Dubai Chamber Of Commerce Establishes Vietnamese Business Council To Boost Bilateral Trade And Investments

The Dubai Chamber of Commerce has introduced the Vietnamese Business Council to boost trade and investment between the UAE and Vietnam. This announcement was made during the Vietnam–UAE Business Forum in Dubai, organised by Vietnam's Ministry of Planning and Investment and its embassy in the UAE, in collaboration with Dubai Chambers.

Over 100 government and business leaders attended the forum, including Phạm Minh Chính, Prime Minister of Vietnam; Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade; Abdul Aziz Abdullah Al Ghurair, Chairman of Dubai Chambers; and Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers. The event aimed to enhance economic cooperation in sectors like green economy, digital transformation, and innovation.

The forum concluded with several strategic Memoranda of Understanding (MoUs) between entities from both nations. These included agreements between Vietnam Airlines and Etihad and Emirates airlines for aviation cooperation. DP World partnered with Vietnam Maritime Corporation to develop Can Tho Port and inland waterways. Other agreements involved VinGroup with Benya Group, NDMC with Abu Dhabi Port for data infrastructure development, Vinfast with Emirates Driving Company on electric vehicles, and T&T Group with Golden Nile in finance and agriculture.

Abdul Aziz Abdulla Al Ghurair highlighted the strong economic ties between the UAE and Vietnam. He stated that these ties continue to grow through trade and investments. "We look forward to further enhancing cooperation in sectors of mutual interest," he said. He also announced the establishment of the Vietnam Business Council as a platform for cross-border partnerships.

The council aims to support bilateral relations across various sectors for mutual benefits. Al Ghurair noted that 75 new Vietnamese companies joined the Dubai Chamber of Commerce this year, raising the total to 176 by September's end. "We are committed to providing Vietnamese businesses with the support they need," he added.

Dr. Thani Al Zeyoudi emphasised the growing importance of UAE-Vietnam trade relations. He noted that Vietnam is a key trading partner within ASEAN due to its manufacturing and agriculture sectors. "Vietnam’s export-led economy holds potential for UAE’s private sector," he remarked.

Trade Growth Between Nations

The forum was part of efforts to build on non-oil trade growth between Dubai and Vietnam, which reached AED 31.7 billion in 2023—a 12.2% increase from AED 28.2 billion in 2022, according to Dubai Customs data.

In July 2023, Dubai International Chamber opened an office in Ho Chi Minh City to strengthen ties with Vietnamese businesses. This office aids Vietnamese companies entering Dubai for international expansion by connecting them with reliable partners.

Earlier this year, a successful trade mission led by Dubai International Chamber visited Ho Chi Minh City under the ‘New Horizons’ initiative. The mission facilitated 180 bilateral meetings between companies from both regions.

With inputs from WAM