Mohammed’s Vietnam visit boosts ties

HANOI - The two-day state visit to Vietnam by His Highness Shaikh Mohammed bin Rashid Al Maktoum,

By Kt Report

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Published: Wed 5 Sep 2007, 8:46 AM

Last updated: Wed 21 Jun 2023, 2:11 PM

Vice-President and Prime Minister of the UAE and Ruler of Dubai, started yesterday with the two countries signing memoranda of understanding on cooperation in industry, securities trading and product standardisation.

Shaikh Mohammed, who is accompanied by a high-level official delegation, yesterday held talks with the Vietnamese President Nguyen Minh Triet and Prime Minister Nguyen Tan Dung on boosting bilateral trade and investment.

Mohammed Khalfan bin Kharbash, UAE Minister of State for Finance and Industrial Affairs, signed the agreement for industrial cooperation with Vietnamese Deputy Minister of Industry and Commerce. Other MoUs were signed by the officials from the two countries.

Earlier, Shaikh Mohammed was greeted by cheering crowds alongside the road on his way to the office of the Vietnamese prime minister.

The two leaders held talks and exchanged greetings, discussed economic ties, boosting of commercial relations at public and private sector levels and they agreed to swap technical expertise between the two countries.

They stressed the significance of strengthening ties in all fields to be culminated with opening of embassies in Abu Dhabi and Hanoi.

Nguyen Tan Dung said that the visit is greatly welcomed by the Vietnamese leadership and people of the country. Shaikh Mohammed expressed his pleasure about the visit to Vietnam, which he described as a great country with a promising future amid the economic and political liberalisation followed by the Vietnamese leadership.

Shaikh Mohammed invited the Vietnamese premier to visit the UAE. He accepted the invitation to be scheduled at an appropriate time. The two-day visit, the first by a UAE leader since the two countries established diplomatic ties in 1993, also witnessed the signing of an agreement between the chambers of commerce and industry of Dubai and the South East Asian country.

The state-run Vietnam News Agency (VNA) said the trade between the two countries reached $250 million last year. About 4,500 Vietnamese now work in the UAE and “labour cooperation is a potential area for growth between the two countries as the UAE is in dire need of workers for its construction and processing industries,” said VNA.

The UAE’s imports from Vietnam include foodstuffs, furniture, coffee, tea, spices, tobacco, fruits, electrical equipment and machinery, while its exports to Vietnam include oil seeds, plants, fodder and plastics.

Shaikha Lubna Al Qasimi, UAE Minister of Economy, who is part of the delegation accompanying Shaikh Mohammed, called upon the Vietnamese business community to enhance economic ties with their counterparts in the UAE and benefit from the facilities, incentives and economic legal frameworks offered by the UAE to foreign investors for setting up joint ventures and improve their competitiveness.

Shaikha Lubna delivered a speech at the opening of the UAE-Vietnam Business Forum which was organised yesterday by Dubai Chamber of Commerce & Industry in Hanoi.

She said that the UAE considers Vietnam a great example in coping with the latest scientific progress and technological development. In a record time, Vietnam ranked second in growth among Asia’s economies recording a growth rate of 8.5 per cent.

“We, in the UAE, are keen to enhance our economic relations with Vietnam in all fields through establishing joint ventures, discussing the ways to benefit from mutual investment opportunities and increasing bilateral trade.

“The UAE government is interested in activating the agreement of economic, trade, scientific and technical cooperation which both countries signed in 1999 to exchange expertise and information of infrastructure, medical care, trade, investment and tourism.

“We wish to expand this agreement into a full economic partnership that realizes the interests of our countries,” said Shaikha Lubna.

She pointed out that the bilateral trade between the UAE and Vietnam reached $ 65 million in 2006, recording a growth rate of 46.2 per cent during the past four years.

Shaikha Lubna welcomed all Vietnamese investors wishing to set up businesses in the UAE, and expressed the interest of the UAE businessmen to explore the potential investment opportunities in Vietnam.

