UAE-Vietnam forum explores ways to stimulate bilateral investments

Dubai Chamber of Commerce (DCC), one of the three chambers operating under the umbrella of Dubai Chambers, has announced the establishment of the Vietnamese Business Council to support the growth of bilateral trade and investments.

The announcement was made on the sidelines of the Vietnam–UAE Business Forum, which was organised on Monday in Dubai by the Ministry of Planning and Investment of Vietnam and the Embassy of Vietnam in the UAE in collaboration with Dubai Chambers.

The inaugural event was attended by more than 100 government and business figures in the presence of Phạm Minh Chính, Prime Minister of the Socialist Republic of Vietnam; Dr Thani Bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade; Abdul Aziz Abdullah Al Ghurair, Chairman of Dubai Chambers, and Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers; together with several officials, business leaders, and investors from Vietnam and Dubai.

The forum explored ways to enhance economic cooperation and stimulate bilateral investments in several vital sectors, with a focus on opportunities in the green economy, digital transformation, and innovation. It culminated in the signing of a number of strategic Memoranda of Understanding (MoUs) between prominent entities in both countries.

They included an agreement between Vietnam Airlines and both Etihad and Emirates airlines to support cooperation in the aviation sector; an agreement between DP World and Vietnam Maritime Corporation (VIMC) to develop Can Tho Port and develop inland waterways; agreements between VinGroup and Benya Group, NDMC and Abu Dhabi Port to develop key data and logistics infrastructure; an agreement between Vinfast and Emirates Driving Company on electric vehicle manufacturing; and an agreement between T&T Group and Golden Nile in finance, agriculture and services.

During his opening speech at the event, Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, commented, “The UAE and the Socialist Republic of Vietnam enjoy strong economic ties, with continuous growth in trade and bilateral investments. We look forward to further enhancing cooperation in sectors of mutual interest and paving the way for more promising opportunities.” He added, “We are pleased to announce the establishment of the Vietnam Business Council. The council will serve as a platform to enhance cross-border economic partnerships and support bilateral relations across diverse sectors, ensuring mutual benefits for the business communities in Dubai and Vietnam.” He concluded, “We are committed to providing Vietnamese businesses with the support they need to grow in the UAE and leverage Dubai as a gateway to global growth. This is reflected in the fact that 75 new Vietnamese companies registered as members of Dubai Chamber of Commerce during the first nine months of this year, bringing the total number of active Vietnamese member companies to 176 by the end of September.”

Dr Thani Al Zeyoudi said the launch of the Vietnamese Business Council is a reflection of the increasing importance of the UAE-Vietnam partnership in trade and investment. “Vietnam is the UAE’s largest trading partner in the ASEAN region, with well-developed manufacturing and agriculture sectors that will help maintain its positive growth trajectory. Its export-led economy also holds considerable potential for the UAE’s private sector, with investment opportunities in logistics, food production and technology, while also offering a high-potential market for financial and professional services. Equally, the UAE’s dynamic ecosystem and global connectivity can enable Vietnamese companies to access new territories across the Middle East, Africa and into Europe. This Council will establish the business connections to leverage these synergies and pave the way for a new era of success.” The Vietnam–UAE Business Forum was organised as part of ongoing efforts to build on steady growth in non-oil trade between Dubai and Vietnam, which reached a value Dhs31.7 billion during 2023. This represents an annual increase of 12.2 per cent compared to the Dhs28.2 billion recorded in 2022, according to Dubai Customs data.

In July 2023, Dubai International Chamber established a representative office in Ho Chi Minh City to facilitate deeper engagement with the Vietnamese business community. The office supports companies from Vietnam seeking to enter Dubai and expand internationally through the emirate, connecting businesses in both markets with trusted stakeholders and potential partners.

Earlier this year, Dubai International Chamber also led a highly successful trade mission to Ho Chi Minh City as part of the ‘New Horizons’ initiative. During the mission, the chamber facilitated 180 bilateral business meetings between companies from Dubai and Vietnam.

WAM