UAE pledges maximum support for Vietnam’s energy needs amid Middle East tensions

He made the commitment during a phone call with Vietnam’s Prime Minister Pham Minh Chinh on Monday evening, during which the two leaders also discussed measures to strengthen bilateral cooperation.

Expressing concern over the impact of escalating tensions in the Middle East on global energy markets, the two leaders agreed to step up cooperation to help ensure Vietnam’s energy security.

Zayed Al-Nahyan said his country attaches great importance to its relationship with Vietnam and stands ready to support the Southeast Asian nation in meeting both its short- and long-term energy demand.

To implement the commitments reached by the two governments, the leaders designated focal points to coordinate and carry out the agreed measures.

The phone call took place as conflicts in the Middle East involving the U.S., Israel, and Iran have intensified since February 28, raising concerns about disruptions to global energy supplies and pushing oil prices higher.

Iran has blockaded the Strait of Hormuz, one of the world’s most important energy shipping routes that carries about 13 million barrels of oil per day, equivalent to 31 percent of global seaborne crude shipments, according to the Vietnamese Ministry of Industry and Trade.

The situation has heightened concerns over potential disruptions to global oil supplies, driving prices sharply higher on international markets and increasing pressure on the global energy sector and the world economy.

Global oil prices have risen about 20 percent since the beginning of the year and could surge to between US$120 and $140 per barrel if supply disruptions continue.

Asia, particularly Southeast Asia, including Vietnawm, is expected to be among the regions most affected owing to their heavy reliance on energy imports from the Middle East.

Beyond energy cooperation, the two leaders also discussed broader measures to deepen bilateral ties.

They highlighted opportunities for collaboration in areas aligned with the strengths and interests of both countries, including financial investment in the development of an international financial center in Vietnam, as well as projects in high technology, infrastructure, and logistics.

Both sides also agreed to accelerate the launch of negotiations on a free trade agreement between Vietnam and the Gulf Cooperation Council, with the goal of achieving bilateral trade of US$10 billion as soon as possible.

During the call, Chinh thanked the UAE government for helping ensure the safety of Vietnamese nationals and requested continued assistance to facilitate evacuation or transit through the UAE if necessary.

Zayed Al-Nahyan affirmed that the UAE would make every effort to protect Vietnamese nationals and would be ready to arrange for their return home whenever needed.

Chinh expressed sympathy for people in the region affected by the ongoing conflict and called on all parties to exercise restraint, avoid escalating tensions, and promote dialogue and negotiations to reach a peaceful solution in accordance with international law and the United Nations Charter.

He affirmed that Vietnam stands ready to work with the UAE and other countries in the region to promote peaceful solutions to ongoing conflicts.

Chinh also conveyed Party General Secretary To Lam’s invitation to the UAE president and other senior leaders to visit Vietnam once the situation stabilizes.