UAE bolsters ties with Vietnam

Dubai: The UAE and Vietnam, Asia's two fast-growing economies, yesterday agreed to open embassies in Abu Dhabi and Hanoi to boost bilateral relations.

The agreement was made during talks between His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and the Vietnamese Prime Minister Nguyen Tan Dung.

Bilateral trade between the UAE and Vietnam reached $165 million in 2006, recording a growth rate of 46.2 per cent during the past four years.

The two leaders stressed the importance of strengthening economic relations and exchanging administrative and technical expertise and visits.

Shaikh Mohammad and the Vietnamese leader expressed the hope that the visit would extend new bridges of cooperation and develop commercial and economic ties at the public and private levels.

Expatriate workforce

The number of Vietnamese working in the UAE rose to 4,000 as recruitment of Vietnamese by UAE's large contracting companies intensifies.

Both leaders agreed to initiate the necessary procedures to open a UAE embassy in Hanoi and a Vietnamese one in Abu Dhabi as soon as possible.

Shaikh Mohammad expressed his happiness at visiting Vietnam. "I heard and read a lot about Vietnam, and was looking forward to making this official visit, which I hope will yield favourable results that would contribute to the development of bilateral relations at all levels," he said.

The Vietnamese Prime Minister said Shaikh Mohammad's visit has been welcomed and appreciated by the Vietnamese leadership, which opens new horizons to build economic partnerships based on mutual respect and joint interest.

Shaikh Mohammad arrived in Vietnam on Monday, heading a high-profile delegation. He was accorded a ceremonial welcome as people lined up to welcome his convoy through the streets of Hanoi.

Four memorandums of understanding (MoUs) were signed by the two countries on industrial and financial cooperation in order to give a further boost to UAE-Vietnam ties.

Agreements

Shaikh Mohammad attended the signing ceremony of these agreements, including a MoU between the ministries of finance and industry in the UAE and Vietnam.

The MoU was signed by Dr. Mohammad Khalfan Bin Kharbash, Minister of State for Financial and Industrial Affairs, and Dr. Du Hu Hao, Vietnam's Deputy Minister of Finance and Commerce.

The second MoU was signed between Abdullah Salem Al Turaifi, chairman of the Emirates Securities and Commodities Authority and his Vietnamese counterpart Dr. Fe Yu Bing.

A third MoU was signed between the Dubai Chamber of Commerce and Industry, and the Vietnam Chamber of Commerce and Industry. Obaid Humaid Al Tayer, chairman of the Dubai chamber, and Fe Tin Luk, chairman of the Vietnam chamber, signed the documents.

"The UAE ranks first among the GCC countries and the Middle East in terms of attracting foreign direct investment. It attracted 60 per cent or $26 billion of the total foreign investments that entered the GCC countries," Shaikha Lubna Al Qasimi, UAE Minister of Economy, said at a joint economic forum held in Hanoi yesterday.

Shaikha Lubna welcomed 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.

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.