Dubai Chamber organizes business matching meeting in Hanoi City

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        'caption' => 'HE Obaid Humaid Al Tayer, Chairman of Dubai Chamber of Commerce & Industry.',
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The visit aims to activate bilateral economic and trade ties between the two countries and to discuss the potential investment opportunities available in both countries on the government and private levels.

The UAE's delegation to Vietnam comprises of 27 top businessmen and investors representing a number of major economic sectors in the UAE such as real estate, construction, engineering, food processing, automotives, fashion, jewelry, printing and publishing, freight forwarding, travel and tourism, healthcare, consultation, education, agriculture, oil and gas and other investments sectors. A number of the Dubai Chamber's Board of Directors members, director general, a number of Dubai Chamber's heads of departments, as well as the directors general of the chambers of commerce of Abu Dhabi, Ajman, Ras Al Khaimah, Umm Al Quwain and Fujairah, will be among the delegation to Vietnam.

Al Tayer pointed out that the visit of the UAE businessmen delegation to Vietnam goes in line with the UAE's strategic plans in supporting its economic and trade relations with the world, including the countries of emerging economies that enjoy serious potentials to globally develop its economy.

Vietnam has been the world's second fastest growing economy after China, and that the UAE's interest in strengthening economic ties with Vietnam during this visit is highly attributed to the similarity which both countries enjoy in developing their economies, establishing development projects with real joint cooperation between the government and private sectors, and in attracting foreign investments and setting strategic plans needed for the process of improvement and overcoming challenges.

'The visit of the UAE businessmen delegation to Vietnam provides a significant platform for the UAE business community to meet its Vietnamese counterpart to discuss areas of effective economic and investment cooperation, to open new channels of communication between the government and private sectors in both countries, to discuss mutual investment opportunities and to study ways of increasing trade volumes between the UAE and Vietnam,'

said Al Tayer.

Joining the World Trade Organization (WTO) early this year provided Vietnam with a good opportunity to enhance its efforts in liberalizing economy and establishing strong ties of commercial cooperation with many countries, mainly with the UAE.

In the line of its strategy in supporting the interests of the local business community and as part of its initiatives to make the visit of the UAE businessmen delegation to Vietnam a success, Dubai Chamber has prepared an inclusive economic study that illustrates the potential business opportunities in Vietnam from the UAE perspective. The study aims at supplying the members of the UAE businessmen delegation with necessary information and accurate figures about the economic features of Vietnam which would help them strengthen bilateral trade cooperation.

According to the study, the industrial sectors in the UAE and Vietnam occupy the lead share of their respective GDPs. The services sector contributes by 35.8% of the UAE's GDP, while its contribution to Vietnam's GDP reaches 38.1%.

The study mentioned that with the government of Vietnam adoption of a new policy to enhance its economic relations with the countries of the world, and supporting foreign direct investment topped the priority list for the Vietnamese government. Vietnam issued new rules and legislations and offered attractive incentives that help encourage the influx of foreign investments to the country.

The study also revealed 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, while Dubai could be a vital stop port for the Vietnamese commodities exported to Europe and Africa.

Becoming a significant point of commercial attraction of non-oil products, the UAE recorded an increasing annual growth rate from 14% to 37% from 2001 to 2004. The UAE's non-oil foreign trade with Vietnam surged from $ 37 million in 2000 to $ 127 million in 2005.

According to Dubai Chamber's study, the UAE's imports from Vietnam surpassed its exports to the same country. The UAE's imports from Vietnam include foodstuff, furniture, coffee, tea, spices, tobacco, fruits, electrical equipment and machinery, while its exports to Vietnam include oil seeds, plants, fodder and plastics.

The study also mentioned that the UAE businessmen delegation to Vietnam will discuss a number of issues focusing on the economic sectors through which both countries could develop mutual cooperation. The UAE, according to the study, could be an important transit port for the Vietnamese commodities exported to Europe and Africa. The UAE national businessmen could also benefit from the growing agricultural sector in Vietnam either by direct trade or direct investment in terms of manufacturing and processing food. Meanwhile, Vietnam could also become a new market for the UAE's metal products.

On the other hand, Dubai Chamber is going to organize a business matching meeting in Hanoi city in Vietnam where the members of the UAE business delegation and their Vietnamese counterparts could meet to discuss ways that help enhance the bilateral economic relations and cooperation.