UAE-Viet Nam investment forum open on Tuesday. — Photo baocongthuong

ABU DHABI (Biz Hub) — Viet Nam has been implementing economic reforms to open up more investment and business opportunities for foreign investors, including those from the United Arab Emirates (UAE) and other Middle Eastern countries, says Deputy Prime Minister Nguyen Xuan Phuc.

Addressing a UAE-Viet Nam investment forum on Tuesday, he said the reforms had three major planks - completing market economy institutions, modernising infrastructure and developing a high- quality workforce.

He noted that two-way trade between the two sides was estimated to rise by nearly 25 per cent to US$5.4 billion this year. Investment from UAE to Viet Nam has increased and many companies in the emirates were hiring Vietnamese workers for projects that contribute to its economic development, he said.

Travelling between the two countries has been made easier with 14 direct flights per week linking Abu Dhabi, Dubai and HCM City.

However, the potential for future economic cooperation between Viet Nam and UAE is still great, Phuc said.

He said the Vietnamese Government hoped to garner specific suggestions from UAE companies on strengthening bilateral ties, particularly via trade and investment links.

Sultan Bin Saeed Al Mansouri, UAE Economy Minister, agreed that great potential exists for future bilateral economic co-operation.

He called on both UAE and Vietnamese businesses to seize existing opportunities for strengthening commercial relations.

The minister acknowledged improvements in Viet Nam's legal framework for investment, including the amended Law on Investment.

He suggested that the two sides accord priority to developing co-operation in farming, food processing, oil and gas and the development of small and medium-sized enterprises.

Phuc later witnessed the signing of an agreement on flights between the two countries or crossing their respective territories. The agreement was signed by Transport Minister Dinh La Thang and the UAE Minister of Economy.

An agreement on establishing Viet Nam exclusive trade representative offices in UAE, the Middle East and Northern Africa was also signed by the UAE's Vault Investment Fund and Viet Nam's Agarvina Company.

The forum was organised by Viet Nam's Ministry of Foreign Affairs, the Vietnamese Embassy in the UAE and the UAE Chamber of Commerce. — VNS