| Vietnam-UAE cooperation will enter a new stage of development Promoting bilateral relations to strengthen Vietnam-UAE economic cooperation |
Huge room
According to statistics from Dubai Customs, the bilateral trade value between Vietnam and Dubai reached an impressive AED 28.3 billion (USD 7.7 billion) in 2022. As of May 31, 2023, a total of 170 Vietnamese companies have registered to become members of the Dubai General Council of Trade, of which 22 companies joined from January to May this year.
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Launching the Coordination Council, Dubai International Representative Office in Ho Chi Minh City |
Last year, Vietnam's main exports to Dubai included electronics ($5.15 billion), footwear ($564 million) and machinery ($375 million), along with textile products, non-organic chemicals, clothing, fruits and nuts, coffee, tea and spices, furniture and leather products.
Notable Vietnamese imports from Dubai include tobacco ($92 million), animal feed ($38 million) and aluminium ($33 million), as well as perfumes and cosmetics, machinery, plastics, iron and steel, mineral fuels and bitumen, and medical instruments.
According to economic experts, the sectors with high potential for export growth from Vietnam to Dubai include: coffee, tropical fruits, furniture and cashew nuts. In contrast, the potential advantage to increase imports from Dubai to Vietnam in sectors such as meat, beverages, coffee, spices, perfumes and cosmetics... also has quite a lot of room. In addition, Dubai has also identified a number of potential sectors for investment in Vietnam, including agriculture, business, construction, eco-tourism, food processing and renewable energy.
According to the Ministry of Industry and Trade, the UAE is currently Vietnam’s largest trading partner in the Middle East - North Africa region. Many export groups of Vietnamese goods with strengths in exporting to the UAE, such as agricultural products, seafood, processed foods, textiles, footwear, electronic products, machinery, equipment, etc., continue to show an upward trend in both export volume and value.
While Vietnam's exports to many markets have reached their threshold, the UAE is considered a very potential market, opening up opportunities for many agricultural and aquatic products of Vietnam, especially when the negotiation of the Comprehensive Economic Partnership Agreement between Vietnam and the UAE (CEPA) was signed at the ministerial level right after Vietnam completed domestic procedures. According to experts, the approval of the CEPA will help exploit the potential and room for import and export activities of goods between the two economies, which have complementary strengths.
According to Mr. Truong Xuan Trung - Head of Vietnam Trade Office in UAE, some Vietnamese processed industrial products also have opportunities to be exported to UAE.
Opportunity to access emerging markets
According to experts, Dubai’s recent opening of a new international representative office in Vietnam, headquartered in Ho Chi Minh City, has created a great opportunity for Vietnamese enterprises to expand their business into the Dubai market. In particular, this is also an opportunity for enterprises exporting traditional products to promote their competitive advantages, a good opportunity to shift investment, expand production and business scale, and export traditional products to Dubai.
Dubai also considers setting up a coordinating office in Ho Chi Minh City to take advantage of this vibrant city as a gateway to access emerging markets, to support Dubai companies to expand their market into Vietnam.
Dr. Bader Abdullah Al Matrooshi - Ambassador Extraordinary and Plenipotentiary of the UAE to Vietnam said that the establishment of a new representative office in Vietnam is one of the important steps of the UAE to further strengthen the partnership between the two countries. This is also an opportunity for the UAE to continue to strengthen the presence of the General Assembly in the Southeast Asian region after other new offices in Indonesia and Singapore, with the aim of promoting bilateral trade and investment between Vietnam and Dubai.
“Trade figures and other key indicators reveal promising opportunities for trade and investment growth between our countries and the Dubai International Chamber office will effectively contribute to achieving this goal,” Bader Abdullah Al Matrooshi stressed.
According to Mr. Nguyen Tuong - Deputy General Secretary of the Vietnam Logistics Business Association, with the UAE, a key market in the Middle East, being a hub for countries such as Africa, Latin America and Europe, Asia in general, thanks to its very good seaport infrastructure, and developed aviation, it will be very easy to connect with markets. Many businesses go through the UAE to enter the African market. Therefore, this is a potential market, if we know how to promote it, it will open up many very good cooperation opportunities in the future.
| The “Global Dubai” initiative was launched by Crown Prince of Dubai - Chairman of the Dubai Executive Council HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, aiming to establish a strong network of 50 international representative offices for Dubai worldwide by 2030. |
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