DMCC Enhances Web3 And AI Connectivity With Vietnam To Unlock $20 Billion Trade Potential

DMCC, a key international business district in Dubai, is fostering connections between Web3 and AI communities in Dubai and Vietnam. This initiative follows the UAE-Vietnam Comprehensive Economic Partnership Agreement (CEPA) signed in October. The agreement highlights the potential for trade and investment in technology sectors.

During its second Made For Trade Live roadshow in Vietnam this year, DMCC organised three significant events in Hanoi and Ho Chi Minh City. These gatherings attracted over 650 business leaders, founders, and start-ups to boost trade, investment, and business ties between Vietnam and the UAE. A special event focused on expanding Web3 and AI investments was conducted with SightSea Labs, a prominent Web3 venture builder in Vietnam.

A key topic of discussion was how Web3 can unlock the CEPA’s US$20 billion UAE-Vietnam trade corridor. Vietnamese Web3 businesses are encouraged to expand their presence into Dubai. DMCC executives emphasised that Dubai's advanced infrastructure, including the DMCC Crypto Centre, DMCC Gaming Centre, and DMCC AI Centre, offers significant advantages for companies aiming to scale their Web3 operations.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, stated: "As one of Southeast Asia’s leading hubs for AI innovation and boasting some of the highest crypto adoption rates globally, Vietnam holds tremendous potential in the Web3 space. With the landmark UAE-Vietnam CEPA signed in October, bilateral trade is set to quadruple to US$20 billion in the coming years and unlock significant opportunities for new investment and collaboration. We are therefore delighted to be in Vietnam for the second time this year as we continue to engage with the dynamic Vietnamese business community and strengthen the economic and technological connectivity between our countries."

The latest roadshow builds on the success of DMCC's first event in Vietnam held in June. During that event, 412 business leaders were briefed on opportunities available in Dubai. This ongoing roadshow programme is crucial for establishing Dubai as a leading global business hub by showcasing its unique value proposition.

DMCC plays a vital role in attracting foreign direct investment (FDI) to Dubai. It contributes 15% to Dubai’s annual FDI inflows. In 2023 alone, nearly 2,700 new member companies joined DMCC, marking its second-best year on record. Currently home to over 25,000 businesses worldwide, DMCC solidifies its status as a vibrant ecosystem for global trade and innovation.

With inputs from WAM