The agreement was reached by Vietnamese Minister of Industry and Trade Nguyen Hong Dien and UAE minister of State for Foreign Trade Thani Al Zeyoudi on April 6.

“It’s a partnership of huge potential: bilateral non-oil trade totaled US$7.9 billion in 2022. A CEPA will accelerate these numbers, creating new opportunities for exporters and investors in agriculture, energy, technology and logistics,” Al Zeyoudi wrote on Twitter on Thursday.

UAE is Viet Nam's biggest trade parter in the Middle East and North Africa region but there remains vast cooperation potential as the two economies are mutually supplementary, noted the Vietnamese minister.

Viet Nam is on the way to become one of the world's production centers while UAE is a major transit hub and a major financial and logistic center, thus combining their strengths would help boost trade and investment growth between the two countries in the time to come, he added./. VGP