Dubai International Chamber wraps up successful trade mission to Southeast Asia, facilitating 180 bilateral business meetings between Dubai and Vietnam companies – Business – Economy and Finance

Dubai International Chamber Successfully Concludes Trade Mission to Southeast Asia

Dubai International Chamber, a key player under the umbrella of Dubai Chambers, has wrapped up a successful week-long trade mission to Southeast Asia, specifically Vietnam. The mission aimed to foster business relationships and drive the international expansion of Dubai-based companies in high-potential markets.

The trade mission saw the organization of 180 bilateral business meetings between companies from Dubai and Vietnam. The delegation comprised representatives from 17 companies operating in Dubai across various sectors such as food and beverages, construction, healthcare, information technology, environmental solutions, human resource management, and perfumes and cosmetics.

The mission comes on the heels of a significant increase in non-oil bilateral trade between Dubai and Vietnam in 2023, which saw a year-over-year growth of 12.2% to reach AED 31.7 billion. This marks a substantial increase from AED 28.2 billion in 2022, as per Dubai Customs data. Additionally, there are currently 118 Vietnamese companies registered as members of Dubai Chamber of Commerce.

The trade mission kicked off in Vietnam with a special business forum in Ho Chi Minh City titled ‘Doing Business with Vietnam.’ The forum, organized by Dubai International Chamber with the support of the UAE Embassy in Hanoi and in collaboration with Vietnam’s Ministry of Foreign Affairs and the Investment & Trade Promotion Centre (ITPC) of Vietnam, attracted 238 VIP officials, business leaders, and Vietnamese companies interested in exploring partnership opportunities with the Dubai delegation.

During the forum, His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, emphasized the strong trade and investment opportunities in Vietnam. He highlighted Vietnam’s growth potential, favorable economic policies, robust infrastructure, skilled workforce, and strategic location. He also expressed confidence in the upcoming Comprehensive Economic Partnership Agreement with Vietnam and the role of international trade missions in strengthening trade relations.

His Excellency Dr. Bader Almatrooshi, UAE Ambassador to Vietnam, noted the significant developments in the UAE-Vietnam relationship, with the UAE being Vietnam’s first trade partner in the region for non-oil products. He underscored the importance of the trade forum in enhancing trade and investment partnerships between the two countries.

Mr. Nguyen Van Dung, Vice Chairman of the Ho Chi Minh City People’s Committee, highlighted Vietnam’s position as the UAE’s largest economic partner in the ASEAN region and the UAE’s largest commercial partner in the Middle East and North Africa region. He emphasized the opportunities for Vietnam to benefit from UAE expertise in sectors like renewable energy, logistics, finance, and banking.

Dubai International Chamber identified key sectors offering export opportunities to Vietnam from Dubai, including meat, beverages, coffee, spices, cosmetics, and perfumes. Import opportunities from Vietnam to Dubai exist in sectors like furniture, nuts, tropical fruits, and coffee. Promising sectors for investment in Vietnam include sustainable agriculture, construction, tourism, and the food industry.

The trade mission also featured informative presentations on Dubai’s economic landscape and panel discussions on doing business in Vietnam. Bilateral business meetings and site visits with Vietnamese companies further strengthened ties between Dubai and Vietnam.

Overall, the successful conclusion of the trade mission underscores the commitment of Dubai International Chamber to expanding business horizons and fostering mutually beneficial partnerships in high-potential markets like Vietnam.