Ports Group, a subsidiary of UAE-headquartered International Holdings Company, and the Vietnam Maritime Administration have signed a memorandum of understanding (MoU) on enhancing ports and maritime cooperation.
The MoU aims to pave the way for a dynamic partnership focused on bolstering commercial opportunities across various sectors, including ports, logistics, digital solutions, economic cities, free zones, maritime and shipping, AD Ports Group said in a release on Sunday.
The MoU was signed in the presence of Vietnamese Prime Minister Pham Minh Chinh and the UAE’s Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi.
Under the terms of the agreement, both entities will focus on key areas of cooperation, including the development and management of dry ports and inland container depots, in addition to advanced logistics operations and digital solutions to enhance global maritime and shipping sectors.
Both parties have also agreed to explore further collaborative projects in economic cities and free zones.
The MoU encompasses a range of initiatives aimed at leveraging the strengths of both parties, fostering technological exchange, and promoting sustainable economic growth in both the UAE and Vietnam.
A joint working group will be established to oversee the implementation of the project, focusing on the development of initiatives, investments, and opportunities in the agreed areas of cooperation.
Vietnam is one of the UAE’s largest trading partners in ASEAN and a key trade destination in Southeast Asia. The UAE is also Vietnam’s largest Arab trading partner as of 2022, accounting for 39% of its total trade with Arab countries.
Non-oil foreign trade between the two countries totaled nearly $7.9 billion in 2022, up 10.5% from 2021.