(MPI) - On the occasion of Prime Minister Pham Minh Chinh’s official visit to the United Arab Emirates (UAE), the leaders of Vietnam and the UAE agree to upgrade bilateral ties to a Comprehensive Partnership on October 28.

Prime Minister Pham Minh Chinh and Vice President and Prime Minister of the United Arab Emirates (UAE) Sheikh Mohammed bin Rashid Al Maktoum witness the signing of the Comprehensive Economic Partnership Agreement. Photo: VGP

The new framework reflects the stature of the relationship between Vietnam and the UAE in the new era, with higher political trust at all levels. It serves to expand the scale and scope of cooperation, in the direction of more comprehensive, substantial and deeper manner across the board.

Regarding economic, trade, investment, and agricultural matters, Vietnam and the UAE pledge to actively implement the Comprehensive Economic Partnership Agreement (CEPA) with the view to unlocking 10 billion USD in bilateral trade and the resulting economic and trade benefits to the two countries.

The two sides agree to enhance trade promotion, engage in cooperation activities, including logistical cooperation, to deepen connections between each other’s business communities and to increase trade bilaterally, and between the markets of ASEAN and the GCC.

They are committed to making utmost efforts to substantially expanding investments in areas of mutual interest, such as oil and gas, renewable energy, information technology, innovation, digital transformation, green transition, logistics, and agricultural production and processing. Given its expertise and experience, the UAE stands ready to share its experience with Vietnam in building the Vietnam International Financial Center in Ho Chi Minh City, and invest in this project.

The two countries pledge to effectively implement the Memorandum of Understanding (MOU) on the Establishment of a Joint Working Group for Economic and Trade Cooperation, and to look into the establishment of new mechanisms for economic cooperation, such as a UAE - Vietnam Business Council, a Joint Task Force for investment cooperation, and a UAE - Vietnam Joint Investment Fund.

In terms of cooperation in energy, science, technology and innovation, Vietnam and the UAE recognize energy and green transition as priorities in their bilateral relations, and are committed to enhancing cooperation in accordance with their respective potential and strength, on the basis of equality and mutual benefit.

The two sides called on the private sector of both countries to continue promoting and expanding their trade and investment cooperation in the energy sector, including green and renewable energy, LNG, oil and gas production, refining, and petrochemicals. The UAE reaffirms that it will continue to provide access to reliable supplies of oil and gas products to Vietnam and encourage Vietnam’s provision of high-quality oil and gas services in the UAE, such as engineering, operation, and maintenance, among others.

The two sides agree to closely cooperate in digital transformation, innovation, science, and technology via experience sharing, modernizing and improving governmental capabilities, development of a digital government and digital economy, and connecting innovation centers of the two countries.

Vietnam and the UAE also agreed to enhance cooperation in foreign affairs, defense, security, legal and judicial, and in socio-cultural matters, labor, education, and people-to-people exchange./.

Bao Linh

Ministry of Planning and Investment