UAE firms encouraged to boost business in Vietnam
19/02/2009 08:46 am
Laws - Prime Minister
Nguyen Tan Dung on Tuesday called for companies in the United Arab
Emirates (UAE) to increase investment in Viet Nam, pledging favorable
policies for their long-term business.
Expressway, airport, seaport, oil and gas, tourism, agriculture, financial services, banking and labor are priority areas for foreign investment, he told the Vietnam-UAE Business Forum in Dubai, attended by 400 business leaders.
He was quoted by the Vietnam News Agency as saying that Vietnam and the UAE were seeing stronger cooperation, especially in trade and investment.
Two-way trade between the two countries rose from US$67 million in 2002 to US$550 million last year, he said, adding the UAE was one of Vietnam’s 25 biggest export markets and was expected to become one of Vietnam’s top ten export markets in the future.
UAE investors are already involved in some projects in Vietnam, including a US$250-million port project in HCMC, and a US$550-million five-star Ha Long Star Hotel in Ha Long City, the Government said on its website on Tuesday.
Dung said bilateral trade and investment ties had yet to match the two countries’ potentials, so a number of agreements signed during his visit would help to bring Vietnam-UAE ties to a higher plane.
On the same day, Dung visited Jebel Ali port and worked with the UAE firm Limitless where he witnessed the signing of an agreement between Limitless and Quang Ninh Province over an increase in investment capital for the Ha Long Star Hotel project from US$220 million to US$550 million and the planning of an industrial complex in the province.
Dung and UAE Vice President and Prime Minister Mohammed Bin Rashid Al Maktoum on Monday witnessed the signing of five pacts after their talks.
The agreements cover cooperation between the two foreign ministries, establishment of a joint governmental committee, labor cooperation, investment promotion and protection, and double taxation avoidance.
Expressway, airport, seaport, oil and gas, tourism, agriculture, financial services, banking and labor are priority areas for foreign investment, he told the Vietnam-UAE Business Forum in Dubai, attended by 400 business leaders.
He was quoted by the Vietnam News Agency as saying that Vietnam and the UAE were seeing stronger cooperation, especially in trade and investment.
Two-way trade between the two countries rose from US$67 million in 2002 to US$550 million last year, he said, adding the UAE was one of Vietnam’s 25 biggest export markets and was expected to become one of Vietnam’s top ten export markets in the future.
UAE investors are already involved in some projects in Vietnam, including a US$250-million port project in HCMC, and a US$550-million five-star Ha Long Star Hotel in Ha Long City, the Government said on its website on Tuesday.
Dung said bilateral trade and investment ties had yet to match the two countries’ potentials, so a number of agreements signed during his visit would help to bring Vietnam-UAE ties to a higher plane.
On the same day, Dung visited Jebel Ali port and worked with the UAE firm Limitless where he witnessed the signing of an agreement between Limitless and Quang Ninh Province over an increase in investment capital for the Ha Long Star Hotel project from US$220 million to US$550 million and the planning of an industrial complex in the province.
Dung and UAE Vice President and Prime Minister Mohammed Bin Rashid Al Maktoum on Monday witnessed the signing of five pacts after their talks.
The agreements cover cooperation between the two foreign ministries, establishment of a joint governmental committee, labor cooperation, investment promotion and protection, and double taxation avoidance.
Source: Sai Gon Times
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