H.E. Sheikha Lubna highlights importance of joint projects between UAE and Vietnam

Addressing a gathering of Vietnamese businessmen hosted by the Vietnam Chamber of Commerce and Industry, H.E. Sheikha Lubna said, "The UAE is keen to strengthen its economic ties with Vietnam, and a major step in this direction would be to seek mutual investment opportunities, increase trade exchange and establish joint projects leveraging the competitive advantages of both countries."

"The UAE and Vietnam had signed an agreement in 1999 aimed at greater economic and technological cooperation, and we wish to take this relationship to another level by working closely in several key areas such as healthcare, infrastructure, trade, investment and tourism, to bring maximum benefits to the people of both countries,"

she added.

The UAE Ministry of Economy figures show that in 2006, the value of trade between UAE and Vietnam was more than USD 165 million, representing a 46 per cent growth over the previous four years.

"We would like to see a significant increase in the flow of UAE products to Vietnam," said H.E. Sheikha Lubna. "Products manufactured in the UAE are comparable to those manufactured in any of the developed nations, both in terms of quality and price, and we are focused on promoting products made in the UAE to regional and international markets."

H.E. Sheikha Lubna also spoke at length about the various strategic and economic advantages that the UAE offers to investors from other countries. She emphasised on aspects such as the investor-friendly laws, favourable geographical location, the tax-free environment, high quality of infrastructure facilities, availability of skilled labour, the political stability and a highly supportive government.

The UAE ranks number one among Gulf countries and the Middle East in attracting foreign direct investments, according to the report published by the United Nations Conference on Trade and Development (UNCTAD). In 2006, the UAE attracted about 5.8 million tourists and drew 60 per cent of the foreign investments that entered the GCC countries.

"We are confident that the Vietnamese business community will recognise the full potential of the UAE and make the most of the opportunities that the country has to offer in various sectors such as construction, food manufacturing, oil and gas, IT, marine industry, healthcare, mining, hospitality and tourism. This visit, I believe, will mark the beginning of a new chapter in UAE-Vietnam relations," concluded H.E. Sheikha Lubna.