Dubai Chamber Kicks off UAE-Vietnam Business Forum in Hanoi
Sheikha Lubna delivered a speech at the opening of the UAE- Vietnam Business Forum which was organized yesterday by Dubai Chamber of Commerce and Industry in Hanoi city in Vietnam. The forum was held as part of the official visit of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to Vietnam.
The UAE Minister of Economy said that the UAE considers Vietnam a great example in coping with the latest scientific progress and technological development. In a record time, Vietnam ranked second in growth among Asia's economies recording a growth rate of 8.5 per cent.
"We, in the UAE, are keen to enhance our economic relations with Vietnam in all fields through establishing joint ventures, discussing the ways to benefit from mutual investment opportunities and increasing bilateral trade. The UAE government is interested in activating the agreement of economic, trade, scientific and technical cooperation which both countries signed in 1999 to exchange expertise and information of infrastructure, medical care, trade, investment and tourism. We wish to expand this agreement into a full economic partnership that realizes the interests of our countries, " said Sheikha Lubna.
She pointed out that the bilateral trade between the UAE and Vietnam reached $ 165 million in 2006, recording a growth rate of 46.2 per cent during the past four years. Sheikha Lubna welcomed all Vietnamese investors wishing to set up businesses in the UAE, and expressed the interest of the UAE businessmen to explore the potential investment opportunities in Vietnam.
"The UAE ranks first among the GCC countries and the Middle East in terms of attracting foreign direct investments. The UAE attracted 60 per cent of the total foreign investments that entered the GCC countries totaled $ 26 billion," Sheikha Lubna explained.
Obaid Humaid Al Tayer, Chairman of Dubai Chamber of Commerce and Industry and Head of the UAE businessmen delegation accompanying Sheikh Mohammed bin Rashid Al Maktoum in his visit to Vietnam, conducted a speech in which he congratulated Vietnam for joining World Trade Organization (WTO) early this year, which, he believed, will open doors for Vietnam to explore lots of investment opportunities and turn its economy from a closed into an open economy. He added that Vietnam's new membership with WTO will provide the country with an effective access to world markets and enhance its development projects and competitiveness.
"The UAE's interest in strengthening economic ties with Vietnam is attributed to both countries' intention to develop economy, set up more development projects in all sectors and attract foreign investments. The UAE is a significant gateway and strategic commercial link between the East and West. The UAE could also play a key role as a transit center for the Vietnamese exports heading towards Europe, Africa and the Middle East," said Al Tayer.
Dubai Chamber's Chairman highlighted the potential investment opportunities in the UAE and Vietnam through establishing joint ventures of infrastructure, and in sectors such as tourism, manufacturing and financial services, in addition to promoting state-owned enterprises (SOEs). He said Vietnam enjoys a high population and qualified labor force of low wages which could be exported to the UAE.
According to an inclusive economic study, which Dubai Chamber has prepared and provided to the members of the UAE businessmen delegation to Vietnam on the potential business opportunities in Vietnam from the UAE perspective, Vietnam is endowed with rich natural resources in which the UAE could invest. The Vietnamese investors could also benefit from diverse investment opportunities available in a large number of UAE economic sectors such as real estate and construction, financial services, marine shipment, tour and travel, healthcare, education, transportation and others.
The study mentioned that the UAE ranked 24 among Vietnam's export markets from 2000 to 2005. Vietnam's exports to the UAE during the same period increased from $ 24 million to $ 122 million.
Vietnam is considered an important source that meets the UAE's needs of agricultural products thanks to Vietnam's strong agricultural sector. The UAE is considered a significant point of attraction of non-oil products recoding an annual growth rate of 15 per cent to 37 per cent during 2001-2004. The UAE could also be a transit port for the Vietnamese commodities exported to Europe and Africa. On the other hand, Vietnam could become a new market for the UAE's exports of metal products.
"In order to ensure stronger cooperation between the business communities of the UAE and Vietnam, a Memorandum of Understanding (MoU) was signed between Dubai Chamber of Commerce and Industry and Vietnam Chamber of Commerce and Industry aiming to enhance mutual relations between the members of the two chambers and businessmen in both countries, in addition to exchange information and expertise and introduce the economic facilitations and legislations offered in the UAE, as well as in Vietnam," Al Tayer added.
In his speech, Do Huu Hao, Vice Minister of Industry and Trade in Vietnam, stressed the importance of the forum in further strengthening the economic ties between the business communities in the UAE and Vietnam. He talked about his country's economic achievements in sectors of industry, construction, services and agriculture.
He also talked about the remarkable increase in Vietnam's exports turnover by 17.3 per cent during 2000-2005. He said Vietnam's exports in 2006 reached $ 39.6 billion whereas its imports in the same year hit $ 44.4 billion.
The Vietnamese Minister of Industry and Trade highlighted the significant role played by the Dubai-based Trade office of Vietnam and the Vietnamese Trade Center in boosting bilateral trade between the UAE and Vietnam which reached to $ 184.6 million in 2006.
"Along with the MoU signed between the Vietnamese Ministry of Industry and Trade and the UAE's Ministry of Finance and Industry, we both need to increase the visits of our businessmen to each others countries, open new channels of contacts to exchange information and expertise and participate in more trade fairs and exhibitions," said Minister Hao.
Dr. Vu Tien Loc, Chairman of Vietnam Chamber of Commerce and Industry, also highlighted the importance of the forum saying that more than 3000 Vietnamese companies are operating in the UAE, and that the forum would help increase the number of these companies in the UAE.
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