Page 224 - MOE ENGLISH PR REPORT - OCTOBER 2024

10/29/24, 3:20 PM UAE-Vietnam CEPA marks substantial advancement within broader strategy to fortify Emirates' global economic partnerships: Mini…
CEPA marks a substantial advancement within the UAE's broader strategy to fortify its global
economic partnerships. Vietnam, recognised as a strategic partner and a leading economic power in
Asia, is a key component of this endeavour.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, said: "With the signing of the
Comprehensive Economic Partnership Agreement between the UAE and Vietnam, we are opening

new paths for economic cooperation that will benefit both countries. By removing trade barriers and
improving market access, this agreement will not only boost bilateral trade but also create new
investment opportunities, supporting growth, diversification, and solidifying our position as a global
hub for trade and investment."

Suhail bin Mohammed Faraj Al Mazrouei, Minister of Energy and Infrastructure, stated: "The

Comprehensive Economic Partnership Agreement with Vietnam opens new horizons for joint
cooperation in the energy and infrastructure sectors, which are key sectors for long-term
development for both countries. Vietnam's growing renewable energy sector offers significant
opportunities for UAE expertise and investments, as in 2023, the country produced 69% of the total
solar and wind energy generated by ASEAN nations, highlighting its importance for the region's

energy transition ambitions."

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said: "The
Comprehensive Economic Partnership Agreement between the UAE and Vietnam aligns with the
UAE leadership's vision of enhancing communication and cooperation and expanding global

partnerships. It contributes to economic diversification and growth, expanding the UAE's network of
trade and investment partners worldwide. This agreement also enhances the access of UAE
industrial exports to Vietnam and ASEAN countries, which consist of 10 nations, supporting the
goals of the National Strategy for Industry and Advanced Technology, Operation 300bn."

Abdulla Bin Touq Al Marri, Minister of Economy, said: "The UAE and Southeast Asia share many
common interests. We understand the role of trade in economic prosperity, the transformative power

of technology, and the importance of expanding the services sector as a key to growth and economic
resilience. Through the Comprehensive Economic Partnership Agreement with Vietnam, our largest
trading partner in the region, we can strengthen alignment between our economies and seize new
opportunities in priority industries, from food security to manufacturing and logistics. With

Vietnam's GDP reaching $470 billion this year and its annual growth projected at 6% for 2025 and
beyond, the Southeast Asian country offers significant potential for our exporters and investors - and
this agreement aims to establish platforms and pathways to unlock that potential."

Mohamed Hassan Al Suwaidi, Minister of Investment, said: "The Comprehensive Economic
Partnership Agreement between the UAE and Vietnam marks the beginning of a new era in

investment relations between the two countries. Vietnam's rapid economic growth and strategic
location in Southeast Asia make it an ideal destination for UAE capital, especially as we seek
impactful opportunities in sectors such as infrastructure, industry, and logistics. By identifying

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