What Dina Thinks: Strengthening Bonds through CEPA and 30 Years of Diplomatic Relations

Another diplomatic relationship for the UAE???? 

Vietnam and the United Arab Emirates (UAE) are on the brink of a momentous economic partnership. The Comprehensive Economic Partnership Agreement (CEPA) is set to inject new vitality into the celebration of their 30-year-long diplomatic relationship. This significant milestone reflects a vibrant friendship that has flourished across politics, diplomacy, trade, investment, labor, and travel.

According to Nguyen Manh Tuan, the Vietnamese Ambassador to the UAE, the CEPA negotiations are accelerating, promising a robust boost to bilateral trade. This isn't just another trade agreement; it's a crucial pact that has the potential to redefine economic ties between the two nations.

High-level visits have played a pivotal role in strengthening these bonds. It all began in 2007 when His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, visited Vietnam. This marked the beginning of a series of high-profile visits, including Vietnamese Vice President Thi Anh Xuan’s trip to the UAE and H.H. Sheikh Abdullah bin Zayed Al Nahyan's visit to Vietnam this year.

The signing of Memorandums of Understanding (MoUs) in various sectors further solidified the bilateral relationship. These agreements are indicative of a broader trend of increasing cooperation between the two nations.

Economic collaboration between Vietnam and the UAE has witnessed tremendous growth since 1993. The two countries have actively engaged in official and business-to-business interactions to boost trade and investment. Renewable and clean energy sources, such as solar power, wind power, and hydrogen, are expected to be key drivers of investment between the two nations, especially as both Vietnam and the UAE have committed to achieving Net Zero by 2050.

Vietnamese businesses are making their mark in the UAE, particularly in logistics, agriculture, food products, and non-food items. Corporations like Vietnam Oil and Petroleum Corporation (PTSC-PetroVietnam) and Financing and Promoting Technology Corporation (FPT) have established their presence in Abu Dhabi and Dubai. With the impending CEPA, more Vietnamese businesses are expected to enter the UAE market.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, highlights the UAE's position as Vietnam's top Arab trade partner. The volume of non-oil trade between the two countries reached impressive figures in 2022, demonstrating the immense potential for future growth.

The UAE's increased cooperation with the Association of Southeast Asian Nations (ASEAN), of which Vietnam is a member, serves as an additional catalyst for bilateral relations. The UAE's acquisition of Sectoral Dialogue Partner (SDP) status in ASEAN in 2022 opens up new avenues for collaboration, leveraging the UAE's status as a regional trade hub.

People-to-people relations have thrived thanks to increased trade, aviation, and tourism interactions. Vietnamese tourists are drawn to the UAE's captivating attractions in cities like Dubai and Abu Dhabi, while more halal options and tailored experiences in Vietnam are expected to attract Emirati tourists in the near future.

Around 3,500 Vietnamese citizens are working in the UAE, contributing their skills to construction, mechanical works, shipbuilding, and service industries. The Vietnamese Embassy's Liaison Board of Overseas Vietnamese People is actively working to support this community.

On the global stage, Vietnam and the UAE cooperate effectively in multilateral fora, including the United Nations. Their collaboration at COP28, the UAE-hosted UN Climate Conference in Dubai, holds great promise for addressing pressing global issues, such as climate change.

As Vietnam celebrates its 78th anniversary of independence, this year's festivities will be even more special due to the 30th anniversary of diplomatic relations with the UAE. The embassy has organized a grand celebration in Abu Dhabi, featuring Vietnamese cultural performances and exhibitions of Vietnamese products.

WHAT DINA THINKS: The growing relationship between Vietnam and the United Arab Emirates is proof of the effectiveness of diplomacy, economic collaboration, and cross-cultural dialogue. These two countries are well-positioned to positively influence their shared destiny as they manage the difficulties and opportunities of the modern world. A turning point in this journey is represented by the CEPA, which promises to deepen their ties and usher in a new era of wealth and cooperation.