17 Dubai-based businesses explore overseas expansion opportunities
Dubai International Chamber concludes trade mission to Southeast Asia with 180 bilateral business meetings between companies from Dubai and Vietnam
Dubai International Chamber (DIC), one of the three chambers operating under the umbrella of Dubai Chambers, has successfully concluded its week-long trade mission to Southeast Asia by arranging 180 bilateral business meetings between companies from Dubai and Vietnam.
The trade mission was organised as part of the ‘New Horizons’ initiative spearheaded by Dubai International Chamber, which aims to drive the international expansion of Dubai-based businesses in targeted high-potential markets.
The delegation participating in the trade mission featured representatives from 17 companies operating in Dubai across a diverse range of sectors, including food and beverages, construction, healthcare, information technology, environmental solutions, human resource management, and perfumes and cosmetics.
The mission seeks to build on the significant increase in non-oil bilateral trade between Dubai and Vietnam during 2023, which achieved yearover-year growth of 12.2 per cent to reach a value of Dhs31.7 billion. Non-oil bilateral trade stood at Dhs28.2 billion in 2022, according to Dubai Customs data. As of the end of last year, a total of 118 Vietnamese companies were registered as members of Dubai Chamber of Commerce.
The first day of the Vietnam leg of the mission featured a special business forum in Ho Chi Minh City titled ‘Doing Business with Vietnam,’ which was organised by Dubai International Chamber with the support of the Embassy of the United Arab Emirates in Hanoi and in partnership with Vietnam’s Ministry of Foreign Affairs and the Investment & Trade Promotion Centre (ITPC) of Vietnam. The insightful forum was attended by 238 VIP officials, business leaders, and Vietnamese companies interested in exploring partnership opportunities with members of the chamber’s delegation.
During his opening remarks, His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted the strong trade and investment opportunities in Vietnam. His Excellency stated: “Vietnam holds tremendous growth potential thanks to the country’ s favour able economic policies, strong infrastructure, skilled workforce, and strategic location. We are also confident that the upcoming Comprehensive Economic Partnership Agreement with Vietnam, as well as our international representative office and trade missions, will significantly strengthen our joint trade relations.”
Dr. Bader Almatrooshi, Ambassador of the United Arab Emirates to the Socialist Republic of Vietnam, commented: “The relationship between the UAE and Vietnam has been witnessing important developments such as the exchange of more than 50 delegations in various fields last year, including meetings between leaders of the two countries and trade delegations. The UAE is also Vietnam’s first trade partner in our region for non-oil products, with an exchange exceeding $ 8 billion.”
He added: “The trade forum and accompanying events organised by Dubai International Chamber in Ho Chi Minh City are a clear example of the UAE’S desire to seize the opportunities and strengthen trade and investment partnerships with Vietnam, and we look forward to achieving tangible results.”
Nguyen Van Dung, Vice Chairman of the Ho Chi Minh City People’s Committee in the Socialist Republic of Vietnam, stated that Vietnam is the UAE’S largest economic partner in the ASEAN region, and that the UAE is also Vietnam’s largest commercial partner in the Middle East and North Africa region.
The Vice Chairman of the Ho Chi Minh City People’s Committee highlighted opportunities for Vietnam to benefit from the UAE’S knowledge and expertise in sectors including new and renewable energy, logistics, finance, and banking. He further emphasised the important role Vietnam can play in catering to the growing demand in the UAE for products in sectors where Vietnam has competitive advantages such as agricultural and fishery products, processed foods, textiles, garments, leather and footwear, electronics, machinery, and equipment, as well as supporting food security in the UAE.
Dubai International Chamber has identified a range of sectors that offer export opportunities to Vietnam for Dubai-based companies, including meat; beverages; coffee and spices; and cosmetics and perfumes. High-potential import opportunities from Vietnam to Dubai exist in the furniture sector, nuts, tropical fruits, and coffee sectors. The most promising sectors for investment in Vietnam include sustainable agriculture, construction, tourism, and the food industry.
During his participation in the Business Forum, Salem Al Shamsi, Vice President of Global Markets at Dubai Chambers, delivered an informative presentation on Dubai’s economic landscape and outlined the numerous competitive advantages the emirate offers for Vietnamese enterprises.
The event also featured a panel discussion, which brought together expert speakers from key economic sectors in Vietnam.