Tuesday , February 27 2024

Dubai Chamber of Commerce eyes trade, investment with new rep office in HCMC


The Dubai International Chamber on Friday opened a representative office in Vietnam to explore opportunities for trade and investment.

The Ho Chi Minh City office is the 22nd of the Dubai International Chamber, one of the three chambers operating under the Dubai Chamber of Commerce.

It is its third in Southeast Asia after Indonesia and Singapore.

Salem Al Shamsi, vice president of global markets at Dubai Chamber, said this is a strategic step, opening a new era of cooperation between the Vietnamese and Dubai business communities.

“The vibrant and strong business environment, favorable policies, skilled labor and the strategic location of Vietnam are the reasons for us to set up a new international office here.”

Dubai is a city and one of the emirates that make up the United Arab Emirates (UAE).

In April Vietnam and the UAE had kicked off negotiations on a bilateral Comprehensive Economic Partnership Agreement.

Speaking at the inauguration of the office on Friday, Bader Abdullah Al Matrooshi, Ambassador Extraordinary and Plenipotentiary of the UAE to the Vietnam said it would contribute to increasing trade and investment opportunities between the two countries.

Bilateral trade was worth US$8.7 billion last year.

Vietnam’s main exports to Dubai are electronics ($5.15 billion), footwear ($564 million) and machinery ($375 million), followed by textiles, non-organic chemicals, clothing, fruits and nuts, coffee, tea and spices, furniture, and leather products.

Its main imports are tobacco ($92 million), animal feed ($38 million) and aluminum ($33 million) besides perfumes and cosmetics, machinery, plastics, iron and steel, mineral fuels, and medical instruments.

According to the Dubai International Chamber, items with high potential for export growth from Vietnam to Dubai include coffee, tropical fruits, furniture and cashew nuts.

It has also identified a number of potential areas for investment in Vietnam, including agribusiness, construction, ecotourism, food processing, and renewable energy.

As of May 31 a total of 170 Vietnamese companies had registered as members of the Dubai Chamber.

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