AD Ports Group and Vietnam Maritime Administration Sign MoU
AD Ports Group and the Vietnam Maritime Administration (VINAMARINE), have signed a memorandum of understanding (MoU) to bolster commercial opportunities across various sectors, including ports, logistics, digital solutions, economic cities, free zones, maritime and shipping.
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 agreement represents the strengthening of the bilateral ties between the United Arab Emirates and Vietnam, who, in recent years have increased their economic partnership through boosting trade and investment exchanges. Both countries have expressed their desire to enhance cooperation and enable new avenues for the private sector in various economic and trade sectors, which is in line with the ‘We the UAE 2031’ vision aimed at increasing the country's non-oil exports to AED 800 billion and raising the value of UAE foreign trade to AED 4 trillion.
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. The non-oil foreign trade between the two countries totalled nearly AED 29 billion ($7.9 billion) in 2022, up 10.5% from 2021.