UAE willing to share experience of building Dubai Int’l Financial Center with Vietnam: crown prince

Dubai, an emirate of the United Arab Emirates (UAE), stands ready to share experience in building Dubai International Financial Center with Vietnam, said Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.

The crown prince made the statement in response to a proposal by Vietnamese Prime Minister Pham Minh Chinh during their meeting in Dubai on the sidelines of the 28th UN Climate Change Conference of the Parties (COP28).

Also at the meeting, joined by UAE PM Mohammed bin Rashid Al Maktoum, Chinh said he expected both countries would further increase collaboration in trade and investment, and soon sign the Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA).

The Vietnamese PM encouraged UAE investment funds to invest in the Southeast Asian country.

The UAE counterpart highly valued multifaceted bilateral cooperation. He agreed with Chinh’s proposals, including the signing of the CEPA.

Both the UAE PM and the crown prince expressed their wish to visit Vietnam soon.

Vietnam has long planned to erect an international financial center in Ho Chi Minh City to compete for foreign investment and provide a boost to its economy, already one of the fastest growing in Asia.

Established in 2004, the Dubai International Financial Centre (DIFC) is a special economic zone, serving as a leading global financial hub in the Middle East, Africa, and South Asia (MEASA) region. It connects the MEASA region, comprised of 72 countries with a combined GDP of circa $8 trillion, with the economies of Asia, Europe, and the Americas through Dubai.

PM Chinh and his entourage are in Dubai to attend the COP28 and conduct bilateral activities until December 3.