At the event (Source: Internet) HCM City (VNA) – Vietnam and the Middle East holdpotential to boost trade and investment, as heard the Vietnam – Middle Easttrade forum held in Ho Chi Minh City on May 11.
Speaking at the event, deputy head of the VietnameseMinistry of Industry and Trade’s Department of Asia – Africa Markets Le ThaiHoa described the Middle East as a big market with a population of over 300million people. Each year, the region imports food worth nearly 40 billion USD,which is expected to hike to 70 billion USD by 2035.
Major promising markets in the region include the UnitedArab Emirates (UAE), Turkey, Arab Saudi and Iran.
Two-way trade between Vietnam and the Middle East hit 12billion USD last year, 9 billion USD of which was Vietnam’s exports to theregion. Apart from food and farm produce, the region has great demand formobile phones, electronic equipment, consumer goods, leather and footwear whichare Vietnam’s hard currency earners.
The UAE is now Vietnam’s biggest economic and trade partnerwith export turnover in excess of 5 billion USD last year.
Vietnamese Ambassador to the UAE Trinh Vinh Quang saidVietnam is now gateway for UAE firms to access ASEAN market while the UAE is agateway for Vietnam to expand to the Middle East.
UAE Ambassador to Vietnam Obaid Al Dhaheri hailed Vietnam asthe UAE’s leading economic partner in Southeast Asia and suggested promotingcollaboration across renewable energy, metallurgy, vessel repair, petrochemicals,chemicals and mechanical engineering.
The UAE has invested in 14 projects worth over 26 millionUSD in Vietnam, mostly in infrastructure, real estate, mineral resources,manufacturing, tourism and services.
Though two-way trade grows over years, Vietnam’s exports tothe Middle East only account for more than 1 percent of the region’s totalimports. Though the region is strong in oil and gas, chemicals, manufacturingmaterials, industrial and high-tech goods, trade with Vietnam remains limited.
Hoa advised Vietnamese firms to understand business customsas well as necessary regulations on exports to the region. In particular, foodstuffneeds Halal certification, adding that they should check records of partnersand discuss the least risky payment before signing contracts and deliveringgoods.
Do Hoai Nam, Vice Chairman of the Vietnam Coffee – CocoaAssociation, said the region boasts huge demand for rice, coffee, pepper andaquatic products.
He suggested accessing the Middle East market via Dubai –one of the most open economies and a transit hub in the region, and joiningannual trade fairs in Dubai to directly meet regional buyers.
On the occasion, the UAE’s Relam Investment and Vietnam’sMIG Holdings signed a cooperation agreement to launch Trade Hub in Vietnam – aplatform operating in many countries to connect online trade.
MIG Holdings Director Nguyen Duy Phuong said Trade HubVietnam is due to go into operation in July 2018, connecting manufacturers,services suppliers, financial organisations and investors together.
He added that Trade Hub will help small and medium-sizedenterprises in marketing and trade promotion and share logistics services forsmall orders.
Executive Director of Savil Vietnam Neil Madgegor said theMiddle East’s investment in Vietnam tends to increase, mostly in real estateand high technology.
In order to attract the Middle East investment, he saidVietnamese firms need to improve transparency, corporate governance andworkforce quality, thereby promoting bilateral partnership.-VNA
Speaking at the event, deputy head of the VietnameseMinistry of Industry and Trade’s Department of Asia – Africa Markets Le ThaiHoa described the Middle East as a big market with a population of over 300million people. Each year, the region imports food worth nearly 40 billion USD,which is expected to hike to 70 billion USD by 2035.
Major promising markets in the region include the UnitedArab Emirates (UAE), Turkey, Arab Saudi and Iran.
Two-way trade between Vietnam and the Middle East hit 12billion USD last year, 9 billion USD of which was Vietnam’s exports to theregion. Apart from food and farm produce, the region has great demand formobile phones, electronic equipment, consumer goods, leather and footwear whichare Vietnam’s hard currency earners.
The UAE is now Vietnam’s biggest economic and trade partnerwith export turnover in excess of 5 billion USD last year.
Vietnamese Ambassador to the UAE Trinh Vinh Quang saidVietnam is now gateway for UAE firms to access ASEAN market while the UAE is agateway for Vietnam to expand to the Middle East.
UAE Ambassador to Vietnam Obaid Al Dhaheri hailed Vietnam asthe UAE’s leading economic partner in Southeast Asia and suggested promotingcollaboration across renewable energy, metallurgy, vessel repair, petrochemicals,chemicals and mechanical engineering.
The UAE has invested in 14 projects worth over 26 millionUSD in Vietnam, mostly in infrastructure, real estate, mineral resources,manufacturing, tourism and services.
Though two-way trade grows over years, Vietnam’s exports tothe Middle East only account for more than 1 percent of the region’s totalimports. Though the region is strong in oil and gas, chemicals, manufacturingmaterials, industrial and high-tech goods, trade with Vietnam remains limited.
Hoa advised Vietnamese firms to understand business customsas well as necessary regulations on exports to the region. In particular, foodstuffneeds Halal certification, adding that they should check records of partnersand discuss the least risky payment before signing contracts and deliveringgoods.
Do Hoai Nam, Vice Chairman of the Vietnam Coffee – CocoaAssociation, said the region boasts huge demand for rice, coffee, pepper andaquatic products.
He suggested accessing the Middle East market via Dubai –one of the most open economies and a transit hub in the region, and joiningannual trade fairs in Dubai to directly meet regional buyers.
On the occasion, the UAE’s Relam Investment and Vietnam’sMIG Holdings signed a cooperation agreement to launch Trade Hub in Vietnam – aplatform operating in many countries to connect online trade.
MIG Holdings Director Nguyen Duy Phuong said Trade HubVietnam is due to go into operation in July 2018, connecting manufacturers,services suppliers, financial organisations and investors together.
He added that Trade Hub will help small and medium-sizedenterprises in marketing and trade promotion and share logistics services forsmall orders.
Executive Director of Savil Vietnam Neil Madgegor said theMiddle East’s investment in Vietnam tends to increase, mostly in real estateand high technology.
In order to attract the Middle East investment, he saidVietnamese firms need to improve transparency, corporate governance andworkforce quality, thereby promoting bilateral partnership.-VNA
VNA
