Abu Dhabi, UAE – 3rd December 2023: AD Ports Group (ADX: ADPORTS), 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 today 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.
The MoU was signed in the presence of Pham Minh Chinh, Prime Minister of Vietnam and H.E Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, by Mohamed Eidha Al Menhali, Regional CEO of AD Ports Group and Mr. Hoang Hong Giang, Deputy Administrator of Vietnam Maritime Administration.
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.
This collaboration reflects a strategic alignment between AD Ports Group’s renowned expertise in developing and managing world-class ports and logistics infrastructures and VINAMARINE's commitment to fostering growth in Vietnam's maritime sector. Furthermore, 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.
Mohamed Eidha Al Menhali, Regional CEO, AD Ports Group, said: “This MoU with VINAMARINE marks another milestone in our journey towards international collaboration, while also supporting the UAE’s wise leadership’s efforts to expand the network of trade partners and build new partnerships with global strategic markets. Our combined efforts would not only enhance the maritime and logistics sectors in both countries but also create avenues for sustainable growth and development in line with both nations' economic diversification goals. We are committed to sharing our expertise and resources to unlock new opportunities, fostering a mutual path of prosperity.”
This agreement represents the strengthening of the bilateral ties between the United Arab Emirates and Vietnam, who, in recent years have increased their economic partnership through boosting trade and investment exchanges. Both countries have expressed their desire to enhance cooperation and enable new avenues for the private sector in various economic and trade sectors, which is in line with the ‘We the UAE 2031’ vision aimed at increasing the country's non-oil exports to AED 800 billion and raising the value of UAE foreign trade to AED 4 trillion.”
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
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