DIC strengthens global presence with launch of Vietnam

Adgully Bureau |

Dubai: Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has inaugurated a new international representative office in Vietnam. Located in Ho Chi Minh City, the office further strengthens the chamber’s presence in Southeast Asia following recent openings in Indonesia and Singapore and is aimed at boosting bilateral trade and investment between Dubai and Vietnam.

The official launch ceremony was held recently with the participation of H.E. Dr. Bader Abdullah Al Matrooshi, Ambassador Extraordinary and Plenipotentiary of the UAE to Vietnam, and Salem Al Shamsi, Vice President of Global Markets, Dubai Chambers.

The opening brings the total number of Dubai International Chamber representative offices to 22 across the Middle East, Africa, Eurasia, China, India, and Latin America. The office will support and guide Dubai-based companies seeking to expand into Vietnam throughout every stage of their international expansion, as well as creating new mechanisms to attract FDI from Vietnam to Dubai by promoting the emirate as a preferred business hub and gateway to access emerging markets.

Commenting on the launch, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “The inauguration of our new office in Ho Chi Minh City underlines the importance of Dubai’s well-established relationship with Vietnam. We are pleased to take this strategic step that further strengthens the ties between our vibrant business communities. We look forward to building on our shared commitment to innovation to increase bilateral trade in line with the ambitions of the Dubai Global initiative, which seeks to attract inward investment to Dubai and supports the emirate’s drive to boost non-oil foreign trade to AED 2 trillion by 2026.”

H.E. Dr. Bader Abdullah Al Matrooshi, Ambassador Extraordinary and Plenipotentiary of the UAE to Vietnam, said: “The opening of Dubai International Chamber’s new representative office in Vietnam is one of several important steps taken by the UAE to further strengthen the partnership between the two countries. The launch follows recent initiatives including talks on establishing a Comprehensive Economic Partnership Agreement (CEPA) and the holding of an economic forum between the two countries in June this year. Trade figures between the two countries and other key indicators reveal promising opportunities for growth in trade and investments between our countries, and the Dubai International Chamber office will effectively contribute to achieving this goal.”

The opening of the new office comes as part of the ‘Dubai Global’ initiative launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, which seeks to establish a powerful network of 50 international representative offices for Dubai around the world by 2030. The initiative aims to attract foreign companies, SMEs, investors, and international talent to Dubai by showcasing the emirate’s competitive advantages, sharing investment intelligence, and strengthening engagement with key international stakeholders.

According to Dubai Customs statistics, the value of non-oil bilateral trade between Dubai and Vietnam reached an impressive AED 28.3 billion (US$ 7.7 billion) during 2022, reflecting the depth of joint trade ties between the two markets. As of 31 May 2023, a total of 170 Vietnamese companies were registered as members of Dubai Chamber of Commerce, 22 of which joined between January and May this year. The launch of the new Ho Chi Minh City office is set to play a key role in boosting this momentum by attracting more Vietnamese companies to Dubai.

Last year, notable exports and re-exports from Dubai to Vietnam included tobacco (US$ 92 million), animal fodder (US$ 38 million), and aluminium (US$ 33 million), as well as perfumes and cosmetics, machinery, plastics, iron and steel, mineral fuels and bitumen, and medical instruments.

Dubai’s main imported products from Vietnam included electronics (US$ 5.15 billion), footwear (US$ 564 million), and machinery (US$ 375 million), together with knitted articles, inorganic chemicals, apparel, fruits and nuts, coffee, tea and spices, furniture, and leather articles.

The chamber has identified several areas that demonstrate high potential for growth in exports from Vietnam to Dubai, including coffee, tropical fruits, furniture, and cashew nuts. Opportunities also exist to increase imports to Vietnam from Dubai in areas such as meat, beverages, coffee, spices, perfume, and cosmetics.

Promising sectors for investment in Vietnam include agribusiness, construction, ecotourism, food processing, and renewable energy.