UAE – a lucrative market for Vietnam

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VOV News English - 34 month(s) ago 10 readings

UAE – a lucrative market for Vietnam

(VOV) - Vietnamese are encouraged to capitalise on the potential of the United Arab Emirates (UAE) market to boost exports to the nation, as the UAE is an important gateway to the European Union and Africa.

The Ministry of Industry and Trade (MoIT) reports that Vietnam’s export earnings to this key Middle East market in 2011 amounted to US$922 million, up 82 percent against 2010. As a result, the UAE beat Turkey to become Vietnam’s largest export market in the Middle East in 2011.

Notably, mobile phone exports fetched US$363 million, up 412 percent and making up 39 percent of Vietnam’s total export value to the UAE. This is an impressive figure given the fact that Vietnam had not begun shipping its mobile phones to this market until 2010.

In addition, other commodities that attained high export growth included garments, steel, computers, electronics and spare parts, pepper and seafood.

Given the importance of this market, many Government delegations have paid working visits to the UAE to fully tap its potential.

Seafood, pepper, footwear and garments associations have frequently sent business groups to attend fairs, exhibitions and workshops in the UAE to share information and establish partnerships.

Major trade promotion events include the annual Gulffood exhibition and the annual Global Village Fair, and a seafood and farm produce promotion workshop, the Dubai Rice Exhibition, and the SIAL Abu Dhabi farm produce exhibition, all taking place in 2011.

To get a larger share in the UAE market, the MoIT suggests that Vietnamese businesses make the best of their competitive advantage in this market in terms of the quality and prices of food and farm produce such as rice, black pepper, tea, coffee, coconuts and cashew nuts, because this market imports more than 80 percent of its farm produce every year.

Vietnamese businesses are also encouraged to boost trade promotions in the UAE to expand its overseas outlets, as UAE businesses want to directly invest in the processing industry or establish farm produce partnerships with their Vietnamese counterparts, both to meet domestic demand and to re-export products to the EU and Africa.

The United Arab Emirates (UAE) is the world’s third largest re-export centre after Hong Kong and Singapore. It is the most dynamic nation in trade, transportation and services in the Middle East region, and serves as a gateway to the EU and Africa.

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