Other BriefingsDubai Chamber Of Commerce Opens Office In Ho Chi Minh City
The Dubai International Chamber has opened a representative office in Vietnam to explore opportunities for trade and investment. The new Ho Chi Minh City office is its third in Southeast Asia after Indonesia and Singapore.
Salem Al Shamsi, vice president of global markets at the Dubai Chamber, said this is a strategic step, opening a new era of cooperation between the Vietnamese and Dubai business communities. “The vibrant and strong business environment, favorable policies, skilled labor and the strategic location of Vietnam are the reasons for us to set up a new international office here.”
In April this year, Vietnam and the UAE began negotiations on a bilateral Comprehensive Economic Partnership Agreement. UAE- Vietnam bilateral trade was worth US$8.7 billion last year.
Vietnam’s main exports to Dubai are electronics (US$5.15 billion), footwear (US$564 million) and machinery (US$375 million), followed by textiles, non-organic chemicals, clothing, fruits and nuts, coffee, tea and spices, furniture, and leather products.
Its main imports are tobacco (US$92 million), animal feed (US$38 million) and aluminum (US$33 million) besides perfumes and cosmetics, machinery, plastics, iron and steel, mineral fuels, and medical instruments.
According to the Dubai International Chamber, items with high potential for export growth from Vietnam to Dubai include coffee, tropical fruits, furniture and cashew nuts.
It has also identified a number of potential areas for investment in Vietnam, including agribusiness, construction, ecotourism, food processing, and renewable energy.
As of May 31 this year, 170 Vietnamese companies had registered as members of the Dubai Chamber in Ho Chi Minh City.
Dezan Shira & Associates assist foreign investors into Asia, and provide market intelligence, legal, tax planning and corporate advisory services. We maintain an office in Dubai and have three in Vietnam. For assistance please contact us at asia@dezshira.com or refer to our Dubai and Vietnam business guides below.
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Middle East Briefing is one of five regional publications under the Asia Briefing brand. It is supported by Dezan Shira & Associates, a pan-Asia, multi-disciplinary professional services firm that assists foreign investors throughout Asia, including through offices in Dubai (UAE), China, India, Vietnam, Singapore, Indonesia, Italy, Germany, and USA. We also have partner firms in Malaysia, Bangladesh, the Philippines, Thailand, and Australia.
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