Vietnam Engages with UAE to Expand Investments

Vietnam has engaged the United Arab Emirates' (UAE) Investment Corporation of Dubai to expand investment in Vietnam. Prime Minister Nguyen Xuan Phuc said Hanoi shared great attachment to the sound friendship and multifaceted cooperation with the UAE. "UAE is the biggest trade partner of Vietnam in the Middle East, with an annual bilateral trade value of around US$6 billion."

Ibrahim Al Shaibani, the CEO of the Dubai Investment Corporation said they have started working with Vietnam's VinaCapital, following the World Economic Forum in Davos, Switzerland in January 2019, to plan a visit to the country to look at cooperation opportunities. "The firm worked with authorities of Quang Nam and surveyed some locations planned for implementing a large-scale resort and entertainment complex project in the central costal province, which reaped good results." Shaibani said his group wanted to seek reliable partners in Vietnam for long-term business. He suggested that the Southeast Asian country should invest more in infrastructure development and increase the application of information technology in entry and exit management. This, he said will attract more international tourists. Shaibani said he hoped to cooperate with Vietnam to bring its workers to work in UAE, particularly in tourism services and hotels.

The Vietnam PM said Vietnam has a favorable business environment with improved infrastructure and international tourists have been arriving in numbers. He shared his willingness to cooperate with UAE.