Prime Minister Phạm Minh Chính (right) receives Yusuff Ali Musaliam Veettil Abdul Kader, Chairman and Managing Director of LuLu Group International VNA/VNS photo

 ABU DHABI – Prime Minister Phạm Minh Chính received Yusuff Ali Musaliam Veettil Abdul Kader, Chairman and Managing Director of LuLu Group International, in Abu Dhabi on October 27, as part of his official visit to the United Arab Emirates (UAE).

The group owns the LuLu Hypermarket chain in 23 countries over the world, and enjoys an annual revenue of over US$8 billion.

Yusuff Ali said that Lulu has established a representative office in Ho Chi Minh City to purchase Vietnamese products for its system of 265 hypermarkets around the world. He expressed his hope to receive support from the Vietnamese Government to expand its market in Viêt Nam.

Thanking and appreciating the group for introducing quality Vietnamese products to consumers in the Middle East as well as other countries through its extensive hypermarket chain, PM Chính said that Viêt Nam has a sustainably developing economy, stable GDP growth, a large population with a rapidly growing middle class, and rising per capita income.

Viêt Nam aims to reach upper middle-income status by 2030 and become a high-income developed country by 2045. With increasing consumer needs, the Vietnamese market holds great potential for quality products.

In addition, Viêt Nam has deeply integrated into the international community with 19 free trade agreements (FTAs) signed with more than 60 countries, of which 16 are currently in effect. Combined with its favourable geographical location and improving logistics system, Viêt Nam has numerous advantages for imports and exports, connecting with major markets such as Japan, the Republic of Korea, China, Europe, and the United States, Chính said.

The Vietnamese Government leader urged Lulu Group to continue promoting and introducing more potential Vietnamese products that match consumer tastes to approach and serve the UAE market as well as the Middle East and other markets through the group's global hypermarket chain.

He said that Luly Group should consider investment cooperation with capable Vietnamese partners to open a hypermarket chain in Viêt Nam, a market of 100-million people with substantial purchasing power, providing access to the broader ASEAN market.

The Prime Minister suggested that Lulu Group, with its extensive network of branches, serve as a bridge to attract potential investors from both within and outside the UAE to invest in Viêt Nam. He also urged the group to accelerate the building of an agricultural processing facility in Viêt Nam, pledging that the Vietnamese government will provide support and create favourable conditions for foreign investors, including Lulu, to develop their business activities in line with legal regulations.

Noting that Viêt Nam is promoting the development of the Halal industry, the Prime Minister stated that, with Lulu's strategy to diversify products, production chains, and supply chains, it should collaborate with and support Viêt Nam in advancing this sector.

Agreeing with the Vietnamese PM’s suggestions, Yusuff Ali said that Lulu Group will expand its list of goods and increase imports from Viêt Nam. It will work closely with Vietnamese agencies to organise Vietnamese goods fairs in the UAE and Gulf countries to improve consumer access to Vietnamese products. VNS