Global Partnership Series explores new avenues of UAE-Vietnam economic cooperation 

  • Organised by Dubai Chamber, first virtual forum joined by participants from the UAE and Vietnam, including diplomats, industry experts and business leaders.
  • Renewable energy, trade, investment, logistics, maritime transportation, medical tourism and aviation outlined as key areas where the UAE and Vietnam can expand ties.
  • Vietnam is Dubai’s largest trading partner in Southeast Asia, and bilateral non-oil trade has increased steadily in recent years to reach $7.4 billion in 2019.

Dubai, UAE: 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 the UAE and Vietnam, including government officials, industry experts and business leaders.

Speakers included H.E. Nguyen Manh Tuan, Ambassador of Vietnam to the UAE; H.E. Majid Saif Al Ghurair, Chairman, Dubai Chamber of Commerce & 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, H.E. Nguyen Manh Tuan, Ambassador of Vietnam to the UAE, 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 H.E. Nguyen Manh 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, H.E. Majid Saif Al Ghurair elaborated on the state of UAE-Vietnam trade ties, which he said have expanded rapidly following the mutual opening of embassies many years ago, strategic cooperation agreements and the establishment of direct flights between the two countries.

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, H.E. Al Ghurair explained.  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 untapped economic potential in Vietnam and other emerging markets around the world. 

Nguyen Phuc Nam, Deputy Director General, Asia – Africa Market Department, Ministry of Industry and Trade, Vietnam noted that the Vietnamese government attaches great importance to expanding trade with Dubai, and said the Ministry of Industry and Trade of Vietnam and the Ministry of Economy of UAE are taking steps to establish a joint working group for addressing issue of strengthening UAE-Vietnam trade 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 UAE investors. He explained that bilateral trade of essential items like food, seafood, fruits and vegetables, and medical supplies cashew and rice will is increasing amid growing demand for  thanks to growing demand during Covid-19, and said Vietnam and Dubai can expand cooperation in developing supply chains relating to these items.

Le Thi Hai Van, Deputy Director General, Foreign Investment Agency, Ministry of Planning and Investment, Vietnam, shared his insights on the investment climate in Vietnam, and highlighted key markets that could offer the most potential for UAE businesses.

For his part, Omar Khan, Director, International Offices at Dubai Chamber, presented an informative overview of Dubai’s economy, business environment, competitive advantages and other new incentives that Vietnamese businesses can benefit from.

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