Director General of Dubai Chambers: 280 million dirhams of Dubai’s investments in Vietnam over 5 years
Vietnam, 10 May / WAM / His Excellency Mohammed Ali Rashid Lootah, Director General of Dubai Chambers, confirmed that the total value of Dubai’s investments in Vietnam during the past five years (2019 – 2023) amounted to about 280 million dirhams, pointing out that these investments provided 4,500 job opportunities in Vietnamese market.
Speaking to the Emirates News Agency, WAM, during the second leg of the trade mission organized by Dubai International Chamber to Indonesia and Vietnam, Lootah said that Dubai companies’ investments in Vietnam were concentrated in the transportation, warehousing, and financial services sectors.
He revealed that 29 new Vietnamese companies joined the membership of the Dubai Chamber of Commerce during the first quarter of this year, bringing the total number of active companies joining the membership of the Dubai Chamber of Commerce to 147 companies at the end of the first quarter of this year, compared to 118 companies at the end of 2023, and only 12 companies in In 2014, he pointed out that this growth reflects the growing interest in Dubai among the business community in Vietnam.
He expressed his confidence in the success of the trade mission in Ho Chi Minh City in shedding light on mutually beneficial opportunities that would enhance trade and economic cooperation between Dubai and Vietnam.
He explained that the objectives of the trade mission to Ho Chi Minh City include encouraging cooperation and economic partnerships in the sectors of sustainable agriculture, construction, tourism and the food industry.
He said that the volume of bilateral trade between Dubai and Vietnam exceeded 31.7 billion dirhams during 2023, with a growth of 12.2 percent.
He expected further growth in trade exchange activity with the approaching signing of the anticipated Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Vietnam, pointing out that this agreement will contribute to enhancing access to markets in Vietnam for Emirati companies operating in various sectors, as well as opening the door to greater access. Greater access to the global market for Vietnamese exporters thanks to the UAE’s position as a global trade center linking East and West.
He stressed that Vietnam represents a market of great strategic importance to Dubai, as Dubai International Chamber opened a new external representative office in Ho Chi Minh City.
He said that our team in Vietnam worked to support growth in bilateral trade and investment, and build strong relationships with key stakeholders in the public and private sectors.
He added that the office also supports Dubai-based companies seeking to expand in Vietnam, as well as helping Vietnamese companies enter the Dubai market and benefit from the Dubai market as a launching pad for their global ambitions.
He expressed his confidence that the office opened in July 2023 in Ho Chi Minh City and the upcoming comprehensive economic partnership agreement will strengthen relations between our markets and lead to the establishment of many Vietnamese companies in Dubai.
He stressed the keenness of the members of the trade mission from Dubai to explore future investment and partnership opportunities to establish a local presence and enhance participation with new trade partners.
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