Eisa Alhammadi, deputy head of mission at the UAE embassy in Vietnam, speaks at a business forum titled ‘Doing Business with Vietnam” in HCM City on May 9. — Photo courtesy of Dubai International Chamber

HCM CITY — With their complementary economies, Việt Nam and the United Arab Emirates boast huge potential to further foster investment and trade ties in future, a business forum heard in HCM City on May 9.

Speaking at “Doing Business with Vietnam,” Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted the strong trade and investment opportunities for Dubai businesses in Việt Nam, saying: “Việt Nam holds tremendous growth potential thanks to the country’s favourable economic policies, strong infrastructure, skilled workforce, and strategic location.”

Dubai’s non-oil bilateral trade with Việt Nam amounted to US$8.6 billion last year, a 12.2 per cent growth compared to the previous year, he said.

Eisa Alhammadi, deputy head of mission at the UAE embassy in Việt Nam, said: “The UAE stands as Việt Nam's largest trading partner in the Middle East.”

Both he and Lootah believed that the UAE’s upcoming Comprehensive Economic Partnership Agreement with Việt Nam would significantly strengthen bilateral trade relations.

“The agreement will enhance market access in Việt Nam for UAE businesses operating across diverse sectors, and unlock greater access to global markets for Vietnamese exporters thanks to the UAE's prominence as a global trading hub connecting the east and the west,” Lootah said.

Alhammadi said: “Furthermore, and beyond trade and investment, we firmly believe in the importance of broadening the scope of our relationship and unlocking potential synergies across diverse sectors. Last year more than 50 delegations exchanged visits between our two nations, spanning politics, economics, sports, culture, sustainability, security, and expertise exchange.”

Nguyễn Văn Dũng, deputy chairman of the HCM City People’s Committee, said the city has been and would continue to support and provide favourable conditions for foreign businesses to invest and do business in HCM City. — Photo courtesy of Dubai International Chamber

Nguyễn Văn Dũng, deputy chairman of the HCM City People’s Committee, said: “We believe that the UAE Government's decision to open the Dubai International Chamber in HCM City in July 2023 and the chamber's decision to choose this city as the first location to organise the ‘Doing Business with Việt Nam’ Forum affirm the UAE’s recognition and desire to further explore cooperation potential with our city – a leading economic hub and international integration pioneer of Việt Nam.”

For its part, the city administration has been and would continue to support and provide favourable conditions for foreign businesses, including UAE investors, to invest and do business in HCM City, he said.

The UAE is currently ranked 42nd out of 120 countries and territories investing in the city with more than $ 12 million. 

Last year, despite global complexities, the city’s exports to the UAE increased by over 4 per cent to nearly $ 340 million.

Dũng said: “On the foundation of good bilateral relations, and given the complementary nature of our economies, Việt Nam, including HCM City, and the UAE have much potential for economic cooperation still untapped. 

“Industries that are strong in the UAE, such as energy, including new and renewable energy, logistics, finance, banking, are those that Việt Nam is also mobilising more international resources in to develop.

“Conversely, the UAE has strong demand for imported goods to serve domestic needs, including in such products where Việt Nam has comparative advantages as agricultural and fishery products, processed foods, textile, garment, leather and footwear, electronics, machinery, equipment, and so on.”

Organised by the Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, with the support of the UAE embassy, Ministry of Foreign Affairs, and the Investment & Trade Promotion Centre of HCM City, the forum also featured a panel discussion, which brought together expert speakers from key economic sectors in Việt Nam to discuss their experience in the local business environment.

This was followed by a series of bilateral business meetings between representatives of companies from Việt Nam and Dubai from a range of sectors like food and beverage, construction, healthcare, information technology, environmental solutions, human resource management, and perfumes and cosmetics.

Delegates pose for a photo at a business forum that seeks to enhance Dubai-Việt Nam economic cooperation in HCM City on May 9. — Photo courtesy of Dubai International Chamber

The forum is among a series of activities organised during the chamber’s week-long trade mission to Southeast Asia.

According to the Dubai International Chamber, it identified a range of sectors that offer potential export opportunities from Việt Nam to Dubai, including furniture, nuts, tropical fruits, and coffee.

The most promising sectors in Việt Nam for Dubai’s investors are identified as sustainable agriculture, construction, tourism, and food. 

The trade mission is part of the “New Horizons” initiative spearheaded by the Dubai International Chamber to drive the international expansion of Dubai-based businesses and strengthen connections with promising global markets. — VNS