Economic and trade relations between Vietnam and the United Arab Emirates. Current situation and development prospects

Marketing activities, businesses need to proactively seek partners and offer products through participating in fairs, exhibitions and seminars held in Vietnam or in the UAE, through trade counselors in the UAE. Businesses also need to organize survey teams to the UAE to learn in a way that meets the specific needs of their businesses. Another effective measure is that businesses need to take advantage of the function of the Vietnam Product Introduction Center in Dubai to establish their presence in the UAE market through one of the following forms depending on the situation of each business:

- Send samples, catalogs, offers and commissions to the Center for display, introduction and transaction

- Register to use a certain area at the center to display samples and catalogs.

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- Register to use a certain area at the center to display samples, catalogs and have a permanent representative working at the center.

This is a very timely support and a very good opportunity for Vietnamese enterprises to strengthen their marketing activities in the UAE market. This investment is very necessary for enterprises to have accurate information about the market and customers, so that they can produce and export to the UAE the goods that this market needs, best meeting the needs and tastes of the UAE market at different times of the year.

Vietnamese enterprises also need to research and apply marketing techniques to discover new products that can be consumed in the UAE market. Increase capital investment and modern technology in the production process to launch those products and carry out necessary promotional activities for “new products” to find a place, maintain and develop in this market (with advertising and marketing strategies). Organize pre- and post-sale activities (providing after-sales services, etc.) to maintain and strengthen the reputation of Vietnamese goods with consumers in the UAE and the Middle East region.

2.4 Thoroughly apply new technology including information technology in production and import-export business.

As analyzed above, one of the limitations that makes Vietnamese products less competitive and thus hinders the growth of export turnover to the UAE market is that Vietnam's technology is too old. Therefore, in addition to state support in importing new technology, enterprises exporting to the UAE market in general need to actively and proactively innovate equipment and machinery, and use new technologies in the production and business of export goods to the UAE market. Enterprises need to prioritize the innovation of equipment, machinery and technology and must solve it by all means, only then can they create competitiveness for their export goods. Enterprises can accumulate and concentrate their own capital plus state support; or they can actively and proactively form joint ventures with other foreign investors to obtain technology; Enterprises can also innovate technology through financial leasing... However, technological innovation must ensure that there will be an output, otherwise it will be easy to fall into bankruptcy due to not being able to recover capital.

Vietnamese businesses also need to create a habit of using and taking advantage of a business method in the information technology era, which is online business via the Internet, also known as e-commerce. Although e-commerce has only developed in recent decades, it has made significant progress and has been proven to be a highly effective business method and may become the main transaction method in the future. In the UAE, where there is a fairly good infrastructure in information technology and is regularly invested in, the Internet is increasingly becoming an effective tool in international trade. With a relatively long geographical distance, Vietnamese businesses can completely rely on this form to market, introduce products, make offers, and even sign contracts with greatly reduced costs. When information about the goods and services of the business has been posted on the Internet, customers can easily search and update, and customer requests are also delivered faster. It can be said that currently the conditions of information technology infrastructure are very good.

many advances, creating many advantages for businesses to apply information technology to business. However, in reality, Vietnamese businesses have not really taken full advantage of the Internet to improve export efficiency to the UAE market. In the coming time, Vietnamese businesses will clearly recognize and take advantage of the Internet as an important channel to not only search for partner information but also an effective tool to promote their businesses through establishing their own websites or putting their names on famous commercial websites. That will help businesses serve customers better, more continuously and more easily, it will be a tool to reduce customer service costs, create conditions to increase revenue, and at the same time build beneficial relationships, increase prestige and awareness of the professionalism of businesses in international business. On the other hand, businesses also need to take advantage of the Internet to maintain long-term business relationships with UAE businesses by regularly exchanging two-way information so that both sides can clearly understand the product consumption situation, build business strategies and jointly resolve problems.

