HA NOI, VIETNAM –
Media OutReach Newswire – 9 November 2024 – During Prime Minister Pham Minh Chinh’s visits, Viet Nam and the UAE, Saudi Arabia and Qatar, have reached significant economic, trade and investment cooperation agreements.
These agreements represent a breakthrough in the pillars of cooperation on food, Halal and emerging fields, including the digital economy, green economy and circular economy.
In particular, Viet Nam and the UAE signed a Comprehensive Economic Partnership Agreement (CEPA), with the UAE committing to a gradual tariff reduction on 99 per cent of Vietnamese exports. In return, Viet Nam Nam will gradually remove tariffs on 98.5 per cent of UAE exports.
Once effective, the CEPA will create enhanced export opportunities for Vietnamese agricultural products.
In Saudi Arabia, Viet Nam’s key agricultural exports saw strong growth in the first nine months of 2024. Fruit and vegetable exports reached US$10.9 million, marking a 51.4 per cent increase, while rice exports hit $22.7 million, up by 43.7 per cent, and pepper exports totalled $12.5 million, a 34 per cent increase.
To further expand exports, Viet Nam has requested Saudi Arabia provide market insights, share policies on Halal certification and lift the temporary ban on Vietnamese aquaculture products.
In response, Saudi Arabia plans to send a technical team to Viet Nam to assess the actual food safety control system for the aquaculture production chain soon, to have a basis to lift the entire temporary import suspension.
The Middle Eastern market also has substantial demand for Halal-certified products, especially in agriculture.
Halal-certified products require strict standards, including not using prohibited substances prescribed by Islam in the production process and ensuring that the animals are treated humanely.
Viet Nam currently has around 1,000 businesses certified for Halal, providing a strong basis for deeper engagement in the Halal market and contributing to regional food security.
The Middle East is a vast market with substantial room for growth in economic, trade and investment cooperation in the agricultural sector. This region encompasses 15 countries covering over 6 million square kilometres, with a population nearing 350 million and a GDP in purchasing power parity (PPP) exceeding $6 trillion.
In recent years, Middle Eastern nations have prioritised Viet Nam within their “Look East” policies. This foundation positions the UAE, Saudi Arabia, Qatar and other regional countries alongside Viet Nam to deepen cooperation, harness each other’s strengths, enhance connectivity and support mutual development.
Hashtag: #MARD
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