“The UAE ranks first among the GCC countries and the Middle East in terms of attracting foreign direct investments. The UAE attracted 60 per cent of the total foreign investments that entered the GCC countries totalled $26 billion,” Shaikha Lubna explained.

Obaid Humaid Al Tayer, Chairman of Dubai Chamber of Commerce & Industry and Head of the UAE businessmen delegation accompanying Shaikh Mohammed, congratulated Vietnam for joining World Trade Organisation early this year, which, he believed, will open doors for Vietnam to explore lots of investment opportunities and turn its economy from a closed into an open economy.

He added that Vietnam’s new membership with WTO will provide the country with an effective access to world markets and enhance its development projects and competitiveness.

“The UAE’s interest in strengthening economic ties with Vietnam is attributed to both countries’ intention to develop economy, set up more development projects in all sectors and attract foreign investments.

“The UAE is a significant gateway and strategic commercial link between the East and West. The UAE could also play a key role as a transit centre for the Vietnamese exports heading towards Europe, Africa and the Middle East,” said Al Tayer.

According to an inclusive economic study, which Dubai Chamber has prepared and provided to the members of the UAE business delegation to Vietnam on the potential business opportunities in that country from the UAE perspective, Vietnam is endowed with rich natural resources in which the UAE could invest.

The Vietnamese investors could also benefit from diverse investment opportunities available in a large number of UAE economic sectors such as real estate and construction, financial services, marine shipment, tour and travel, healthcare, education, transportation and others.

In his speech, HE Do Huu Hao, Vice-Minister of Industry and Trade in Vietnam, stressed the importance of the forum in further strengthening the economic ties between the business communities in the UAE and Vietnam.

He talked about his country’s economic achievements in sectors of industry, construction, services and agriculture.

The Vietnamese Minister of Industry and Trade highlighted the significant role played by the Dubai-based Trade office of Vietnam and the Vietnamese Trade Centre in boosting bilateral trade between the UAE and Vietnam which reached to $ 184.6 million in 2006.

“Along with the MoU signed between the Vietnamese Ministry of Industry and Trade and the UAE’s Ministry of Finance and Industry, we both need to increase the visits of our businessmen to each other’s countries, open new channels of contacts to exchange information and expertise and participate in more trade fairs and exhibitions,” said Minister Hao. (With inputs from Wam, AFP and VAN)

Dubai World to set up harbour city

By a staff reporter

DUBAI — Three of Dubai World’s biggest subsidiaries — the marine terminal company, DP World, free zone and industrial park developer, Jafza International, and integrated global real estate master developer, Limitless — will jointly explore undertaking major development projects in Vietnam. This was announced by Dubai World yesterday after His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and Dubai World Chairman Sultan Ahmed bin Sulayem visited Vietnam to promote bilateral relations. A Memorandum of Understanding (MoU) was signed yesterday by Vietnamese state-owned Tan Thuan Industrial Promotion Company (IPC) and Dubai World. The signatories agreed to develop a huge harbour city and port project in Ho Chi Minh City.

IPC is already a partner in a joint venture with DP World to develop the US$230 million (Dh840 million) Saigon Premier Container Terminal (SPCT) at Ho Chi Minh City. The new project at Hiep Phuoc Harbour City consists of a harbour city mixed-use development covering 1,600 hectares and a 1,000-hectare industrial park alongside the new port facilities. “This is a very exciting project and we are pleased to be involved. It will bring great benefits to not only Ho Chi Minh City but also the whole of South Focus Economic Area,” said Bin Sulayem. Hua Ngoc Thuan, Chief Executive of Saigon South and Hiep Phuoc, and IPC CEO Phan Hong Quan added that the project will create new economic opportunities for the Vietnamese people and businesses. “Our relationship with Dubai and Dubai World is very strong and, with this new development, is set to continue into the future,” Hua remarked.

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