Vietnam trade with UAE skyrocket

The UAE is considered a gateway to the Middle East and Africa for Vietnamese goods

Citing data from the General Department of Vietnam Customs, the total export turnover between the two sides in the first two months reached $809 million, up 58 per cent compared to the same period last year.

In particular, Vietnam's export turnover to the UAE reached nearly $737 million, up nearly 60 per cent. Imports reached $72 million, up 44 per cent.

According to the Ministry of Industry and Trade, the UAE is one of the 10 largest export partners of Vietnam globally, as well as the largest export partner of Vietnam in the Middle East and Africa. Vietnam has always been running a trade surplus towards this market.

Specifically, phones and accessories are still the main export items of Vietnam to the UAE, reaching $551 million, up nearly 108 per cent over the same period last year, and accounting for two-thirds of the total export turnover.

All agricultural and aquatic products have positive growth. Of this, cashew nuts reached $10.3 million, nearly six times as much as same period last year; seafood reached $10.6 million, up 18 per cent; and vegetables and fruits reached $7.5 million, up 12 per cent. These are all key export commodities of Vietnam, with high added value as well as sustainability in exports.

Meanwhile, due to the influence of COVID-19, the turnover of goods such as footwear and textiles decreased, reaching $14 million and $11 million, down 23 and 11 per cent, respectively.

Regarding the structure of imported goods, most of Vietnam's main imports from the UAE have grown well. Of this, plastic raw materials, a major import item, reached $41.8 million, up 66 per cent over the same period last year. Animal feed and raw materials reached $8.7 million, up 9 per cent. Among imported products, only petroleum products saw a decrease in turnover, reaching only $2.5 million in the first two months.

According to the Vietnam Trade Office in the UAE, the UAE is considered a gateway to penetrate the Middle East and Africa, Vietnamese goods exported to this market will have more opportunities to export goods to other countries.