Vietnam - UAE expected to sign Comprehensive Economic Partnership Agreement next year

Vietnam and the United Arab Emirates have completed most of the content and may sign the Comprehensive Economic Partnership Agreement (CEPA) in 2024.

On the morning of December 3, at a meeting with Prime Minister Pham Minh Chinh , the UAE Minister of State for International Trade, Ministry of Economy, said that the negotiations on the Vietnam - UAE Comprehensive Economic Partnership Agreement (CEPA) have just made breakthroughs. He welcomed the results of these negotiations in a very short time.

According to Prime Minister Pham Minh Chinh, during the meetings, the UAE President affirmed that there are no restrictions on Vietnamese goods entering the UAE and encouraged maximum UAE investment in Vietnam. The United Arab Emirates wishes to cooperate in establishing a Microsoft Research Center in Vietnam.

Vietnam has a lot of experience in negotiations after participating in 17 free trade agreements (FTAs) with 60 countries and territories. The Prime Minister suggested that both sides promote and soon complete negotiations on the CEPA agreement "with a flexible and practical approach, promptly resolving arising issues".

The Prime Minister said that Vietnam is developing investment incentive policies for emerging and high-tech sectors that UAE businesses are interested in. According to him, together with current regulations, CEPA and incentive policies, when effective, will be an important foundation for businesses to implement specific cooperation projects.

Prime Minister Pham Minh Chinh also suggested some orientations such as developing seaport cities instead of just seaports; UAE investment funds can immediately participate in developing Vietnam's financial centers...

Prime Minister Pham Minh Chinh (right cover) received Minister of State for International Trade, UAE Ministry of Economy, Mr. Thani bin Ahmed Al Zeyoudi. Photo: Nhat Bac

Also at the meeting, leaders of UAE corporations and businesses expressed their great anticipation of the CEPA Agreement being signed to promote cooperation and investment with Vietnam in the fields of infrastructure, seaports, digital transformation, clean energy, renewable energy, offshore wind power, building a financial center in Ho Chi Minh City, healthcare, and agriculture.

Prime Minister Pham Minh Chinh and Mr. Thani bin Ahmed Al Zeyoudi witnessed the memorandums of understanding on cooperation between Abu Dhabi Port and the Vietnam Maritime Administration, and between digital technology group Sirius IHC and the National Digital Transformation Agency (Ministry of Information and Communications).

Previously, meeting with World Bank (WB) President Ajay Banga on the afternoon of December 2, the Prime Minister agreed to speed up the progress of existing projects, while promoting large-scale strategic projects.

Some potential new generation projects within the framework of the WB's 5-7 billion USD loan for Vietnam in the next 3 years include: Promoting renewable energy development (REACH); planting one million hectares of high-yield, low-emission rice; Hanoi - Hoa Lac high-speed railway; investing in climate change-adapted infrastructure in the Mekong Delta; digital transformation, green transformation.

The Prime Minister proposed that the WB establish a regional center with an office in Vietnam, affirming to create the best conditions for the regional office to operate projects in Vietnam and other countries in the region.

The WB President proposed that Vietnam study participating in the global carbon credit market and affirmed his readiness to support Vietnam in this process.

Vnexpress.net