UAE and Vietnam to ink CEPA agreement by end of 2024

UAE + Vietnam CEPA in the works: The UAE and Vietnam are set to finalize the details of a comprehensive economic partnership agreement (CEPA) by the end of the year, the Vietnam Chamber of Commerce and Industry reports.

Why is this significant? The UAE is Vietnam’s largest export market and second-largest trading partner in the Middle East behind Kuwait, the Vietnam Investment Review reports. Bilateral trade between the two countries netted USD 3.2 bn in 1H 2024, up 43% y-o-y, the Vietnam Investment Review reports. Vietnam's exports exceeded USD 2.8 bn while imports reached over USD 435 mn.

What goods are moving? Vietnam's exports electronics, machinery, textiles, cars, and agricultural products like cashews, fruit, and rice. Imports from the UAE mainly include petroleum products, liquefied gas, animal feed, metals, and chemicals.

Friends for a while: UAE Foreign Trade Minister Thani bin Ahmed Al Zeyoudi and Vietnamese Prime Minister Pham Minh Chinh discussed back in December boosting private-sector partnership to increase trade and investment flows in Dubai. Several Emirati companies, including AD Ports, DP World, and Mubadala, were present at the meeting alongside high-level business and public sector officials from Vietnam.