DUBAI, United Arab Emirates--(BUSINESS WIRE)--Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has inaugurated a new international representative office in Vietnam. Located in Ho Chi Minh City, the office further strengthens the chamber’s presence in Southeast Asia and is aimed at boosting bilateral trade and investment between Dubai and Vietnam.
The office will support and guide Dubai-based companies seeking to expand into Vietnam, as well as creating new mechanisms to attract FDI from Vietnam to Dubai by promoting the emirate as a gateway to access emerging markets.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “We are pleased to take this strategic step that further strengthens the ties between our vibrant business communities, and look forward to building on our shared commitment to innovation to increase bilateral trade.”
According to Dubai Customs statistics, the value of non-oil bilateral trade between Dubai and Vietnam reached an impressive $7.7 billion during 2022, reflecting the depth of joint trade ties between the two markets. More than 170 Vietnamese companies are registered as members of Dubai Chamber of Commerce, 22 of which joined between January and May this year. The launch of the new Ho Chi Minh City office is set to play a key role in boosting this momentum by attracting more Vietnamese companies to Dubai.
The opening of Dubai International Chamber’s 22nd international representative office comes as part of the Dubai Global initiative, which was launched last year to establish a powerful network of 50 representative offices for Dubai across five continents by 2030.
The new office will work to boost bilateral trade across multiple targeted sectors, as well as unlock investment opportunities in Vietnam in promising areas including agribusiness, construction, ecotourism, food processing, and renewable energy.
Dubai International Chamber, one of three chambers operating under the umbrella of Dubai Chambers, was established to promote Dubai as a global business hub, attract multinational companies and expand the emirate’s trade ties with promising markets. The Chamber has a mandate to meet His Highness Sheikh Mohammed’s ambition to increase Dubai’s foreign trade from AED 1.4 trillion to AED 2 trillion by 2026.