A United Arab Emirates business forum was attended by 80 Vietnamese and 20 the UAE enterprises on May 11 in Hanoi. The event discussed agriculture, infrastructure and real estate opportunities.
UAE Foreign Minister Abdullah bin Zayed Al said, "Two-way trade turnover between Vietnam and the UAE stood at USD6.3 billion last year. We expect the number to reach USD7 billion this year, including USD6.5 billion in export turnover."
Minister Nahyan stressed that the figure was still very small compared to the country's total imports which ran into tens of billions of USD in agriculture, electronics and fine art products, all of which could be sourced from Vietnam.
"UAE is now open to Vietnamese goods," Nahyan said. “Vietnamese firms can benefit from our zero rate tariffs."
A Ministry of Industry and Trade representative said two-way trade between the two countries has been improved in recent times. UAE is now Vietnam's seventh biggest trade partner.
Vault Investments Group financial adviser Mohammad AlAhli said many UAE companies were seeking opportunities in Vietnam, mainly in constructing airports, seaports and real estate.
"UAE firms are focused on high-end real estate projects, so they are really paying attention to seaside resort complexes and casinos projects in Vietnam," Mohammad AlAhli said.
Vietnamese firms complained about high transportation costs and what they described as UAE's strict food and cultural standards for meat products.