Highlights opportunities for Vietnamese firms as UAE and Vietnam close to landmark trade deal this year
DUBAI: DMCC, the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – successfully concluded its first Made for Trade Live roadshow in Vietnam, which focused on boosting trade, investment, and business connectivity between Vietnam and the UAE ahead of a Comprehensive Economic Partnership Agreement (CEPA) which is expected to be concluded in 2024.
The events in Hanoi and Ho Chi Minh City leveraged the accelerating economic relations between the UAE and Vietnam.
With bilateral trade growing year on year, Vietnam is an increasingly important trade partner for the UAE, providing a strategic gateway to Southeast Asia, which has potential to significantly expand in the coming years once the UAE-Vietnam trade deal comes into effect.
The UAE is also Vietnam’s largest trading partner in the Arab world.
The event saw DMCC executives brief 412 Vietnamese businesses and leaders in key commodities sectors and technology industries on the opportunities to expand through DMCC.
Setting the stage for new era
The event focused on the growing potential for Vietnamese and Southeast Asian markets to expand their role on the international stage, particularly as the world’s economy shifts towards greater bilateral trade partnerships and regional bloc-based trade.
“We are happy to see DMCC’s roadshow in Vietnam which will contribute to the ongoing growth of economic development between the UAE and Vietnam. DMCC’s roadshow is one out of many examples of active interactions between both countries and it illustrates the opportunities seen by private sectors,” Dr. Bader Al Matrooshi, Ambassador of the UAE to Vietnam, said.
“As the UAE broadens its network of trade partners across the world, our collaboration with Vietnam is set to reach new heights. The UAE is one of the top trade partners for Vietnam in the Middle East. This provides us with a firm platform to grow our trade and investment in the coming years, setting the stage for a new era in UAE-Vietnamese economic relations.”
DMCC, home to over 24,000 businesses, contributes 11% to Dubai’s annual FDI inflows, and in 2023, the business district achieved its second-best year on record, welcoming nearly 2,700 new companies.
“With a landmark UAE-Vietnam CEPA in the final stages of negotiation, DMCC’s presence here demonstrates our intent to drive business connectivity at this pivotal moment. Through our dedicated industry ecosystems and expanded physical infrastructure, DMCC can support Vietnamese companies set up and connect to global markets, deepening the UAE-Vietnam bilateral corridor as well as regional trade flows in the process,” Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said.
