Vietnam signs first free trade agreement with an Arab country

Within the framework of the official visit to the United Arab Emirates (UAE), on the afternoon of October 28, Prime Minister Pham Minh Chinh held talks with UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum.

The Prime Minister praised Dubai's and the UAE's important achievements in building and developing the country and believed that the UAE would successfully achieve the goal of "Vision 2031."

Prime Minister Pham Minh Chinh also shared with the Vice President and Prime Minister of the UAE about Vietnam's important achievements since 2007, especially in the economic field, where the country's GDP increased nearly fivefold from about 100 billion USD to about 480 billion USD in 2024 if economic growth reaches 7%.

UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum welcomed Prime Minister Pham Minh Chinh's official visit to the UAE, affirming that the visit contributes to further enhancing the good bilateral relations.

The two leaders witnessed the signing ceremony of the Partnership Agreement. Economy Comprehensive Economic Partnership Agreement (CEPA), Vietnam's first free trade agreement with an Arab country.

This is also the free trade agreement with the fastest negotiation time in Vietnam, demonstrating the high determination of the leaders as well as ministries and branches of the two countries to create a breakthrough in economic, trade and investment cooperation between the two countries, opening up a major and potential path for Vietnam to penetrate deeper into the Middle East market.

With comprehensive negotiation contents, the CEPA Agreement promises to bring balanced benefits to both countries and align with the desire to enhance cooperation in many fields between Vietnam and the UAE.

In the spirit of “innovation in thinking, creativity in strategy, the consensus in coordination, and determination in implementation to concretize and realize the results of high-level visits between the two countries and signed cooperation agreements”, the two leaders discussed and agreed on 5 key cooperation focuses in the coming time.

First, increase delegation exchanges at all levels, create more political trust; and establish joint working groups to substantively implement the Comprehensive Partnership.

Secondly, effectively implement the CEPA Agreement to create a breakthrough for trade exchange.

Third is, strengthening cooperation in the fields of digital transformation, green transformation, and innovation. 

Four is, promote cooperation in people-to-people exchange, culture and travel.

Fifth, strengthen cooperation and mutual support in multilateral forums.

Emphasizing the effective implementation of the contents agreed by both sides, the two leaders agreed to assign relevant ministries and branches to actively coordinate to concretize the proposals.