With a population of 400 million, the Middle East is emerging as a promising market for Vietnamese exporters, the Vietnam News Agency (VNA) quoted experts as saying.
According to VNA, the Middle East – thanks to the rising oil prices – is enjoying high growth.
Among 16 regional countries, Vietnam has mostly traded with six member nations of the Gulf Cooperation Council (GCC), namely the UAE, Saudi, Kuwait, Bahrain, Qatar and Oman.
Trade between Vietnam and the GCC countries has surged from US$2.7 billion in 2012 to US$12.5 billion in 2021.
So far, Vietnam has signed economic, trade and scientific-technological cooperation agreements with five GCC countries.
This includes trade deals with two nations, double-tax avoidance agreements with five countries and investment protection deals with four countries.
Vietnamese products are suitable to the demands of the GCC countries.
Nguyen Tuan, Deputy Director of the Investment and Trade Promotion Centre of Ho Chi Minh City (ITPC), said that Middle East countries have high demand for a lot of materials.
This includes wooden furniture, plastics, grains, garments, footwear, rubber products, meat, milk and vegetables, which are strong products of Vietnam.