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VCCI News

Last updated: Monday, October 15, 2018

 

Fostering Vietnam-UAE Business Cooperation

Posted: Monday, July 30, 2018


At the reception of the Ambassador of United Arab Emirates (UAE) to Vietnam - Mr Obaid Saeed Bintaresh Aldhaheri in Hanoi, Dr Vu Tien Loc said that many trade promotion events hosted by the Vietnam Chamber of Commerce and Industry (VCCI) and the UAE Chamber of Commerce have helped boost business cooperation for both sides, introduced Vietnamese companies and products to effectively penetrate this market and helped UAE investors widen their access to the broad market of Vietnam and ASEAN as well.

At present, Vietnam has a lot of investment opportunities in infrastructure, energy and transportation that UAE businesses can participate in. Tourism is also a potential field for bilateral cooperation. The agreement on opening a flight route from Ho Chi Minh City to Dubai will facilitate businesses of both sides to increase interactions and bring more tourists to each other nation.

In addition, Vietnam and the UAE can set up a bilateral advisory council, which includes key business representatives and senior members of the two chambers of commerce to deepen cooperation.

The UAE ambassador said the UAE government and businesses are giving priority to cooperation in oil and gas and clean energy. UAE businesses are also leading in renewable energy investment. This is also new cooperation potential for Vietnamese enterprises.

To attract more investment, visa procedures for businesses and social media need to be streamlined. In the UAE, video clips describing Vietnam’s tourism destinations such as Ha Long and Sa Pa are available and the UAE Embassy is seeking many support measures for Vietnamese businesses to boost investment in this field.

The bilateral relationship has developed markedly since the two countries founded the diplomatic relations on August 1, 1993. From merely political supports for each other in the fight for national independence, the UAE and Vietnam have now become the top economic partners of each other in the Middle East and Southeast Asia.

In recent years, the two-way multifaceted cooperation has grown robustly. Vietnam attaches great importance to further developing its ties with the UAE and always sees the UAE as an important partner in the Middle East. Good political and diplomatic relations create momentums for rapid cooperation development in economy, trade, industry and investment.

According to VCCI, the two-sided economic and trade relations have been strengthened over the years. Vietnamese companies have actively surveyed the UAE market, regularly taken part in annual trade fairs and exhibitions to introduce and promote their exports to the UAE.

The two-way trade has made much progress. The UAE is one of potential export markets for Vietnam. For its part, the UAE is also expanding its presence into the ASEAN market, including Vietnam.

Statistical data showed that the bilateral trade value reached over US$5.5 billion in 2017 and US$2.1 billion in the first four months of 2018.

To date, Vietnamese products have established their footing in the UAE market, including telephones, seafood, apparels, footwear, agricultural products, foodstuffs and household products.

Meanwhile, Vietnam imports animal feeds and inputs, liquefied petroleum gas and plastic materials.

On energy cooperation, the two sides have actively deepened cooperation in oil and gas, especially between the Vietnam National Oil and Gas Group (PetroVietnam) and Mubadala Oil & Gas (MOG) of the UAE. Many other oil and gas firms of both sides have also contacted and exchanged directly to seek cooperation opportunities. On industrial cooperation, both nations have many potential areas for cooperation, such as renewable energy, metallurgy (aluminium, steel), ship repairing, petrochemical, chemical and mechanical engineering.

On investment cooperation, the UAE has initially invested infrastructure, real estate, mining, production and tourism in Vietnam. The UAE has directly invested US$26 million in 14 projects in Vietnam, including indirect investment via third-party partners.

Quynh Anh








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