Vietnamese Ambassador to the UAE: Enhancing economic diplomacy is my first priority

Ambassador of Viet Nam to the United Arab Emirates, Mr. Nguyen Manh Tuan stressed, his economic diplomacy motto is maximizing cooperation potentials between Viet Nam and the UAE by tapping all opportunities to serve the country's economic interest.
Đại sứ Nguyễn Mạnh Tuấn. (Ảnh: Thu Hương)
Ambassador of Viet Nam to the United Arab Emirates, H.E Nguyen Manh Tuan. (Photo: Thu Huong)

Would you please share what factors make Viet Nam an attractive market to the UAE?

The UAE considers Viet Nam as a significant trading partner and a capable investment market.

Trade exchange between the two countries accounts for around 30% of UAE - ASEAN trade volume.

UAE has good strength of oil and petroleum products as well as carries great demand for food security, domestic consumption and re-export, investment, tourism services and skilled labor and Viet Nam is fully capable of meeting those needs.

Currently, UAE investors are emphasizing more on expanding their investment in the fields of energy, logistics, seaports, tourism, and hotels along with its traditional oil and gas industry work.

It is said that the UAE's economy mainly depends on its rich oil resources. What is your opinion?

It is clear that the main source of revenue for the UAE is from its oil reserves.

However, UAE leaders have deployed a long-term vision with the aim at pushing the non-oil economy to reduce economic dependence on the oil sector.

Until now, oil accounts for only 30% of the UAE's GDP.

The UAE government has advocated promoting the development of tourism, aviation, services, logistics, seaports, building open economic zones (processing, re-export), and high-tech industries.

Currently, the UAE is accelerating the digital economy, shifting the energy structure to green, clean and sustainable energy sources, applying the most modern management programs in economic development.

This Gulf country launched many special preferential policies to attract foreign investment, to focus on developing free trade zones and infrastructure.

Vietnamese Ambassador to the UAE: Enhancing economic diplomacy is my first priority
UAE is one of the major investors from the Gulf region in Viet Nam. (Source: Gtreview)

The UAE has been considered as one of Viet Nam's leading foreign investors over the past two decades. What are the main investment areas?

Our main cooperation strengths are in the field of technology, finance, infrastructure, and logistics.

UAE is one of the major investors from the Gulf region in Viet Nam.

UAE investors with international business vision, are looking for investing in Viet Nam to take advantage of the multilateral and bilateral agreements Viet Nam signed with lots of parners over the world.

Currently, the UAE shows interest in investing in the fields of energy, oil, infrastructure, and tourism.

In the context of the COVID-19 pandemic, have Vietnamese workers in the UAE been negatively impacted?

Viet Nam has started providing both skilled/unskilled workers to the UAE since 2000. There are about 3,000 workers working here legally.

The key occupations are construction, mechanics, shipbuilding, services, bodyguards, domestic helpers, etc.

The average income of unskilled workers is 400-450 USD/month and about 600-700 USD/month for skilled workers.

Due to political instability in the Middle East region and the impact of the COVID-19 pandemic in the early days of 2020 so far, there have been negative impacts on Viet Nam - UAE labor cooperation.

Thanks to the economic recovery and positive results in the prevention of the COVID-19 epidemic in the UAE, labor cooperation between the two countries is gradually being restored.

What are the comparative advantages of the two countries' economies?

Viet Nam and the UAE are highly potentially cooperative economies.

The UAE has strengths in capital, technology, and experience in the fields of oil and gas, energy, infrastructure, logistics, and tourism, all of which Viet Nam is in great demand for cooperation.

Meanwhile, as a major importer of agricultural products, the UAE wishes to cooperate with Viet Nam on ensuring its food security and exporting to other markets.

Moreover, the UAE also needs to attract more skilled workers from Viet Nam to meet its demand for foreign workers.

What is your motto on economic diplomacy?

The Embassy always puts economic diplomacy as the top priority in external activities, with the motto "increasing potential cooperation, taking advantage of every opportunity to bring economic benefits to the country".

The Embassy actively approaches UAE’s leaders of ministries and large corporations to introduce the potential sof Vietnamese businesses as well as connect the UAE businesses to the Vietnamese partners to promote cooperation.

How has the Embassy translated your motto of economic diplomacy into reality?

We carry out specific priorities such as actively promoting the image of Viet Nam and its products in the UAE; strengthening connections with leaders of the UAE’s ministries; establishing information channels to increase understanding, regularly meeting with companies, providing information about Viet Nam and supporting businesses of the two countries through different channels and forums.

It should also be noted that the UAE often adjusts regulations related to economic operations, especially during the COVID-19 pandemic.

Therefore, the Embassy closely studies the UAE's commercial and industrial law, import and export policies, then regularly updates the changes in the regulations on importing goods of the host country to promptly notify and advise domestic units and enterprises.

We also coordinate with ministries and sectors to successfully remove obstacles brought by changes in import policies of the host country, in order to smoothly export goods of Viet Nam to the UAE.

Every year, the Embassy supports Vietnamese businesses to attend big fairs in the UAE to strengthen the network of partnerships between the two countries.

Thank you very much!

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