Dubai Exports keen to attract Vietnamese business
Dubai Exports recently went on a trade mission to Vietnam as part of enabling exporters and manufacturers in the UAE to engage with high-growth markets and attracting further international attention to Dubais gateway advantage.
One of the top 25 fastest growing economies globally, Vietnams gross domestic product (GDP) grew 7.5% during the third quarter of 2017, and PricewaterhouseCoopers (PwC) estimates the country to be the 20th largest economy in the world by 2050. Vietnam is also a member of ASEAN (Association of South East Asian Nations), which represents the 7th largest economy in the world with a combined GDP of over AED11tn ($3tn) and predicted to be the 4th largest by 2050.
As reported by Emirates news agency Wam, Dubai Exports hosted two seminars in Ho Chi Minh City and Hanoi in Vietnam during the mission, attracting a large number of buyers who heard about the UAEs advantages as a source market. Speakers at the seminar also explained how Vietnamese companies could re-export to the Middle East, African, and Central Asian regions competitively using Dubai as a hub. Vietnam is also an excellent gateway for UAE companies seeking to enter the smaller but important economies of Laos and Cambodia.
Khalid Ibrahim Al Qahtani, the UAE Ambassador to Vietnam, said: “With increases in foreign investment and consumption patterns, the Vietnamese market is set to grow further and offer greater opportunities for domestic companies to cooperate with those in the UAE. From the seminars and B2B meetings in Ho Chi Minh City and Hanoi it was evident that Vietnamese buyers are aware that UAE companies can produce to global standards and quality. The UAE companies definitely have a competitive advantage in the highly-prized Vietnamese market.”
Saed Al Awadi, CEO of Dubai Exports, commented: “Dubai Exports has been working with a number of our counterparts to increase bilateral trade and investment with Vietnam. Although this was our first trade mission to Vietnam we have in the past hosted various groups from Vietnam and we are set to receive another of such groups in Dubai shortly.”
Al Awadi pointed out that consumer spending in Vietnam increased 80% between 2010 and 2016 from AED293bn ($80bn) to AED536bn. He added that the projected GDP growth positively impact consumer spending in the country, presenting further opportunities for UAE manufacturers and exporters.