UAE firms encouraged to expand investment in Vietnam

08:20 | 21/10/2018 Cooperation

Deputy Prime Minister Trinh Dinh Dung has emphasised that the Vietnamese government will create all favorable conditions for businesses from the United Arab Emirates (UAE) to expand their investment in Vietnam.

Deputy PM Trinh Dinh Dung and Mubadala Petroleum Senior Vice President Naser Al Hajri - Photo: VGP

The Deputy PM made the statement during a reception on October 17 for Naser Al Hajri, Senior Vice President in charge of Southeast Asia operations at Mubadala Petroleum, a UAE oil and gas company with a primary geographical focus on the Middle East and Southeast Asia.

Deputy PM Dung stated that the Vietnam-UAE relationship is developing well and the two sides have become important partners in the pillars of economic, trade and investment cooperation.

The UAE currently has a multitude of investment projects in Vietnam while many Vietnamese are living and working in the UAE, making important contributions to the country’s socio-economic development.

Praising Mubadala Petroleum’s current performance, Deputy PM Dung asked the company to continue expanding their business in renewable energy, in addition to oil.

For his part, Naser Al Hajri said he expected further and closer cooperation with domestic and foreign partners in order to expand the company’s oil extraction business and other areas such as renewable energy.

In Vietnam, Mubadala Petroleum has invested in a number of oil blocks over the course of more than ten years.

Theo NDO