The UAE is the major trade partner to Vietnam in the Middle East and North Africa while Vietnam is the key trade partner to the UAE in the South East Asia, with two-way non-oil trade reaching US$10.4 billion in 2017, a growth of 18 percent as compared with 2016, according to Sultan bin Saeed Al Mansouri, Minister of Economy.
”However, the two countries need more joint work to expand existing trade partnerships and build new constructive partnerships in commodity groups like base metals, plastics and petrochemicals,” Al Mansouri told the fourth meeting of the UAE-Vietnam Joint Ministerial Committee which he co-chaired today in Abu Dhabi with Vietnamese Minister of Industry and Trade Tran Tuan Anh.
He expressed the UAE’s interest in increasing its investment in Vietnam to include promising economic sectors. Citing WTO studies, Al Mansouri said UAE exports to Vietnam could rise to more than US$ 400 million, especially from base metals and petrochemicals.
He thanked Vietnam for confirming its participation in Expo 2020 in Dubai, noting the world expo will provide a fitting opportunity to explore prospects for further bilateral economic and trade cooperation and encourage and boost the SME sector.
The UAE-Vietnam Business Forum was held on the sidelines of the meeting where businessmen and investors from both countries discussed opportunities for economic cooperation.
Statistics estimated UAE investment in the Southeast Asian country at US$ 3 billion from 2003 to 2017. The figure is expected to rise driven by high economic growth and friendly investment policy in the Vietnam. In 2018, 36,836 Vietnamese visited the UAE against 888 Emirati visitors who traveled to Vietnam.