Vietnam to finalise trade agreement with UAE

Officials from the Ministry of Industry and Trade (MoIT) met with representatives from the UAE's Ministry of Economy to finalise the remaining details of the Vietnam-UAE CEPA on July 30.

According to the MoIT, a free trade agreement with the UAE is one of Vietnam's top priorities, as evidenced by the concerted efforts of the ministry and other governmental bodies. The ministerial-level terms have been agreed upon and will be reported to the authorities of both countries, paving the way for an official signing in the near future.

Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE said, "Several major Vietnamese corporations are already capitalising on the opportunities presented by CEPA and have started investing and conducting business activities in the UAE. Conversely, UAE investors are also exploring significant projects in Vietnam."

In the first half of 2024, bilateral trade between the two countries surpassed $3.2 billion, a 43 per cent increase on-year. Vietnam's exports exceeded $2.8 billion, up 47 per cent, while imports reached over $435 million, a 25 per cent rise.

Vietnam's exports to the UAE are diverse, ranging from electronics such as mobile phones, machinery, equipment, computers, and components, to footwear, textiles, vehicles and parts, as well as agricultural products like cashews, pepper, fruit, and rice.

Imports from the UAE include petroleum products, liquefied gas, raw plastic materials, animal feed and ingredients, common metals, and chemicals.

The UAE was Vietnam’s largest export market and second-largest trading partner in the Middle East last year, behind Kuwait.

From 2019 to 2023, the total average annual trade between the two countries was approximately $4.8 billion. Vietnam consistently enjoys a trade surplus with the UAE, with an annual value exceeding $3 billion.

"A trade agreement with the UAE, once signed and implemented, will create significant opportunities for Vietnam's key export sectors such as agriculture, textiles, and footwear to access numerous other markets through the UAE’s strategic transit hub," said an MoIT representative.

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