AD Ports Group, one of the world’s leading facilitators of global trade, logistics, and industry, and the Vietnam Maritime Administration (VINAMARINE), a government authority managed by the Ministry of Transport of Vietnam, have announced the signing of a Memorandum of Understanding (MoU), which would pave the way for a dynamic partnership focused on bolstering 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 would 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 MoU encompasses a range of initiatives aimed at leveraging the strengths of both parties, fostering technological exchange, and promoting sustainable economic growth in both the United Arab Emirates and Vietnam.
A joint working group would be established to oversee the implementation of the project, focusing on the development of initiatives, investments, and opportunities in the agreed areas of cooperation.
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 per cent of its total trade with Arab countries. The non-oil foreign trade between the two countries totalled nearly AED 29 billion (USD 7.9 billion) in 2022, up 10.5 per cent from 2021.