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Vietnam and the UAE inked a comprehensive partnership agreement yesterday that will see both countries cooperate across several sectors and unlock USD 20 bn in trade, according to a joint statement on Wam. The two countries will ramp up cooperation in defense, foreign affairs, security, judicial affairs, as well as in logistics, oil and gas, renewable energy, information technology and digital transformation, and agricultural production and processing.
They will also cooperate on the Halal industry, education, and healthcare and vaccine production, the statement said.
The two countries will set up a working group for economic and trade cooperation, and will look into potentially setting up a UAE-Vietnam Business Council, a task force for investment cooperation, and a UAE-Vietnam investment fund as potential mechanisms for cooperation.
President Sheikh Mohamed bin Zayed Al Nahyan discussed with Vietnamese Prime Minister Pham Minh Chinh during his visit yesterday expanding investment and trade cooperation, Wam reports. The leaders also touched on regional and international issues, exploring new potential windows for bilateral collaboration.
AND- Dubai Chamber of Commerce set up the Vietnamese Business Council to support bilateral trade and investment between the UAE and Vietnam, Wam reports. The new business council was launched yesterday on the sidelines of the Vietnam–UAE Business Forum in Dubai.
The forum also saw the signing of several agreements, including:
- UAE airlines Etihad and Emirates inked an agreement with Vietnam Airlines to boost cooperation in the aviation sector;
- DP World and Vietnam Maritime Corporation will work to develop Can Tho Port and inland waterways;
- UAE’s Benya Group, NDMC and AD Ports will partner with Vietnamese Vingroup on developing data and logistics infrastructure;
- Emirates Driving will collaborate with automotive company Vinfast on EV manufacturing;
- Abu Dhabi-based Golden Nile signed an agreement with Vietnam’s T&T Group to collaborate in the sectors of finance, agriculture, and services.
UAE + Brazil target stronger ties: The UAE and Brazil held the inaugural meeting of the UAE-Brazil Business Council in Sao Paulo to discuss boosting trade and fostering stronger economic ties, Wam reported on Saturday. The pair identified areas for cooperation in a variety of sectors, including manufacturing, sustainable agriculture, clean energy, and technology.
Fast facts: Bilateral non-oil trade between the two rose 18.2% y-o-y to hit USD 2.7 bn in 1H 2024, making Brazil one of the UAE’s largest trading partners in the region.
