Dubai’s investments in Vietnam reached approximately AED280 million ($76.2 million) from 2019 to 2023, resulting in the creation of 4,500 job opportunities within the Vietnamese market.
Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers, revealed during the second part of the trade mission organized by Dubai Chamber International to Indonesia and Vietnam, that Dubai’s investments in Vietnam were primarily focused on the transportation, storage, and financial services sectors.
The increase in the number of Vietnamese companies joining Dubai Chamber’s membership during the first quarter of this year, totaling 29, indicates a growing trend.
Read more: Vietnam’s tourism sector generates $10.7 billion in revenue in four months
The total membership now stands at 147, compared to 118 at the end of 2023 and only 12 in 2014, reflecting an increased interest in Dubai among Vietnam’s business community.
Bilateral trade between Dubai and Vietnam experienced a surge, surpassing AED31.7 billion ($8.6 billion) in 2023, showcasing a robust growth rate of 12.2 percent.
Leveraging CEPA’s potential
Looking ahead, Lootah underlined the significance of the Comprehensive Economic Partnership Agreement (CEPA) signed between the UAE and Vietnam.
According to him, this agreement is expected to unlock new opportunities for Emirati companies across various sectors, while also providing Vietnamese exporters with improved access to global markets. It leverages the UAE’s position as a global trade hub bridging Eastern and Western markets, Lootah further added.
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