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UAE-Vietnam ties get a big boost
Shaikh Mohammad's landmark visit to Hanoi opens up new vistas for trade.
- Gulf News
- Published: 23:21 September 5, 2007
Tuesday's visit by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai to Hanoi was aimed at bolstering the trade ties between the UAE and Vietnam, Asia's two fast growing economies. And to streamline the relations, the two countries agreed to open embassies in Abu Dhabi and Hanoi.
Shortly after that, UAE companies announced mega projects in Vietnam. Dubai World will develop a harbour city in the Asian country. Limitless, a subsidiary of Dubai World, will invest in a $220 million property in Vietnam, building hotels and luxury apartments.
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.
Shaikh Mohammad's visit will surely boost that rate, especially with the UAE growing into a regional hub for trade and business and Vietnam seeking to become Southeast Asia's newest tourism destination.
It also complements other moves by UAE leaders to open up new destinations of trade and investment, especially in the East. According to Shaikh Mohammad, the policy is aimed to "balance our relations with the outside world." During his Spring visit to South Korea, Shaikh Mohammad said the UAE ties with the West have always been strong. It is time now to strengthen relations with the East.
The Asian continent - which includes such giants as China, Japan and India - is growing rapidly and can absorb the ambitious UAE investments, especially in the construction, logistics and tourism sectors. A good example is Emaar's $43 billion city project near Karachi, in Pakistan.
The message is clear. The amazing development process, witnessed by the UAE in the past three decades, can only be sustained by investing in friendly and mutually profitable relationships with other nations.
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