Prime Minister Pham Minh Chinh's upcoming official visits to the United Arab Emirates (UAE) and Qatar, and his working trip to Saudi Arabia for attendance at the 8th Edition of the Future Investment Initiative (FII) from October 27 to November 1, are of significance to strengthening political trust and fostering economic, trade, and investment ties between Vietnam and the three Gulf nations, Deputy Minister of Foreign Affairs Nguyen Minh Hang told the press.
Hang said these trips will mark the first official visits to the UAE and Qatar by a Vietnamese PM over the past 15 years, and the first-ever visit to Saudi Arabia since the two countries established diplomatic relations. It also marks the first time the PM is invited as the chief guest and the only high-ranking leader in Asia to address the FII.
She stressed that the UAE, Qatar, and Saudi Arabia, along with the broader Gulf region, are not only major partners, markets and investors, but also financial and technology hubs, offering vast potential for cooperation with Vietnam.
The PM’s visits and attendance at the FII is a practical step in realising the 13th National Party Congress’s foreign policy of multilateralisation and diversification of external ties, active and proactive international integration, with a priority to the diversification of markets, partners and supply chains, contributing to reinforcing an environment of peace and cooperation, while maximising resources for national development, she said.
In Vietnam’s foreign policy, the UAE, Saudi Arabia and Qatar are identified as important, long-term, and comprehensive partners in various fields in the Middle East. These countries also view Vietnam as a key partner in Southeast Asia, aligning with their "Look East" policy.
The relations between Vietnam and the UAE, Saudi Arabia, and Qatar have been growing, with increasingly close cooperation and mutual support at various multilateral forums, Hang said.
The UAE stands as Vietnam's largest export market in the Middle East and Africa, with two-way trade reaching 4.7 billion USD in 2023. In the first seven months of this year, Vietnam's exports to the UAE surged by 51% year on year to 3.37 billion USD. The two countries are negotiating a Comprehensive Economic Partnership Agreement (CEPA), aiming to conclude the negotiations during the PM’s visit. As of June 2024, the UAE had 41 projects valued at 71.6 million USD in Vietnam, and there were about 3,000 Vietnamese workers in the UAE.
Saudi Arabia is Vietnam's third largest trading partner in the Middle East and North Africa, with two-way trade hitting 2.68 billion USD in 2023. Major economic groups from Saudi Arabia are increasingly interested in Vietnam, and there are around 4,000 Vietnamese workers in the country.
Meanwhile, Qatar, with its strong potential in energy and finance, presents significant economic and investment opportunities for Vietnam. Two-way trade amounted to 497.2 million USD in 2023, up 32% year on year. The Qatar Investment Authority (QIA) has been actively studying and accelerating investment projects, particularly in the fields of real estate and industry in Vietnam. Progress has also been made in education and labour cooperation.
During his visits, the PM is scheduled to hold talks and meetings with top leaders, investment funds, and major corporations of the three countries with the aim of enhancing the bilateral ties comprehensively and effectively, especially in areas such as market opening, labour, education, culture, sports, tourism, people-to-people exchanges, climate change response, and emerging fields like sci-tech, clean energy, digital transformation, innovation, and the Halal industry.
He will also deliver keynote speeches conveying Vietnam's development orientations and foreign policy, not only toward the three countries but also toward the Middle East. This engagement is poised to contribute to the development of each country as well as peace, stability, and prosperity in the region and around the world, Hang added.
