for the world.

He also congratulated the UAE for successfully hosting the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28).

Noting that Việt Nam is in the process of transforming and restructuring the economy towards higher quality and efficiency, and rapid and sustainable development based on science and technology, innovation, development of digital economy, green economy, circular economy, sharing economy, and knowledge-based economy, the PM asked the UAE to share experiences and promote cooperation with Việt Nam in these fields.

The PM hailed the role of Al Marri, as chairman of the UAE Sub-committee of the Việt Nam-UAE Inter-Governmental Committee, in promoting bilateral relations, especially in finalising negotiations for the CEPA.

The leader proposed that in the near future, the two sides should strengthen cooperation and experience sharing for stronger connectivity between the two economies, creating breakthroughs for economic cooperation, promoting complementary strengths, especially in institution building, developing financial centres and enterprises, attracting talents, and increasing research and application of science and technology and innovation.

They should also step up the organisation of trade and investment promotion activities, connecting enterprises, enhancing people-to-people exchanges, tourism cooperation, and opening direct flights between the two countries, he added.

He asked the UAE to open its market more widely for Việt Nam's strong products such as agricultural and aquatic products, fresh vegetables, and processed foods, and promote cooperation and support the development of the halal industry in Việt Nam, helping to achieve the goal of $10 billion in two-way trade.

For his part, Al Marri highly evaluated Việt Nam's socio-economic development achievements in recent years, and was impressed by the country’s economic policies, especially in tax exemption and investment attraction.

He shared the UAE’s experiences in business development, investment attraction, development of economic zones and free trade zones, talent attraction, intellectual property, and visa policy, especially how to process procedures for business registration and deployment of investment projects in an exceptionally short time.

The minister thanked PM Chính for his support during negotiations for the CEPA, underlining that the UAE is delighted at and looks forward to the signing of this agreement with the hope of promoting cooperation to optimise the opportunities brought by the deal, thereby creating breakthroughs in economic relations between the two countries.

He said that the UAE hopes to organise a large-scale investment conference in Việt Nam with the participation of leading regional and international enterprises and prestigious speakers to share experiences, promote economic cooperation and attract investment from the UAE and the world to Việt Nam.

PM Chính welcomed the idea and said that he would assign the Ministry of Planning and Investment and relevant agencies of Vietnam to coordinate with the UAE side to organise the event. — VNA/VNS