There is huge potential for the UAE and Vietnam to expand ties in renewable energy, trade, investment, logistics, maritime transportation, medical tourism and aviation, according to government officials and trade experts who spoke at the first Global Partnership Series event.

The virtual forum, organised by Dubai Chamber of Commerce and Industry, in partnership with the Ministry of Industry and Trade of Vietnam, was attended by 80 participants from both countries, including government officials, industry experts and business leaders.

Speakers included Nguyen Manh Tuan, Ambassador of Vietnam to the UAE; Majid Saif Al Ghurair, Chairman, Dubai Chamber of Commerce and Industry; Nguyen Phuc Nam, Deputy Director-General, Asia – Africa Market Department, Ministry of Industry and Trade, Vietnam; Le Thi Hai Van, Deputy Director-General, Foreign Investment Agency, Ministry of Planning and Investment, Vietnam, and Omar Khan, Director, International Offices, Dubai Chamber.

In his welcome remarks, Tuan said the participation of ministries, business groups and companies from a wide variety of economic sectors from the Vietnamese side in the virtual forum reflected the country’s strong commitment to developing its ties with the UAE, as well as the vast potential for expanding bilateral cooperation.

“I expect that the efforts from two sides will create the favourable conditions and further enhance the economic, trade, industry and investment relationship between Vietnam and UAE,” said Tuan, who outlined several recommendations for boosting bilateral ties including promoting cooperation between free zones, increasing business and knowledge exchange, and driving participation of businesses in the seminars, workshop, exhibitions and trade fairs organised in Vietnam and Dubai.

Addressing participants, Al Ghurair elaborated that the UAE is Vietnam’s top trading partner in the Middle East and North Africa, and Dubai serves as a gateway for the re-exporting Vietnamese goods and products. Yet, he noted that there is still plenty of scope to expand Dubai-Vietnam non-oil trade beyond the $7.4 billion accounted for in 2019, adding that the virtual forum supports Dubai Chamber’s efforts to explore the untapped economic potential in Vietnam and other emerging markets around the world.

Nam noted that the Vietnamese government attaches great importance to expanding trade with Dubai, and said Vietnam’s Ministry of Industry and Trade and the UAE’s Ministry of Economy are taking steps to establish a working group to address the issue of strengthening ties.

Vietnam has great potential for developing solar and wind power, according to Nam, who said the country’s renewable energy is ripe with opportunities for the UAE’s investors. He explained that bilateral trade of essential items such as food, seafood, fruits and vegetables, and medical supplies cashew and rice will be increasing amid the growing demand.

Van shared his insights on the investment climate in Vietnam and highlighted key markets that could offer the most potential for UAE businesses. Khan presented an informative overview of Dubai’s economy, business environment, competitive advantages and other new incentives that Vietnamese businesses can benefit from.