UAE forecasts strong growth in trade with VN

Update: December, 02/2020 - 08:50


Dubai City. Courtesy Photo of UAE Embassy

On December 2, 2020, the UAE celebrates the 49th anniversary of the founding of the federation under the slogan "Spirit of the Union". Dr Ezzat Abdulwahed Sayed, political and economic analyst from the UAE Embassy in Hà Nội, writes for Việt Nam News.

On this day in 1971, the UAE started its first journey towards progress and development to achieve its pioneering ambition in all fields as the embodiment of the “UAE Vision 2021” which aims to make the precious UAE one of the best countries in the world on the 50th anniversary of its establishment.

Every year in which Emiratis celebrate their National Day, they touch on the great development achievements of the country during the previous year, and what they aspire to achieve during the next year. This is all within the framework of a comprehensive development vision that does not satisfy only the forefront but is concerned with the present and the future, and is in the midst of competition in the field of development with confidence, based on proper planning and production of knowledge, and looking at national human cadres as the most important wealth of the nation and its real investment.

Since its establishment in 1971, the foreign policy of the UAE has been characterised by wisdom, moderation, balance, and advocacy of truth and justice, based on the foundations of dialogue and understanding between brothers and friends, respect for international conventions, adherence to the United Nations Charter, respect for the rules of good neighbourliness, sovereignty and territorial integrity, non-interference in internal affairs and resolving disputes by peaceful means.

The UAE has witnessed a wide openness to the outside world, which has resulted in the establishment of strategic political, economic, commercial, cultural, scientific, educational and health partnerships with many countries in various continents, thus enhancing the prestigious position it occupies in the international community.

The UAE economy has made an exceptional performance thanks to the country's long-standing desire to adopt a development policy based on diversifying sources of income and supporting non-oil sectors. The country's economy is characterised by the infrastructure of stable and balanced performance despite all its surrounding regional and international challenges.

As a responsible, committed member of the international community, the UAE strongly condemns terrorism and extremism in all forms, and demonstrates its commitment to confront, degrade and eradicate terrorism and extremism across the region and worldwide.

The UAE is also considered one of the leading countries in the field of humanitarian giving through its successive initiatives in all fields and arenas of charitable and humanitarian work at local and international levels. The leadership of the Emirates believes that humanitarian work is a moral responsibility and a duty that embodies solidarity and synergy between peoples and nations.

The UAE has always been proactive in carrying messages of peace and co-operation initiatives to the whole world, and for this it has been keen on building friendly, high-level relations with various countries around the world.

Since the UAE and Việt Nam officially established diplomatic relations in 1993, significant achievements have been recorded in diplomatic, economic and other aspects of the relationship, and after more than 25 years of diplomatic relations, the UAE and Việt Nam are considered key economic partners in Southeast Asia and the Middle East thanks to their open economic policies.

Bilateral trade and investment have developed rapidly, with the two countries becoming mutual strategic partners in trade and economy. The non-oil trade balance reached more than US$8.2 billion in 2018, which represents 34 per cent of the total non-oil trade between the UAE and ASEAN countries. The UAE is considered Việt Nam’s top trading partner in the Middle East region, including the GCC and Africa.

Over the past two decades, the UAE has also been acknowledged as one of the leading foreign investors in Việt Nam, and we are confident that this trade and investment relationship will continue to grow stronger.

UAE businesses have been investing in infrastructure, real estate, sea ports, oil and gas, tourism and services in Việt Nam, while Vietnamese businesses have been investing in wholesale and retail trade, motor vehicle repair and real estate.

The UAE is a gateway for Việt Nam to penetrate the Middle East, Europe and Africa. Meanwhile, Việt Nam is an important gateway for the UAE to Southeast Asia and the Far East. The two countries have much potential to boost co-operation in the fields of renewable energy, metallurgy, ship repair, petro-chemistry, chemicals, mechanics and manufacturing

For its part, the UAE attaches great importance to relations between the two countries and hopes to enhance trade relations between the two countries and raise them to higher levels in line with the level of bilateral relations and the aspirations of the leaderships, raising trade to $20 billion by 2025. VNS