Dubai Chamber of Commerce launches Vietnam Business Council

An MoU signed at the Vietnam – UAE Business Forum. Photo: Goverment of Dubai

The announcement was made on the sidelines of the Vietnam – UAE Business Forum, which was held on October 28 in Dubai by the Ministry of Planning and Investment of Vietnam and the Embassy of Vietnam in the UAE in collaboration with Dubai Chambers.

The forum explored ways to enhance economic cooperation and stimulate bilateral investments in several vital sectors, with a focus on opportunities in the green economy, digital transformation, and innovation. It culminated in the signing of a number of strategic MoUs between prominent entities in both countries.

They included an agreement between Vietnam Airlines and both Etihad and Emirates airlines to support cooperation in the aviation sector; an agreement between DP World and Vietnam Maritime Corporation (VIMC) to develop Can Tho Port and inland waterways; agreements between VinGroup and Benya Group, NDMC, and Abu Dhabi Port to develop key data and logistics infrastructure; an agreement between Vinfast and Emirates Driving Company on electric vehicle manufacturing; and an agreement between T&T Group and Golden Nile in finance, agriculture, and services.

During his opening speech at the event, Abdul Aziz Abdulla Al Ghurair, chairman of Dubai Chambers, commented, “The UAE and Vietnam enjoy strong economic ties, with continuous growth in trade and bilateral investments. We look forward to further enhancing cooperation in sectors of mutual interest and paving the way for more promising opportunities.”

He added, “We are pleased to announce the establishment of the Vietnam Business Council. The council will serve as a platform to enhance cross-border economic partnerships and support bilateral relations across diverse sectors, ensuring mutual benefits for the business communities in Dubai and Vietnam.”

He concluded, “We are committed to providing Vietnamese businesses with the support they need to grow in the UAE and leverage Dubai as a gateway to global growth. This is reflected in the fact that 75 new Vietnamese companies registered as members of Dubai Chamber of Commerce during the first nine months of this year, bringing the total number of active Vietnamese member companies to 176 by the end of September.”

Thani bin Ahmed Al Zeyoudi, UAE minister of state for foreign trade, said the launch of the Vietnam Business Council is a reflection of the increasing importance of the UAE-Vietnam partnership in trade and investment.

"Vietnam is the UAE’s largest trading partner in the ASEAN region, with well-developed manufacturing and agriculture sectors that will help maintain its positive growth trajectory. Its export-led economy also holds considerable potential for the UAE’s private sector, with investment opportunities in logistics, food production and technology, while also offering a high-potential market for financial and professional services," he said.

Equally, the UAE’s dynamic ecosystem and global connectivity can enable Vietnamese companies to access new territories across the Middle East, Africa, and into Europe. This council will establish the business connections to leverage these synergies and pave the way for a new era of success, he added.

The Viet Nam–UAE Business Forum was organised as part of ongoing efforts to build on steady growth in non-oil trade between Dubai and Vietnam, which reached a value AED31.7 billion ($8.63 billion) during 2023. This represents an annual increase of 12.2 per cent compared to the AED28.2 billion ($7.67 billion) recorded in 2022, according to Dubai Customs data.

In July 2023, Dubai International Chamber established a representative office in Ho Chi Minh City to facilitate deeper engagement with the Vietnamese business community. The office supports companies from Vietnam seeking to enter Dubai and expand internationally through the emirate, connecting businesses in both markets with trusted stakeholders and potential partners.

Earlier this year, Dubai International Chamber also led a highly successful trade mission to Ho Chi Minh City as part of the ‘New Horizons’ initiative. During the mission, the chamber facilitated 180 bilateral business meetings between companies from Dubai and Vietnam.

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