21 Dhu al-Qi'dah 1445 - 29 May 2024
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Eye of Riyadh
Government | Sunday 12 May, 2024 10:04 am |

Dubai International Chamber organises 180 meetings between companies from Dubai, Vietnam

Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has concluded its week-long trade mission to Southeast Asia by arranging 180 bilateral business meetings between companies from Dubai and Vietnam.


The trade mission was organised as part of the "New Horizons" initiative spearheaded by Dubai International Chamber, which aims to drive the international expansion of Dubai-based businesses in targeted high-potential markets.


The UAE delegation featured representatives from 17 companies operating in Dubai across various sectors, including food and beverages, construction, healthcare, information technology, environmental solutions, human resource management, and perfumes and cosmetics.


The mission seeks to build on the significant increase in non-oil bilateral trade between Dubai and Vietnam during 2023, which achieved year-over-year growth of 12.2% to reach a value of AED31.7 billion. Non-oil bilateral trade stood at AED28.2 billion in 2022, according to Dubai Customs data. As of the end of last year, a total of 118 Vietnamese companies were registered as members of Dubai Chamber of Commerce.


The first day of the visit featured a business forum in Ho Chi Minh City titled "Doing Business with Vietnam," which was organised by Dubai International Chamber with the support of the UAE Embassy in Hanoi and in partnership with Vietnam's Ministry of Foreign Affairs and the Investment & Trade Promotion Centre (ITPC) of Vietnam.


The forum was attended by 238 officials, business leaders, and Vietnamese companies.


During his opening remarks, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated, "Vietnam holds tremendous growth potential thanks to the country's favourable economic policies, strong infrastructure, skilled workforce, and strategic location.


"We are also confident that the upcoming Comprehensive Economic Partnership Agreement with Vietnam, as well as our international representative office and trade missions, will significantly strengthen our joint trade relations."


Nguyen Van Dung, Vice Chairman of the Ho Chi Minh City People's Committee in the Socialist Republic of Vietnam, stated that Vietnam is the UAE's largest economic partner in the ASEAN region and that the UAE is also Vietnam's largest commercial partner in the Middle East and North Africa region.


He highlighted opportunities for Vietnam to benefit from the UAE's knowledge and expertise in sectors including new and renewable energy, logistics, finance, and banking.


He emphasised Vietnam's important role in catering to the growing demand in the UAE for products in sectors where it has competitive advantages, such as agricultural and fishery products, processed foods, textiles, garments, leather and footwear, electronics, machinery, and equipment, and supporting food security in the UAE.


Dubai International Chamber has identified a range of sectors that offer export opportunities to Vietnam for Dubai-based companies, including meat, beverages, coffee and spices, and cosmetics and perfumes.


High-potential import opportunities from Vietnam to Dubai exist in the furniture sector, nuts, tropical fruits, and coffee sectors. The most promising sectors for investment in Vietnam include sustainable agriculture, construction, tourism, and the food industry.


During the Business Forum, Salem Al Shamsi, Vice President of Global Markets at Dubai Chambers, delivered a presentation on Dubai's economic landscape and outlined the numerous competitive advantages the emirate offers Vietnamese enterprises.


The event also featured a panel discussion providing valuable insights on doing business in Vietnam, with speakers sharing their experiences in the local business environment.


This was followed by a series of bilateral business meetings between representatives of companies from Dubai and Vietnam.


The second day continued with additional bilateral business meetings and site visits with several Vietnamese companies.


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