Vietnam investors urged to avail of UAE incentives

DUBAI — UAE Minister of Economy Shaikha Lubna Al Qasimi has urged Vietnamese businessmen to avail of the facilities and economic incentives that her country is offering to foreign investors who forge partnerships with their Emirati counterparts.

By A Staff Reporter

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Published: Wed 5 Sep 2007, 9:01 AM

Last updated: Sat 4 Apr 2015, 11:33 PM

In a speech at the opening of the UAE-Vietnam Business Forum in Hanoi, Shaikha Lubna said the UAE considers Vietnam as a model in taking advantage of the latest development in science and technology.

A statement released yesterday by Dubai Chamber of Commerce and Industry (DCCI), which organised the forum, quoted Lubna as saying that the UAE is "keen" to forge further economic relations with Vietnam in all fields by establishing joint ventures and increasing bilateral trade and investment.

This means that the UAE is prepared to "activate" the economic, trade, scientific and technical cooperation agreement, which it signed with Vietnam in 1999. The bilateral accord calls for the sharing of expertise and information on infrastructure, medical care, trade, investment and tourism.

"The UAE ranks first among the GCC countries and the Middle East in terms of attracting foreign direct investments," Shaikha Lubna said. She added that the UAE attracted 60 per cent of the total foreign investments of $26 billion which entered the six-member Gulf Cooperation Council.

DCCI, meanwhile, has signed a memorandum of understanding (MoU) with the Vietnam Chamber of Commerce and Industry for further economic cooperation as part of the official visit to Vietnam by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

"The MoU prompts us to introduce the Vietnamese companies to the investment opportunities available in the UAE, Dubai in particular, in the fields of banking, finance, services and logistics..." said Obaid Humaid Al Tayer, chairman of DCCI.

He said the MoU would further increase the two countries bilateral trade, which includes the non-oil trade of Dh1.14 billion recorded in 2006.

"The UAE's interest in strengthening economic ties with Vietnam is attributed to both countries' intention to develop their economy, set up more development projects in all sectors and attract foreign investments," Al Tayer said.

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