Vietnam, UAE look towards sustainable trade and investment development

Thursday, 2019-10-17 16:19:40
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Hundreds of enterprises from both countries attend the forum. (Photo: VNA)
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NDO – Vietnam calls on enterprises from the United Arab Emirates (UAE) to invest in the areas of logistics infrastructure, oil and gas, renewable energy and supporting industry, said Vu Ba Phu, director of the Vietnam Trade Promotion Agency (VIETRADE) under the Ministry of Industry and Trade.

Phu made the appeal at a trade and investment forum between Vietnam and UAE held by VIETRADE and the Vietnam Chamber of Commerce and Industry (VCCI) in Ho Chi Minh City on October 17.

VIETRADE Director Vu Ba Phu said that total import and export revenue between Vietnam and UAE reached over US$4 billion in the January-September period, including nearly US$4 billion worth of Vietnam’s export revenue to UAE, up 2.23% over the same period last year.

Vietnam has become the largest trade partner of UAE in Southeast Asia and UAE is also the largest partner of Vietnam in Middle East.

According to Deputy Director of VCCI in Ho Chi Minh City, Tran Ngoc Liem, trade cooperation between Vietnam and UAE has expanded rapidly but not sustainably and has yet to match the potential of both countries. Vietnam wishes to penetrate the Middle East and African markets through UAE enterprises, Liem said.

In addition, Vietnam hoped UAE enterprises will invest in Vietnam through securities investment for a sustainable trade and investment development, Liem noted.

Undersecretary for Foreign Trade and Industry of the UAE Ministry of Economy, Abdullah AI Saleh, said that UAE has strengths in infrastructure, technology, and logistics services in addition to many incentives for FDI enterprises. UAE is also an intermediary place to transport goods to many regions in the world, he added.

He expressed his hoped that through the forum, business community of both sides will find out areas of common interest to open up business opportunities.