UAE and Vietnam Sign Comprehensive Economic Agreement

Emirates has signed two Memorandum of Understandings (MoUs) with Vietnam Airlines and VietJet to enhance connectivity between Dubai and Vietnam, focusing on expanding travel options since Emirates began operations in Vietnam in 2012. Concurrently, Vietnam and the UAE signed a Comprehensive Economic Partnership Agreement (CEPA) aimed at boosting bilateral trade to $10 billion, marking Vietnam's first free trade agreement with an Arab country. The CEPA, which emerged after a year of negotiations, will lead to the UAE gradually eliminating tariffs on 99% of Vietnamese products, while Vietnam will remove tariffs on 98.5% of UAE exports. This agreement is expected to significantly benefit Vietnamese exports, particularly in textiles, electronics, and agricultural products, while attracting UAE investments in various sectors in Vietnam. The partnership aligns with both nations' goals of expanding cooperation across multiple sectors and enhancing logistical capabilities. Overall, the agreements signify a strong commitment to deepening economic ties between the UAE and Vietnam, reflecting a robust growth in trade and mutual aspirations for development.