Vietnam - UAE further promote multifaceted cooperation

Photo caption — Permanent Deputy Prime Minister Nguyen Hoa Binh received Mohamed Hassan Al Suwaidi, UAE Minister of Investment and General Director of ADQ Investment Fund. Photo: VNA

According to a VNA reporter reporting from Abu Dhabi, at a meeting with UAE Minister of Investment Al Suwaidi in Abu Dhabi, Permanent Deputy Prime Minister Nguyen Hoa Binh highly appreciated the role and achievements of the UAE Ministry of Investment after only two years of establishment, contributing to making the UAE a leading investment destination in the region. The Permanent Deputy Prime Minister affirmed that Vietnam attaches special importance to and wishes to further promote multifaceted cooperation with the UAE - Vietnam's only comprehensive partner in the Middle East.

UAE Minister of Investment Al Suwaidi expressed his hope that the two countries would soon promote the signing of the UAE-Vietnam Investment Protection Agreement to create a favorable legal corridor for businesses of the two countries. The two sides agreed to soon choose a time to hold an Investment Promotion Conference in Vietnam, thereby announcing specific investment cooperation results between the two countries.

Deputy Prime Minister Nguyen Hoa Binh and UAE Minister of Investment Al Suwaidi also agreed to establish the Vietnam - UAE Business Council, creating a direct and effective connection channel between the business communities of the two countries. The two sides affirmed their determination to promote cooperation in the field of green energy, in line with sustainable development goals and global trends. In particular, the Deputy Prime Minister asked the UAE Ministry of Investment to support Vietnam in the process of building and developing the International Finance Centre (IFC).

For his part, the UAE Minister of Investment fully agreed and affirmed his readiness to share experiences and closely coordinate to promote this important initiative. The meeting demonstrated the determination of the two countries' senior leaders to deepen the Vietnam - UAE Comprehensive Partnership, opening up opportunities for practical and effective cooperation in the coming time.

On the same day, Deputy Prime Minister Nguyen Hoa Binh had a meeting with Chairman of the Abu Dhabi Global Financial Center (ADGM) Ahmed Jasim Al Zaabi. Mr. Al Zaabi introduced ADGM as one of the world's leading attractive financial centers, operating under the English Common Law model. Currently, there are only three places in the world that directly apply Common Law in IFC governance: Singapore, Hong Kong (China) and ADGM.

Deputy Prime Minister Nguyen Hoa Binh congratulated ADGM on its outstanding achievements despite being only established in 2015, and raised questions about the factors leading to success and recommendations for Vietnam in the process of building IFC.

ADGM Chairman Al Zaabi shared three key factors for the success of an IFC, including legal independence; reliable and stable policies; and quick procedures, active support for investors. Mr. Al Zaabi emphasized that Vietnam needs to have policies to attract large partners and investors, differentiate itself from other IFCs, survey the practical needs of investors, and widely disseminate IFC Vietnam to the international community through bilateral and multilateral cooperation. IFC Vietnam also needs to pay special attention to human resource development inside and outside the center.

The Deputy Prime Minister appreciated the useful sharing and asked ADGM to share more about its unique values and incentives compared to other IFCs. The Chairman of ADGM said that the UAE has a strategic geographical location, developing two IFCs to create a solid financial foundation, and the core value of IFC is trust. ADGM's main incentive groups focus on attracting talent, supporting businesses and investors, as well as facilitating international funds.

The Deputy Prime Minister emphasized that Vietnam has great demand in the fields of infrastructure, energy, digital economy, green transformation, and hopes that ADGM will introduce and call for international investors to Vietnam and IFC Vietnam. The two sides agreed to coordinate to organize an investment promotion event in the UAE in early 2026.

Deputy Prime Minister Nguyen Hoa Binh added that Vietnam and the UAE are promoting connections between the business communities of the two countries. The Vietnamese Government is completing the legal framework for IFC, with the orientation of operating independently from state agencies, and wishes to strengthen comprehensive cooperation with ADGM in the coming time. On this occasion, Deputy Prime Minister Nguyen Hoa Binh witnessed the signing ceremony of the Memorandum of Understanding on cooperation between ADGM and the People's Committees of Ho Chi Minh City and Da Nang City on the development of IFC.

On the same afternoon, Permanent Deputy Prime Minister Nguyen Hoa Binh visited and talked with officials and staff of the Vietnamese Embassy in the UAE.

According to the schedule of his working trip to the UAE, on September 24-25, Permanent Deputy Prime Minister Nguyen Hoa Binh is expected to receive Deputy Prime Minister and Minister of Finance of the UAE Maktoum Bin Mohammed Bin Rashid Al Maktoum, Chairman of the Dubai International Financial Centre (DIFC); meet Minister of Cabinet Affairs Mohammed Bin Abdullah Al Gergawi, and work with leaders of several UAE corporations and companies.