Vietnam attractive destination for Dubai enterprises: Forum
Vietnam is an attractive destination for enterprises from Dubai, the UAE, who has demand for trade in goods and investment in multiple fields like logistics, finance, and technology, heard a forum held in Ho Chi Minh City on May 9.
Describing Vietnam as attractive to Dubai investors and traders, President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah held that the Southeast Asian country boasts strong growth potential thanks to its favourable economic policies, firm infrastructure, a skilled workforce, and strategic location.
Members of Dubai Chambers have highly evaluated opportunities in Vietnam and are planning to expand investment and business activities in the country, he noted.
He added that as Vietnam and the UAE are negotiating a comprehensive economic partnership agreement, Dubai enterprises wish to seize opportunities to boost common economic growth. They also hope that this agreement will promote bilateral trade and facilitate Vietnamese exporters’ access to global markets via Dubai.
According to Dubai Chambers, the commodities promising considerable chances for Vietnam’s exports to Dubai include furniture, nuts, tropical fruits, and coffee. Meanwhile, Dubai firms highly value the investment potential in sustainable agriculture, construction, tourism, and food industry in Vietnam.
UAE Ambassador to Vietnam Bader Al Matrooshi said the two countries are witnessing important strides in delegation exchanges in various areas, especially trade promotion. The UAE is the biggest trading partner of Vietnam in the Middle East when it comes to non-oil products, with bilateral trade topping US$8 billion.
Nguyen Van Dung, Vice Chairman of the HCM City People’s Committee, stated that the southern largest economic hub will continue assisting and providing optimal conditions for foreign enterprises, including UAE firms, to do long-term investment and business, thus contributing to common growth and meeting both sides’ demand and potential.
He cited statistics showing that with 27 valid projects, the UAE currently ranks 42nd among the 120 countries and territories investing in HCM City. Despite the complex global situation, the city’s exports to the UAE still increased over 4% to nearly US$340 million last year compared to 2022, showing efforts by both HCM City and UAE partners in helping to comprehensively and substantively develop the Vietnam - UAE ties.
Lam Nguyen Hai Long, Chairman of the HCM City Computer Association, said the Vietnamese Government is working actively to reform administrative procedures to grasp opportunities of a new investment influx. Vietnam in general and HCM City in particular have also readied some software and high-tech parks providing a technological foundation for investors.
Besides, Vietnamese enterprises should also consider Dubai as a gateway for them to access other markets in the Middle East, North Africa, and the world, he suggested.
