UAE And Vietnam Sign Comprehensive Economic Partnership Agreement To Boost Bilateral Trade

The United Arab Emirates and Vietnam have signed a comprehensive economic partnership agreement. The agreement promises to pave the way for a new phase of cooperation between the two countries by improving access to global markets, simplifying customs procedures, and encouraging fair trade competition. This comes on the occasion of the official visit of Pham Minh Chinh, Prime Minister of Vietnam, to the UAE. 

The move is expected to enhance access for UAE service providers to a wide range of sectors in the Vietnamese market, including engineering, financial services, business and communications, healthcare and social services, travel and tourism, and transportation. Vietnam is the UAE's largest trading partner in the region, with non-oil trade surpassing $6.06 billion in the first half of this year. 

Foreign trade plays an important role in the economic strategy of the UAE, with non-oil trade alone reaching a record AED3.5 trillion last year. UAE's agreement with Vietnam will strengthen the country's efforts to achieve its 2031 non-oil trade target of AED4 trillion ($1.1 trillion).