Vietnam's Prime Minister Pham Minh Chinh is gearing up for significant international engagements as he embarks on official visits to the United Arab Emirates (UAE) and Qatar, coupled with participation at the 8th Edition of the Future Investment Initiative (FII) from October 27 to November 1, 2024. These trips, confirmed by Deputy Minister of Foreign Affairs Nguyen Minh Hang, signal key strides toward enhancing political trust and economic partnerships with these Gulf nations.
These visits are particularly noteworthy as they represent the first official trips by a Vietnamese Prime Minister to both the UAE and Qatar in 15 years, not to mention the inaugural visit to Saudi Arabia since these countries established diplomatic relations. It's also the first occasion where the Vietnamese PM has been invited as the chief guest to address the FII, making it clear how important the Gulf region is becoming for Vietnam's international relations.
According to Deputy Minister Hang, the Gulf region is not just about trading but also serves as pivotal hubs for finance and technology, offering extensive opportunities for cooperation with Vietnam. "These trips are more than just visits; they are about solidifying partnerships," said Hang, emphasizing the importance of these relationships for Vietnam’s broader foreign policy.
The upcoming itinerary includes meetings with top leaders, investment funds, and major corporations abundant within the UAE, Qatar, and Saudi Arabia. Discussions are expected to revolve around market access, labor cooperation, education, culture, technological exchange, and the Halal industry, reflecting Vietnam’s goal to expand its economic footprint and bolster its collaborations with key partners.
For Vietnam, the UAE is recognized as its largest trading partner within the Middle East and Africa, with total trade reaching $4.7 billion by 2023. Remarkably, Vietnamese exports to the UAE swelled by 51% year-on-year during the first seven months of the current year, reaching $3.37 billion. The nations are currently negotiating the Comprehensive Economic Partnership Agreement (CEPA) with hopes to finalize discussions during the Prime Minister’s visit.
Saudi Arabia stands as Vietnam's third-largest trading partner, with bilateral trade hitting $2.68 billion last year. Interest from Saudi businesses is on the rise, indicative of growing economic ties and opportunities for Vietnamese workers—approximately 4,000 are currently employed there.
Shifting focus to Qatar, the nation offers considerable prospects for investment, especially within the realms of energy and finance. Two-way trade with Qatar was reported at $497.2 million last year, marking a 32% increase from the previous year. The Qatar Investment Authority is actively identifying potential investment opportunities within Vietnam, particularly around real estate and industrial sectors, enhancing the bilateral relationship.
Throughout these international visits, Prime Minister Chinh is scheduled to engage with various leaders and businesses, aiming to deepen bilateral relations across multiple sectors. Whether discussing labor exchanges or collaborating on innovative technologies, the agenda showcases Vietnam's commitment to advancing its international partnerships.
On the heels of these visits, Vietnam’s broader foreign policy strategy is highlighted, focusing on its commitment to multilateralism and diversification of external relations. The Gulf nations play pivotal roles within this framework as they recognize Vietnam as a significant partner aligned with their “Look East” policy.
Such high-level engagements reflect not just the strengthening of economic and trade relations but also signify Vietnam’s effort to play more visible roles on the global stage. By participating actively at the FII and connecting with established economies like those of the UAE, Qatar, and Saudi Arabia, Vietnam is poised to tap various resources needed for national development and socio-economic stability.
With the world still recovering from the impact of the pandemic, these international partnerships are pivotal. They aim to address common issues faced by nations worldwide, such as economic resilience, trade diversification, and technological advancement. The engagements over the coming days are expected to be constructive not just for Vietnam but also contribute to regional stability and mutual prosperity among participating nations.
Prime Minister Chinh’s itinerary also resonates with previous declarations made during global summits, emphasizing solidarity among nations to tackle shared challenges, including climate change, economic dislocation, and the need for sustainable development practices.
This collective effort also reflects Vietnam's aspirations as it navigates post-pandemic recovery, ensuring it remains competitive and relevant within the international community. The Prime Minister’s engagements with Gulf nations, particularly post-pandemic, underline the strategic importance of fostering resilience through diversified markets and strengthened partnerships.
His trip is anticipated not only as a step toward enhancing trade relationships but also as symbolic action within the larger narrative of Vietnam's aspirations to affirm its role on international platforms. The message is clear: Vietnam is ready to engage on multiple levels, trade agreements are just the beginning of this commitment as the country gears up for future global interactions.
By establishing and fortifying ties with the Gulf nations, Vietnam hopes to draw upon their financial capabilities and technological expertise, which will be key for advancing its own socio-economic development agenda. The overarching goal is smooth integration and participation within the ever-evolving global economy.
Through these concerted efforts, Vietnam showcases its dedication not merely to bilateral ties but also to contribute positively toward collective welfare, signaling its readiness for broader engagement as the world gears up for new post-pandemic realities.
