06 Muharram 1446 - 12 July 2024
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Eye of Dubai
Business & Money | Sunday 12 May, 2024 9:52 am |

Dubai investments in Vietnam reach AED280 million during 5 years: Dubai Chambers President & CEO

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said today that Dubai's investments in Vietnam totalled approximately AED280 million between 2019 and 2023, fostering 4,500 job opportunities within the Vietnamese market.


During the second leg of the trade mission organised by Dubai Chamber International to Indonesia and Vietnam, Lootah told the Emirates News Agency (WAM) that Dubai's investments in Vietnam focused on transportation, storage, and financial services sectors.


The surge in Vietnamese companies joining Dubai Chamber's membership during the first quarter of this year - totalling 29 - underscores a growing trend. The total member count 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 surged to over AED31.7 billion in 2023, indicating a robust growth rate of 12.2 percent.


Anticipating further momentum, Lootah pointed to the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Vietnam. This agreement is poised to unlock new avenues for Emirati firms across sectors while providing Vietnamese exporters enhanced access to global markets, leveraging the UAE's stature as a global trade hub bridging Eastern and Western markets.


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