On April 8, 2025, Deputy Prime Minister Nguyen Chi Dung met with Dubai Khaled Salmeen, the Executive Director in charge of the downstream network of the Abu Dhabi National Oil Company (ADNOC), during a working visit to the United Arab Emirates (UAE). This meeting highlighted Vietnam's aspirations to forge closer ties with one of the world's leading oil and gas companies, particularly in the realms of renewable energy and crude oil supply.
During the discussions, Deputy Prime Minister Dung emphasized Vietnam's commitment to advancing renewable energy, particularly solar and wind power. He expressed a strong desire for ADNOC to consider providing technical support for renewable energy projects in Vietnam, which could include technology supply and infrastructure development. This collaboration aims to contribute to Vietnam's sustainable development goals.
"We hope ADNOC can assist in enhancing the capabilities of the Vietnam National Oil and Gas Group in advanced oil and gas exploration technologies," Dung stated, underscoring the need for support in deep drilling and energy-saving solutions.
In the context of ADNOC's global partnership expansion and international cooperation in energy, Dung suggested that the company explore collaboration with major Vietnamese petroleum corporations, such as Petrolimex, to research and invest in developing distribution infrastructure. The goal is to establish a regional-scale petroleum product distribution center in Vietnam, catering to the Southeast Asian market.
ADNOC's Salmeen reciprocated by expressing the company's interest in supplying crude oil to Vietnam's petrochemical refineries and increasing investments in renewable energy projects in the country. He noted that ADNOC has a long-term strategic vision for its investments in Vietnam and is eager to receive feedback on specific projects to drive cooperation forward.
"We are ready to create favorable conditions for effective and rapid cooperation between our two nations," Dung affirmed, showing Vietnam's openness to enhancing bilateral relations.
In addition to energy collaboration, Vietnam is keen to tap into the Halal market and aims to boost the export of Halal products to the UAE, reflecting the broader economic aspirations of both nations.
On the same day, Dung also met with Khadem AlRemeithi, the Managing Director of Infrastructure at the Abu Dhabi Investment Authority (ADIA), during the 14th Annual Investment Conference. ADIA, established in 1976, is one of the largest investment funds globally, managing assets worth approximately $830 billion.
AlRemeithi informed Dung that ADIA is actively seeking opportunities to expand its investments in Vietnam, which it views as a significant market for diversification in Asia. The fund has previously invested in The CrownX (TCX) alongside TPG and SeaTown Holdings International, acquiring about 19% of Masan Group's shares. This investment aligns with ADIA's long-term strategy to optimize profits and foster economic development.
"Vietnam represents a country with strong growth and diversification potential in investment," AlRemeithi remarked, indicating the fund's keen interest in the Vietnamese market.
Deputy Prime Minister Dung highlighted Vietnam's strategic geographical position, political stability, and a rapidly improving investment framework as key advantages for foreign investors. He called for ADIA to increase its investments in areas with substantial potential, such as semiconductor manufacturing, infrastructure, and financial centers in Ho Chi Minh City and Da Nang.
"Vietnam has signed 17 free trade agreements with major economies, making it an attractive destination for foreign direct investment (FDI)," Dung noted, emphasizing Vietnam's success in attracting FDI over the past three decades.
In light of the ongoing global economic changes, AlRemeithi expressed confidence that the short-term challenges would pass, and there remains significant room for both parties to enhance their investment collaboration in the future.
"The Vietnamese government is ready to engage in dialogue with the UAE regarding strategic cooperation, and we need to translate this cooperation into concrete projects, particularly in science, technology, and innovation," Dung stated, urging ADIA to take a leading role in UAE-Vietnam partnerships.
As part of the ongoing efforts to strengthen ties, Dung assigned the Ministry of Finance to work with ADIA to identify potential projects for collaboration in the near future. This proactive approach aims to facilitate a smoother pathway for investment and development initiatives.
In conclusion, the meetings on April 8 marked a significant step in fostering deeper economic ties between Vietnam and the UAE, particularly in energy, investment, and trade. With both nations expressing a mutual interest in collaboration, the prospects for future partnerships look promising.
