His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, recently held a meeting with the Vietnamese Business Council in the UAE to explore ways to enable businesses from both nations to fully capitalize on opportunities arising from the Comprehensive Economic Partnership Agreement signed last October, which is set to take effect soon.
During the meeting, Minister Al Zeyoudi emphasized Vietnam’s significance as a key trading partner for the UAE, noting that the value of non-oil trade between the two countries reached approximately $7.02 billion in the first half of this year. This figure represents a growth of 16.9% compared to the same period in 2024 and a quarterly increase of 6.4%, solidifying Vietnam’s position as the largest non-oil trading partner of the UAE among ASEAN nations.
This performance highlights an accelerated growth rate recorded in 2024, with non-oil trade increasing by 4% to $12.6 billion, which is a staggering 54.3% higher than in 2019.
Expanding Opportunities
Minister Al Zeyoudi reaffirmed the UAE’s commitment to enhancing bilateral trade with Vietnam and advancing investment pathways to support industrial development. He stated, “Both the UAE and Vietnam are dedicated to fostering mutual growth by broadening opportunities for the private sectors in our countries.
We designed the Comprehensive Economic Partnership Agreement to open new markets for our exporters and enhance access to global supply chains, and both nations must build connections to fully leverage their potential. Our business communities benefit from extensive bilateral exchanges, and we are now in a favorable position to cultivate a diverse array of new opportunities for investors, entrepreneurs, and companies.”
Key Investments
He further added, “We are witnessing the benefits of close collaboration between our two nations today; through our support for Vietnam’s logistics infrastructure, including the advanced container terminal in Ho Chi Minh City and new shipping services through the Mekong Delta, we have charted a clear course for continued growth and prosperity.
In the coming phase, we aspire to expand these critical investments and strengthen our presence in the Vietnamese market.”
The UAE has strong economic ties with the ASEAN region, having entered into comprehensive economic partnership agreements with Indonesia, Cambodia, Malaysia, and Vietnam. This has raised the value of the UAE’s non-oil foreign trade with ASEAN countries to $37.7 billion in 2024, marking a 4.2% increase compared to 2023 and a 16.8% rise compared to 2022.
ASEAN nations accounted for 4.6% of the UAE’s total non-oil trade with the world in 2024, and 11.3% of its trade with non-Arab Asian countries.