Dubai International Chamber Facilitates 180 Meetings To Enhance Dubai-Vietnam Trade Relations

Dubai International Chamber has successfully wrapped up a trade mission to Southeast Asia, marking a significant step in fostering bilateral business relations between Dubai and Vietnam. This initiative, part of the "New Horizons" project, aimed at propelling Dubai-based businesses into high-potential markets, facilitated 180 bilateral business meetings over a week.

The mission included representatives from 17 diverse sectors such as food and beverages, construction, healthcare, IT, environmental solutions, HR management, and perfumes and cosmetics. This diverse representation underscores the broad scope of interest and potential for collaboration between the two regions.

One of the highlights of this trade mission was the notable increase in non-oil bilateral trade between Dubai and Vietnam in 2023, which saw a 12.2% growth reaching AED31.7 billion, up from AED28.2 billion in 2022. This growth is a testament to the strengthening economic ties and mutual benefits accruing from such international partnerships.

The trade mission's activities kicked off with a business forum in Ho Chi Minh City, titled "Doing Business with Vietnam." This event was a collaborative effort between Dubai International Chamber, the UAE Embassy in Hanoi, Vietnam's Ministry of Foreign Affairs, and the Investment & Trade Promotion Centre (ITPC) of Vietnam. The forum attracted 238 officials and business leaders, showcasing the keen interest in fostering UAE-Vietnam business relations.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted Vietnam's growth potential and strategic advantages. He also expressed confidence in the upcoming Comprehensive Economic Partnership Agreement with Vietnam bolstering trade relations further.

Nguyen Van Dung, Vice Chairman of the Ho Chi Minh City People's Committee, emphasized Vietnam's role in supporting the UAE's demand for various products and sectors. He pointed out the mutual benefits of sharing knowledge and expertise, particularly in new energy sources, logistics, finance, and banking.

The forum identified several sectors with export opportunities to Vietnam for Dubai-based companies, including meat, beverages, coffee and spices, cosmetics, and perfumes. Conversely, high-potential import opportunities from Vietnam include furniture, nuts, tropical fruits, and coffee sectors. Sustainable agriculture, construction, tourism, and the food industry were highlighted as promising sectors for investment in Vietnam.

Salem Al Shamsi's presentation on Dubai's economic landscape offered insights into the competitive advantages for Vietnamese enterprises considering business ventures in Dubai. The event also featured a panel discussion on navigating the business environment in Vietnam, providing attendees with valuable firsthand experiences.

The trade mission underscores the commitment of Dubai International Chamber to enhance international trade relations and explore new markets for Dubai-based businesses. The successful conclusion of this mission opens avenues for increased cooperation between companies from Dubai and Vietnam, promising economic growth and diversified opportunities for both regions.

With inputs from WAM