UAE: Potential Market for Vietnamese Businesses

2:58:48 AM | 6/24/2022

Vietnam-UAE Business Forum was organized by the Vietnam Chamber of Commerce and Industry in collaboration with the UAE Embassy in Hanoi on June 22 at VCCI headquarters in Hanoi.

The event had the participation of Mr. Obaid Saeed Aldhaheri, UAE Ambassador to Vietnam and the UAE business delegation led by Mr. Abdulnasser Alshaali, Assistant Minister of Foreign Affairs of the UAE, and the Vietnamese side included Ms. Tran Thi Lan Anh, General Secretary of Vietnam Chamber of Commerce and Industry and Vietnamese businesses interested in the UAE market.

Ms. Lan Anh welcomed the visit to Vietnam of the UAE Ministry of Foreign Affairs delegation, especially in the context two countries are preparing to celebrate the 30th anniversary of their diplomatic relations in 2023.

After nearly 30 years, the Vietnam-UAE cooperation relationship has made remarkable progress and has been further consolidated, through visits by senior leaders between the two countries, coordination and mutual support at international organizations and forums; become each other's leading economic partners in the Middle East and Southeast Asia.

The UAE is Vietnam's largest export market in the Middle East and Africa region. In recent years, the annual two-way trade turnover has always reached over US$8 billion.

In the last two years, due to the impact of the COVID-19 epidemic, the value of trade exchange between Vietnam and the UAE still reached nearly US$5 billion. Vietnam mainly exported to the UAE mobile phones, electronic components, some agricultural products and garments. Vietnam imported from the UAE plastic raw materials, liquefied petroleum gas, metals, and other petroleum products.

The UAE is also one of the major investors from the Gulf region in Vietnam, with a total committed investment capital estimated at US$4 billion.

Labor export is also a promising field of cooperation between the two countries. Currently, there are about 5,000 Vietnamese people working in the UAE in many fields such as construction, mechanics, shipbuilding, and hotel services.

“With the potential, along with the efforts of both sides, I hope that the friendship, economic, trade and investment cooperation between Vietnam and the UAE will develop more dynamically and effectively, for the common interests of the businesses and peoples of the two countries,” said Ms. Lan Anh.

Addressing the forum, Mr. Abdulnasser Alshaali said he was very pleased to lead a working delegation to visit Vietnam with a view to promoting further the exceptional relationship and cooperation between the UAE and Vietnam. This visit to Vietnam comprised not only representatives from Government entities, but also representatives from major corporations and businesses who play an important role in diversifying a fruitful partnership and cooperation with the Vietnamese business community.

“Our visit here today is, I believe another sign of the importance that we attach to the bilateral relationship with Vietnam. And the fact that we explored opportunities for further cooperation, especially to increase bilateral trade between the two countries.”

By Lien Bui, Vietnam Business Forum