Vietnam - UAE strengthen connectivity, promote comprehensive cooperation

The total value of sovereign wealth funds (SWFs) at the end of last year was estimated at $12 trillion, according to Deloitte. Gulf countries accounted for about 40% of this, and owned six of the world’s 10 largest funds. However, the capital flow of this group is shifting strongly in terms of destination and investment sector. Previously, they were active investors in the US technology market with many billion-dollar deals, but now they are gradually shifting their attention to areas with less geopolitical risk such as South Asia and Southeast Asia. Vietnam is also facing this opportunity.

In recent years, Vietnam and the United Arab Emirates (UAE) have both shown their appreciation for the comprehensive cooperation relationship between the two sides, with trade, investment, tourism, etc. witnessing remarkable development. The enhanced connectivity between the two economies is an important foundation for further development of cooperation between the two countries.

The opening ceremony of a direct flight between the UAE's capital Abu Dhabi and Hanoi , with a frequency of 1 flight/day, has just been held. According to Etihad Airlines of the UAE - one of the largest and most prestigious airlines in the Middle East, this has shown the importance of this airline to the Vietnamese market.

Mr. Majed Al Marzouqi - CEO and Customer Service Etihad Airways, UAE said: "Vietnam is a very important market for us. Previously, we operated cargo flights to Vietnam and now we are expanding our operations to transport passengers. This will clearly contribute to promoting tourism and business between the two sides."

Last year, two-way trade turnover between the two countries reached 6.5 billion USD, estimated to reach about 7 billion USD this year. The Vietnam - UAE Comprehensive Economic Partnership Agreement (CEPA) was ratified by Vietnam in October last year. In the future, after the UAE also completes the ratification, this Agreement will be the foundation to promote trade, investment and economic cooperation between the two countries, opening up opportunities to access the Middle East and African markets for Vietnamese goods.

Mr. Nguyen Thanh Diep - Vietnamese Ambassador to the UAE said: "I hope that in the future, the relationship between the two countries will develop strongly in the fields of economy, trade, investment, and people-to-people exchange. We can absolutely hope that two-way trade can reach the expected target of 20 billion USD in the near future."

At the same time last year, Vietnam and the UAE upgraded their relationship - making the UAE Vietnam's first Comprehensive Partner in the Middle East. And with air connections between the two capitals, the Comprehensive Cooperation between the two countries is expected to reach new heights.

Source: https://vtv.vn/viet-nam-uae-tang-cuong-ket-noi-thuc-day-hop-tac-toan-dien-10025110514271424.htm