If Vietnam stays on the right path, its international financial centre could become a promising new destination, said UAE Minister of Artificial Intelligence Al Olama.
Permanent Deputy Prime Minister Nguyen Hoa Binh held talks with Deputy Prime Minister and Minister of Finance of the United Arab Emirates (UAE) Maktoum bin Mohammed bin Rashid Al Maktoum, and met with other officials as well as representatives of local corporations and businesses on September 24-25 as part of his working visit to the country.
Meeting with Al Maktoum, Binh expressed admiration for achievements of the UAE and Dubai in particular, especially in developing its financial market with two major regional and global hubs – the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Centre (DIFC).
Al Maktoum praised Vietnam’s efforts and affirmed the UAE’s readiness to share experience and support Vietnam in establishing an international financial centre (IFC).
The officials discussed the socio-economic development of their countries, welcomed positive progress in the first year since the establishment of the comprehensive partnership, and reaffirmed their determination to create breakthroughs in bilateral relations across areas in the coming period. They agreed to step up coordination in implementing commitments made by the two countries’ high-ranking leaders during Vietnamese Prime Minister Pham Minh Chinh’s official visit to the Middle East country in October 2024.
Al Maktoum pledged to expedite procedures for approving the Comprehensive Economic Partnership Agreement (CEPA) with Vietnam, aiming to raise two-way trade to 20 billion USD as soon as possible. The UAE side noted that Emirates airline, which currently operates 25 weekly flights to Vietnam, hopes for more favourable visa policies for UAE citizens, entrepreneurs, and investors who want to explore the Vietnamese market.
The two sides agreed to effectively implement the recently signed memoranda of understanding between ADGM and the People’s Committees of Ho Chi Minh City and Da Nang, strengthen experience sharing on building an integrated ecosystem for attracting international capital, legal tools, and personnel training to enhance financial services at the IFC.
Vietnam welcomed and pledged to create favourable conditions for UAE investors and financial institutions to operate in the country. The officials agreed to actively coordinate for the successful organisation of the UAE-Vietnam Investment Conference in Vietnam in early 2026.
In his meeting with Minister of Cabinet Affairs Al Gergawi, Binh sought the minister’s advice and recommendations on innovative approaches and key factors for Vietnam to successfully develop its IFC.
Al Gergawi noted that it is necessary to create distinct advantages, establish an independent regulatory authority, develop a specialised legal framework, and attract leading global financial institutions. He added that the most important factors are ensuring safety and transparency, along with the ability to respond quickly to policy changes in a volatile world.
He emphasised that Vietnam needs to clearly define its development segment, identify competitors, and determine its position on the “global financial chessboard,” noting that securing the participation of leading global financial institutions from the outset would be crucial.
Binh affirmed that Vietnam highly values learning from the UAE’s experience in institutional reform and IFC development.
The two sides agreed to continue policy exchanges, share governance experiences, and strengthen connections between their financial centres, helping position Vietnam and the UAE as financial bridges between ASEAN, the Gulf Cooperation Council (GCC), and the global market.
Meeting with UAE Minister of Artificial Intelligence Al Olama, Binh expressed Vietnam’s readiness to learn from the UAE’s experience in creating attractive working conditions for top talent in finance and technology.
Minister Al Olama praised Vietnam’s orientations for digital economy development, digital transformation, and IFC establishment. He said that if Vietnam stays on the right path, its IFC could become a promising new destination.
During his stay, the Vietnamese official also met with representatives from DIFC, G42 Group, Bybit, Binance, and Emaar – major companies in digital assets and real estate.
On this occasion, he witnessed the signing of a memorandum of understanding on blockchain and digital asset development between Binance and the People’s Committee of Da Nang./.VNA
