Vietnam, Middle East explore trade potential

The multifaceted cooperation ties between Vietnam and the UAE have been developing strongly. Sound politic and diplomatic relations have aided the rapid development of bilateral cooperation in economics, trade, industry and investment.

Two-way trade turnover hit more than US$5.5 billion last year. Vietnam has carried out many trade promotion activities and taken part in seminars, trade events and international exhibitions and fairs in the UAE, helping businesses seek partners and collaboration opportunities.

The two countries also have potential to boost cooperation in the fields of renewable energy, metallurgy, ship repair, petro-chemistry, chemicals, mechanics and manufacturing.

UAE businesses have been investing in infrastructure, real estate, mining, manufacturing, tourism and services in Vietnam. They has had 14 direct investment projects worth more than US$26 million in the Southeast Asian country.

To introduce business and investment environment in Vietnam and the UAE and tighten the business community, the Vietnam Chamber of Commerce and Industry (VCCI) and MIG Holding and RELAM Investment-Dubai organized a Vietnam-Middle East trade forum in Ho Chi Minh City on May 10-11.

To further promote trade, the Vietnamese Government has approved a project on development of Vietnam- Middle East trade ties from now to 2025 and the Ministry of Industry and Trade will work out a specific action program to implement it. The Ministry has also held regular promotion activities to help businesses access the Middle East market.