Vietnam-UAE look at bright trade and investment co-operation future

The Vietnam-UAE Investment Forum took place on the occasion of the visit of Minister of the Economy Sultan bin Saeed Al Mansouri

The forum, which was co-chaired by Vietnamese Minister of Industry and Trade Tran Tuan Anh and UAE Minister of the Economy Sultan bin Saeed Al Mansouri, opened in Hanoi on October 15 and in Ho Chi Minh City on October 17 with the aim of fostering economic, trade, and investment co-operation between the two parties on the occasion of the working visit of the UAE Minister along with UAE trade promotion agencies and enterprises.

Addressing the event, Minister Tran Tuan Anh affirmed that Vietnam always attaches importance to and wishes to promote friendship as well as economic, trade, and investment co-operation with the UAE. The minister affirmed that the Vietnamese government is also willing to create favourable conditions for foreign investors, including UAE investors, to do business in Vietnam.

He suggested business communities from both countries continue to co-ordinate closely with the authorised agencies of the two countries to utilise market opportunities and boost economic co-operation.

The UAE and Vietnam enjoy "strong and prosperous" bilateral relations. Notably, the UAE is the topmost trading partner of Vietnam in the Middle East and North Africa and serves as an excellent gateway for the trade of Vietnamese goods and products with the region.

The UAE is also an attractive destination for Vietnamese companies looking to expand trade and investment in the region.

Statistics show that bilateral trade has been growing strongly, reaching $5.67 billion in 2018, up 1.3 per cent on-year. The figure is estimated at $4.26 billion in the first nine months of this year, slightly down from the same period of 2018.

Minister Al Mansouri said, “Vietnam’s participation in many free trade agreements would bring many opportunities and open its market for businesses from other countries to invest, including the UAE. The two sides should continue to support activities to facilitate trade as well as connect business communities.”

Speaking at the event in Ho Chi Minh City, deputy director of the Vietnam Chamber of Commerce and Industry in Ho Chi Minh City, Tran Ngoc Liem, said that trade co-operation between Vietnam and the UAE has been expanding rapidly but not sustainably and has yet to match the potential of both countries. Vietnam wishes to penetrate the Middle East and African markets through UAE enterprises, Liem said. Vietnam hoped UAE enterprises will invest in Vietnam through securities investment for sustainable trade and investment development.

A number of large UAE groups have looked for opportunities in Vietnam. In January, Investment Corporation of Dubai started working with Vietnam’s VinaCapital to plan a visit to the country to study co-operation opportunities.

The firm worked with the authorities of Quang Nam and surveyed a number of locations to implement a large-scale resort and entertainment complex project in the central coastal province, which reaped positive results.