2.5 Strengthening cooperation between businesses and the effective role of industry associations

Most of Vietnam's export enterprises are small and medium enterprises, so cooperation and support between enterprises is very important in improving the competitiveness of Vietnamese enterprises. Cooperation between enterprises is institutionalized through industry associations. Enterprises can support each other with information, cooperate to share a large order... Associations play an important role in market research, helping enterprises access information and new technology as quickly as possible, protecting the interests of enterprises, and supporting enterprises when facing difficulties. Effective association operation is a great driving force for promoting exports. However, in Vietnam, the role and effectiveness of associations are still limited, not yet gathering and maximizing the material and spiritual strength of the business community. This is a major limitation that reduces the competitiveness of Vietnamese enterprises in a fiercely competitive market like the UAE. Therefore, in the coming years, businesses need to make strong efforts to strengthen the role of associations.

professional associations through close association and mutual support in activities. The associations themselves also need to ensure fairness and equality as well as put the common interests of the country and the business community first.

CONCLUDE

Since the establishment of official diplomatic relations in 1993, the economic and trade relations between Vietnam and the UAE have been constantly developing. Import and export turnover between Vietnam and the UAE has been increasing, the number of workers exported to the UAE has been increasing, and investment relations have been initially formed. The UAE plays an important role in the strategy of diversifying the market and expanding cooperation with many partners of Vietnam. In return, Vietnamese goods have gradually become known to the UAE market and Vietnam has also begun to catch the eyes of UAE investors.

Based on research and analysis of the characteristics of the UAE market and the current state of Vietnam-UAE economic and trade relations in recent years, it can be affirmed that the UAE is truly a potential market for Vietnamese goods as well as for cooperation in the fields of labor and investment. Developing economic and trade relations with the UAE in both depth and breadth is of great strategic significance for Vietnam in the coming period.

Despite important achievements, the economic and trade relations between Vietnam and the UAE still face difficulties and challenges that need to be overcome. With the direction and determination of the Party, the State and the business community, the economic and trade relations between Vietnam and the UAE will make strong strides to gradually affirm the position of the UAE as a key market for Vietnam in the Middle East.

LIST OF REFERENCES

1. Trade Promotion Agency - VIETRADE (2004), Introducing Dubai - UAE market, Statistical Publishing House.

2. Communist Party of Vietnam (2001), Documents of the 10th National Congress of Delegates , Truth Publishing House, Hanoi.

3. Communist Party of Vietnam, Documents of the 7th, 8th and 9th National Congress of Delegates , Truth Publishing House, Hanoi.

4. Deputy Minister Nguyen Thi Kim Ngan (2006), Speech at the Vietnam – UAE business forum in June 2006 , Dubai – UAE.

5. Nguyen Hong Phuong (2004), Graduation thesis: UAE market - Opportunities and challenges for Vietnamese exports.

6. Tran Thi Thu (2006), Improving the efficiency of labor export management of enterprises in current conditions , Labor and Social Publishing House, Hanoi.

7. Trade Information Center (2005), Vietnam Trade Yearbook 2005 , Statistical Publishing House, Hanoi

8. Department of International Cooperation (2006), Economic and social data of countries and territories in the world , Hanoi.

9. International Trade Center – UNCTAD/WTO (2005), Export Potential Assessment in Vietnam , Market Analysis Section – International trade center.

10.Dr. Belaid Rettab Marietta Morada (2003), Foreign Trade of Dubai – Major Group of Partners 2001 , Data Management and Business Research Department of Dubai Chamber of Commerce and Industry.

11. The World Bank (2006), Doing Business in 2006: Creating Jobs , The International Finance corporation – The World Bank.

12. Vietnam Ministry of Trade website www.mot.gov.vn

13. Website of the Ministry of Foreign Affairs of Vietnam www.mofa.gov.vn

14. Encyclopedia website http://en.wikipedia.org/wiki/Uae

15. International Monetary Fund website www.imf.org

16. Vietnam Economic Times website www.vneconomy.com

17. Vietnam Chamber of Commerce and Industry (VCCI) website www.vcci.com.vn

18. Website of the Trade Promotion Agency www.vietrade.gov.vn

19. Dubai Chamber of Commerce and Industry website www.dcci.gov.ae

20. Jebel Ali Free Zone Website www.dpa.co.ae

21. UAE Ministry of Economy and Commerce website www.uae.gov.ae/mod

22. UAE Information Centre website www.gia.gove.ae