Page 216 - MOE ENGLISH PR REPORT - OCTOBER 2024

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said: “The Comprehensive
Economic Partnership Agreement between the UAE and Vietnam aligns with the nation's broader
foreign trade strategy, aiming to increase non-oil trade to AED4 trillion and non-oil exports to over
AED800 billion by 2031.The agreement solidifies Vietnam's status as the UAE's largest non-oil
trading partner within the ASEAN. It unlocks new avenues for cooperation in key sectors like food
production, apparel, textiles, machinery, and metals. Notably, non-oil bilateral trade surged 8.7% to
US$6.1 billion in the first half of 2024, with non-oil exports soaring 58.4% year-on-year."

Ahmed bin Ali Al-Sayegh, Minister of State, said: "The Comprehensive Economic Partnership
Agreements that the UAE continues to conclude highlight the country's approach to international
relations, which is based on mutual interest and joint growth. Our agreement with Vietnam marks
another important milestone in the UAE's foreign trade strategy, as Vietnam's robust export
economy — especially in textiles and agriculture — aligns with our global connectivity to secure
supply chains between East and West. By strengthening relations with Vietnam, we also enhance
our connections with ASEAN, a high-growth region that offers numerous opportunities for the
private sectors of both countries."

Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), said: "The UAE's
cooperation with the Socialist Republic of Vietnam under the Comprehensive Economic
Partnership Agreement underscores the wise leadership's efforts and interest in economic
diversification and opening new horizons for exchanging expertise across various sectors, thereby
enhancing the country’s competitiveness. This agreement aims to positively increase bilateral trade
and investments, which will contribute to economic growth and financial stability in the coming
years. We at the Central Bank of the UAE affirm our commitment to achieving these goals and
ensuring the financial frameworks that support all sectors."

HM / FM

https://www.wam.ae/en/article/b5wsody-uae-vietnam-cepa-marks-substantial-advancement