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Saturday, June 15, 2024

More local firms keen on trade with UAE

By Hoang An

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HCMC – Since the Dubai Chamber of Commerce was set up in HCMC last year, Vietnamese businesses have been expanding trade with the United Arab Emirates.

In 2023, the non-petroleum bilateral trade between Vietnam and the UAE grew by 12.2% to US$8.6 billion. The expanding trade relationship is further evidenced by the rise in Vietnamese businesses registered with the Dubai Chamber of Commerce and Industry from 14 in 2014 to 147 as of March 2024.

Vietnam has identified several sectors with high export potential to Dubai, including furniture, seeds, tropical fruits, and coffee, aligning with Dubai’s investment interest in Vietnam, especially in sustainable agriculture, construction, tourism, and food.

Despite global economic challenges, HCMC’s exports to the UAE grew by over 4% in the past year, totaling nearly US$340 million. The UAE currently ranks 42nd among the countries and territories investing in HCMC, with 27 projects in the city.

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