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PM gets UAE onboard
Prime Minister Nguyen Tan Dung’s visit to the United Arab Emirates (UAE) this week is likely to pave the way for a breakthrough in economic relations between the two countries.
During the trip, the first visit made by a Vietnamese prime minister to the UAE, the two countries are expected to sign a series of legal agreements between the two governments, including agreements on investment encouragement and protection, double taxation avoidance and joint committees between Vietnam and the UAE.
A protocol between the two ministries of foreign affairs and two memorandums of understandings on education cooperation and human resources are also expected to go through.
The business delegation of more than 100 Vietnamese enterprises, which is accompanying Dung, is expected to sign important agreements with their UAE counterparts, including deals on upgrading Halong Star Hotel and building a new urban and industrial zone in Quang Ninh province.
Other economic contracts are expected to be signed at the Vietnam-UAE business forum taken place in Dubai during the prime ministerial visit.
“The two sides are making every effort to enhance bilateral economic ties,” said Nguyen Quang Khai, Vietnam’s ambassador to the UAE. Khai said that UAE investors showed a growing interest in Vietnam because of the country’s attractive investment climate and socio-political stability.
“The UAE investors are often interested in property and infrastructure projects,” Khai said. He said that investors were already working on several big projects in Vietnam including a $700 million urban zone project in Ho Chi Minh City and a special economic zone in Phu Yen province.
He also said that the trade ties between Vietnam and the UAE had surged over recent years. The two-way trade volume jumped from $67 million in 2002 to $345 million in 2007 and $527 million in 2008 in favour of Vietnam.
Vietnam mainly exports pepper, coffee, tea, seafood, electronics, textile and apparel, ceramics and imports petrochemical products and machinery.
Nguyen Cong Hien, a Ministry of Industry and Trade’s senior official said Vietnam’s exports to the UAE soared last year achieved an export turnover of $363 million, up 54 per cent compared to 2007.
“We hope Vietnam will be able to achieve an export growth of 20 per cent to the UAE this year,” said Hien.
VietNamNet/VIR
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