Within the framework of the working visit to the United Arab Emirates (UAE) from September 23–25, Standing Deputy Prime Minister Nguyen Hoa Binh held important talks with senior leaders of the country, including UAE Deputy Prime Minister and Minister of Finance Maktoum bin Mohammed bin Rashid Al Maktoum, Minister of Cabinet Affairs Mohammed Bin Abdullah Al Gergawi, and Minister of Artificial Intelligence Omar Bin Sultan Al Olama. During this trip, Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Ngoc Canh accompanied the Standing Deputy Prime Minister at events, shared the SBV’s strategic orientations, and explored experiences in building a legal framework for establishing an international financial center in Vietnam.
Building an international financial center and promoting bilateral cooperation
In the meeting with Deputy Prime Minister Maktoum, the Vietnamese delegation expressed deep gratitude to the UAE leadership for the warm and respectful welcome extended to them. The Vietnam Government leader voiced admiration for the UAE’s remarkable development achievements, particularly in finance, with the presence of two leading global financial centers — the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Centre (DIFC).
Deputy Prime Minister Nguyen Hoa Binh meets with the UAE Deputy Prime Minister
Deputy Prime Minister Maktoum welcomed the visit and highly appreciated Vietnam’s efforts in economic and international financial development. He affirmed that the UAE is ready to share experience and support Vietnam in the process of building an international financial center — a crucial step in strengthening economic connectivity and cooperation between the two countries.
Leaders of the two nations also exchanged views on socio-economic development and agreed on the positive progress in the comprehensive partnership between Vietnam and the UAE, affirming their determination to create breakthroughs in key areas of cooperation. Both sides pledged to vigorously implement commitments made during Prime Minister Pham Minh Chinh’s official visit to the UAE in October 2024.
On this occasion, Standing Deputy Prime Minister Nguyen Hoa Binh conveyed invitations from Vietnam’s senior leaders to the President and Prime Minister of the UAE to pay official visits to Vietnam soon. Deputy Prime Minister Al Maktoum graciously accepted and pledged to accelerate the approval process for the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, with the goal of boosting trade relations and raising bilateral trade turnover to 20 billion USD at the earliest opportunity.
In addition, the UAE noted that Emirates Airline currently operates 25 flights per week to Vietnam and expressed hopes that Vietnam would adopt more favorable visa policies for UAE citizens, entrepreneurs, and investors, thereby facilitating stronger connectivity between the two nations.
Financial and technology cooperation: Sharing experience and policy innovation
In the meeting with UAE Minister of Cabinet Affairs Al Gergawi, the Vietnamese delegation expressed their desire to hear the Minister’s recommendations on the key factors for Vietnam to successfully establish an international financial center. Minister Al Gergawi shared valuable insights into the formation of the DIFC, emphasizing that its success stemmed from creating unique competitive advantages, establishing an independent regulatory authority, and developing an appropriate legal framework to attract leading global financial institutions.
He stressed that the foremost factor for success is ensuring safety, transparency, and the ability to respond swiftly to fluctuations in the global financial markets. He noted that Vietnam must clearly define its development niche and position on the “global financial chessboard,” while attracting leading financial institutions from the outset to build credibility and achieve success.
The Vietnamese delegation meets with H.E. Mohammed Bin Abdullah Al Gergawi, UAE Minister of Cabinet Affairs
The Vietnamese side acknowledged and highly appreciated Minister Al Gergawi’s recommendations, affirming Vietnam’s strong commitment to learning from the UAE in institutional reforms and the development of an international financial center. Both sides agreed to continue policy exchanges and share governance experiences, while strengthening linkages between their financial centers to foster mutual development.
Opportunities for cooperation in technology and AI
During the meeting with UAE Minister of Artificial Intelligence Al Olama, Standing Deputy Prime Minister Nguyen Hoa Binh emphasized that Vietnam is always ready to learn from the UAE in creating attractive conditions for financial and technology elites. He stressed that Vietnam’s young generation is a core driving force, rich in aspirations and capable of embracing new technologies to promote rapid and sustainable national development.
Minister Al Olama expressed his support for Vietnam’s orientation toward digital economy development, digital transformation, and building an international financial center. He noted that modern financial centers are not only hubs for capital transactions but also centers of technology and artificial intelligence (AI), attracting top global talent across business, science, engineering, and management. Minister Al Olama believed that if Vietnam continues on the right path, its international financial center could indeed become a highly promising destination in the future.
The working visit of the Vietnamese delegation to the UAE generated many important opportunities for cooperation in finance, technology, and international infrastructure. The meetings with UAE leaders not only strengthened bilateral relations but also opened up strong prospects for Vietnam in establishing an international financial center, thereby laying a solid foundation for sustainable development and deeper international integration in the future.
HM