Prime Minister asks for UAE's support in building financial centres

Việt Nam aims to build international financial centres in HCM City and Đà Nẵng and build free trade zones in major cities, said the government leader.

Prime Minister Phạm Minh Chính on Monday morning said he hopes the United Arab Emirate (UAE), with its experience in developing the Dubai and Abu Dhabi financial centres, will support Việt Nam in forming a suitable policy framework and model.

Receiving the UAE Minister of Investment's Mohamed bin Hassan Alsuwaidi as part of his official visit to the Middle Eastern country, Chính also asked the UAE to join in the process of building, investing and developing financial centres in Việt Nam, adding that Việt Nam aims to build international financial centres in HCM City and Đà Nẵng and build free trade zones in major cities.

The PM congratulated the UAE on its socio-economic development achievements, especially in the fields of renewable energy, green transformation, science and technology, innovation, and financial centres, and emphasised that Việt Nam attaches importance to investment cooperation with the Middle East region, in which the UAE is one of the top focuses. However, he noted that the investment ties between Việt Nam and the UAE are not commensurate with their potential.

The UAE now has 38 foreign direct investment (FDI) projects in Việt Nam, with a total registered investment capital of US$74.1 million, ranking 52nd out of 144 countries and territories investing in the Southeast Asian country.

Meanwhile, Việt Nam has five investment projects in the UAE with a total registered capital of $1.8 million.

PM Chính emphasised that Việt Nam and the UAE have ample potential for investment cooperation. He informed that during his visit to the UAE this time, the two sides will upgrade relations and sign the Việt Nam-UAE Comprehensive Economic Partnership Agreement (CEPA), and then build a plan to connect the two economies to early achieve the goal of bringing two-way trade to $10 billion.

He informed the guest that Việt Nam now prioritises investment projects in the fields of high technology, electronics, semiconductor chips, innovation, artificial intelligence, cloud computing and Internet of Things (IoT), which are in line with the strengths of the UAE as well as the world trend.

He called on the UAE Ministry of Investment to share experiences in attracting foreign investment; and consider, select and connect partners to participate in strong and comprehensive investment cooperation with Việt Nam, including cooperation with the National Innovation Centre (NIC) of Việt Nam.

PM Chính said Việt Nam is focusing on perfecting its institutions, training high-quality human resources and developing strategic infrastructure, including seaport systems, high-speed railways, and airports, towards becoming an international transit point, and called on UAE investment funds to support Việt Nam in accessing international financial and investment sources, especially green financial sources, to implement sustainable development goals towards green growth.

For his part, the UAE Minister of Investment said that Việt Nam and the UAE are both countries with major roles and positions in the region.

He said that as the two countries are developing rapidly based on science, technology and innovation, strongly attracting foreign investment, they can cooperate and complement each other in many areas.

The UAE is ready to share experiences and support Việt Nam in building financial centres in HCM City and Đà Nẵng, the minister said, promising to research and direct UAE corporations to invest in strategic projects in Việt Nam, and introduce potential UAE partners to Vietnamese businessmen and investors to cooperate, expand operations and effectively implement investment projects in the UAE.