A “golden” opportunity for Vietnamese exports to the Middle East market
A workshop entitled “A golden opportunity for Vietnamese exports to the Middle East markets after the COVID-19 pandemic” was held by the Investment and Trade Promotion Centre (ITPC) of Ho Chi Minh City on March 17.
Delegates at the workshop said that the Middle East is emerging as a potential export market for Vietnamese businesses with a large population (about 400 million people) and a high standard of living. Vietnam's trade relations with the Middle East region have mainly focused on the countries of the Gulf Cooperation Council (GCC), with six member countries, namely the United Arab Emirates (UAE), Saudi Arabia, Kuwait, Bahrain, Qatar and Oman.
In recent years, Vietnam’s import and export revenue with GCC countries has increased rapidly and dramatically from 2.7 billion USD in 2012 to 12.5 billion USD in 2021.
Particularly for Ho Chi Minh City, the Middle East is a potential market with plenty of room for exploitation. Over the years, Ho Chi Minh City’s export revenue to Middle East countries has increased steadily. With the UAE alone, the city’s total import and export revenue in 2021 was estimated at 340 million USD, of which export revenue was estimated at 230 million USD, up 12% compared to 2020.
The city’s main products exported to Middle East countries include seafood; vegetables; coffee; pepper; textile; computer and electronic components, phone components, etc.
Some experts also noted that currently, Vietnamese businesses in general and those operating in Ho Chi Minh City, in particular, are still facing many difficulties when accessing the Middle East market, such as lack of information, barriers in logistics and international payments.
Therefore, businesses need to carefully study the above issues through support from Vietnamese diplomatic agencies and organisations in the Middle East, as well as other trade and investment promotion agencies.
In the coming time, ITPC will continue to deploy market surveys, connect trade and meet modern distribution channels in the Middle East, especially in the UAE and Kuwait, to support businesses.
