Vice President and Prime Minister of the United Arab Emirates (UAE) and Ruler of Dubai H.H Sheikh Mohammed Bin Rashid Al Maktoum arrived in Hanoi on September 4 for a two-day official visit to seek and expand economic and trade cooperation with the Southeast Asian country.
The visit took place at a time when big countries in and outside the Middle East have been making every effort to ease tension over pressing regional issues. Notably, it aims to affirm UAE’s desire to strengthen cooperation and seek investment cooperation opportunities with Vietnam.
Recently, countries in the Middle East have been keen to strengthen relations with Asian countries to expand investment markets. As the second largest economy in the region, UAE is interested in investing in Vietnam.
UAE is situated in the southeast of the Arabian Peninsula in Southwest Asia on the Persian Gulf, bordering Qatar in the north, the Arabian Bay in the east, Saudi Arabia in the west and Oman in the south. It is a union of seven countries (emirates): Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain.
UAE ranks 17th among the 61 most highly competitive economies in the world, eighth in the global aviation industry, and second in the regional tourism industry. In 2006, it fetched US$139 billion from exports, with oil exports making up 38 percent, and spent US$80 billion on imports.
UAE is rich in oil and gas. Its oil reserves are estimated at 98 billion barrels, accounting for 10 percent of the total global oil reserves. Its major trade partners are Japan, the Republic of Korea, Singapore, the United States, China, Germany, India, France, Britain and Iran. China is UAE’s largest non-oil trade partner.
Vietnam and UAE established their diplomatic ties on August 1, 1993. Vietnam opened its Consulate in Dubai in October 1997 and its trade centre in Dubai in July 2004. Vietnam is considering upgrading it to the ambassadorial level.
Vietnam signed a framework agreement on economic, scientific and technological and commercial cooperation and an agreement on aviation transport with UAE in October 1999 and May 2001, respectively.
Two-way trade value rose from US$67 million in 2002 to US$118 million in 2003, US$150 million in 2004, US$200 million in 2005 and US$250 million in 2006. Of the 2006 figure, Vietnam’s exports to UAE reached US$150 million. Vietnam mainly exports tea, coffee, pepper, seafood, electronic products, garments and textiles and china to UAE and imports chemicals, machinery and animal fodder from the Arab country.
Vietnam and UAE have great potential for investment cooperation. Sama Dubai company, a subsidiary of the Dubai Holding Group – one of the largest groups in the world – recently signed a memorandum of understanding with Ho Chi Minh City, Quang Nam and Phu Yen provinces to study three big projects in these localities.
Currently, 4,500 Vietnamese nationals are working in UAE and they are highly valued by their employers for their skills.
Source: VOV