HCMC – Vietnam and the UAE are expected to conclude negotiations soon over a comprehensive economic partnership agreement, thereby boosting trade and investment ties between the two countries.
The Ministry of Industry and Trade of Vietnam and the Ministry of Economy of the United Arab Emirates (UAE) have worked to finalize the contents of the Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA).
Currently, both sides have reached agreement on provisions under the jurisdiction of their respective ministries. The CEPA will be reported to higher authorities in both countries for final approval.
In 2023, the UAE was Vietnam’s largest export market and second-largest trade partner in West Asia, following Kuwait.
In the first half of this year, bilateral trade between the two countries exceeded US$3.2 billion, a 43% increase compared to last year. Vietnam’s exports to the UAE amounted to US$2.8 billion, up 47%, while imports grew by 25% to US$435 million.
Vietnam’s main exports to the UAE include mobile phones, machinery, equipment and spare parts, computers and components, footwear, textiles, transportation means, and agricultural products.
In contrast, Vietnam primarily imports crude oil, liquefied petroleum gas (LPG), raw plastic materials, animal feed, metals, and chemicals from the UAE.
