Dubai International Chamber concludes trade mission to Southeast Asia with 180 bilateral business meetings between companies from Dubai and Vietnam

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Dubai International Chamber concludes trade mission to Southeast Asia with 180 bilateral business meetings between companies from Dubai and Vietnam

Non-oil bilateral trade between Dubai and Vietnam increased by 12.2% during 2023 to reach a value of AED 31.7 billion.

Dubai International Chamber, a prominent entity under the Dubai Chambers umbrella, has concluded a fruitful week-long trade mission to Southeast Asia, specifically Vietnam. The mission, organized as part of the 'New Horizons' initiative, aimed to facilitate international expansion opportunities for Dubai-based businesses in promising markets.

Over the course of the mission, a total of 180 bilateral business meetings were arranged between companies from Dubai and Vietnam, signaling a significant step towards fostering economic cooperation between the two regions.

Representatives from 17 diverse companies operating in Dubai across various sectors participated in the trade mission, including food and beverages, construction, healthcare, information technology, environmental solutions, human resource management, and perfumes and cosmetics.

The initiative comes in response to the notable increase in non-oil bilateral trade between Dubai and Vietnam in recent years. In 2023 alone, trade witnessed a year-over-year growth of 12.2%, reaching a value of AED 31.7 billion, according to Dubai Customs data. This substantial growth trend has propelled Vietnam into a key market for Dubai-based businesses, with 118 Vietnamese companies registered as members of Dubai Chamber of Commerce by the end of last year.

The trade mission kicked off with a special business forum in Ho Chi Minh City titled ‘Doing Business with Vietnam,’ organized by Dubai International Chamber with support from the Embassy of the United Arab Emirates in Hanoi, in collaboration with Vietnam’s Ministry of Foreign Affairs and the Investment & Trade Promotion Centre (ITPC) of Vietnam. Attended by 238 VIP officials, business leaders, and Vietnamese companies, the forum served as a platform to explore partnership opportunities with members of the chamber's delegation.

During the forum, His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted Vietnam's favorable economic environment and strategic significance. He emphasized the potential of the upcoming Comprehensive Economic Partnership Agreement with Vietnam to further strengthen trade relations between the two regions.

His Excellency Dr. Bader Almatrooshi, Ambassador of the United Arab Emirates to Vietnam, echoed similar sentiments, emphasizing the growing bilateral ties and trade exchanges between the UAE and Vietnam. He emphasized the importance of forums like these in enhancing trade and investment partnerships.

Mr. Nguyen Van Dung, Vice Chairman of the Ho Chi Minh City People's Committee, underscored Vietnam's role as the UAE's largest economic partner in the ASEAN region and highlighted opportunities for collaboration in various sectors.

The trade mission also identified key sectors offering export and import opportunities between Dubai and Vietnam, including meat, beverages, coffee, spices, furniture, nuts, tropical fruits, and coffee, among others.

The event featured informative presentations, panel discussions, and bilateral business meetings aimed at strengthening economic ties and fostering collaboration between businesses in Dubai and Vietnam. Overall, the trade mission represents a significant milestone in deepening economic cooperation between the two regions and opens doors for future collaborations and investments.