UAE, Vietnam explore potential in each other’s economic sectors

There is huge potential for the UAE and Vietnam to expand ties in renewable energy, trade, investment, logistics, maritime transportation, medical tourism and aviation, according to government officials and trade experts who spoke at the first Global Partnership Series event.

The virtual forum, organised by Dubai Chamber of Commerce and Industry, in partnership with the Ministry of Industry and Trade of Vietnam, was attended by 80 participants from both countries, including government officials, industry experts and business leaders.

Speakers included Nguyen Manh Tuan, Ambassador of Vietnam to the UAE; Majid Saif Al Ghurair, Chairman, Dubai Chamber of Commerce and Industry; Nguyen Phuc Nam, Deputy Director-General, Asia - Africa Market Department, Ministry of Industry and Trade, Vietnam; Le Thi Hai Van, Deputy Director-General, Foreign Investment Agency, Ministry of Planning and Investment, Vietnam, and Omar Khan, Director, International Offices, Dubai Chamber.

In his welcome remarks, Tuan said the participation of ministries, business groups and companies from a wide variety of economic sectors from the Vietnamese side in the virtual forum reflected the country’s strong commitment to developing its ties with the UAE, as well as the vast potential for expanding bilateral cooperation.

“I expect that the efforts from two sides will create the favourable conditions and further enhance the economic, trade, industry and investment relationship between Vietnam and UAE,” said Tuan, who outlined several recommendations for boosting bilateral ties including promoting cooperation between free zones, increasing business and knowledge exchange, and driving participation of businesses in the seminars, workshop, exhibitions and trade fairs organised in Vietnam and Dubai.

Addressing participants, Al Ghurair elaborated that the UAE is Vietnam’s top trading partner in the Middle East and North Africa, and Dubai serves as a gateway for the re-exporting Vietnamese goods and products. Yet, he noted that there is still plenty of scope to expand Dubai-Vietnam non-oil trade beyond the $7.4 billion accounted for in 2019, adding that the virtual forum supports Dubai Chamber’s efforts to explore the untapped economic potential in Vietnam and other emerging markets around the world.

Nam noted that the Vietnamese government attaches great importance to expanding trade with Dubai, and said Vietnam’s Ministry of Industry and Trade and the UAE’s Ministry of Economy are taking steps to establish a working group to address the issue of strengthening ties.

Vietnam has great potential for developing solar and wind power, according to Nam, who said the country’s renewable energy is ripe with opportunities for the UAE’s investors. He explained that bilateral trade of essential items such as food, seafood, fruits and vegetables, and medical supplies cashew and rice will be increasing amid the growing demand.

Van shared his insights on the investment climate in Vietnam and highlighted key markets that could offer the most potential for UAE businesses. Khan presented an informative overview of Dubai’s economy, business environment, competitive advantages and other new incentives that Vietnamese businesses can benefit from.

Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.

Earlier the Dubai Startup Hub (DSH), an initiative of Dubai Chamber of Commerce and Industry (DCCI), has announced the launch of the Scale-Up Dubai programme, an extension of Market Access, which provides in-depth knowledge, guidance and tailored support to fast-growing startups, or scale-ups, as they look to take their businesses to the next level and expand beyond borders.

Joining the pilot programme are scale-ups that have already developed viable businesses and benefited from their participation in Dubai Startup Hub’s Market Access programme, which fosters partnerships between startups and leading corporates in Dubai.

Over the last few months, the selected scale-ups took part in several interactive sessions that provided valuable insights on business setup, and global expansion as well as opportunities to showcase their businesses to public and private sector organisations. During the session, representatives from Virtuzone and Afridi & Angell shared legal and licensing expertise with the participants, as well as practical information about the process, cost and legalities of setting up in Dubai.