The Dubai Multi Commodities Centre (DMCC), a leading international business district, has been instrumental in connecting the Web3 and AI communities between Dubai and Vietnam. This collaboration follows the landmark signing of the UAE-Vietnam Comprehensive Economic Partnership Agreement (CEPA) in October, which is expected to open new opportunities for trade and investment in technology-driven sectors.
In its second “Made For Trade Live” roadshow to Vietnam this year, DMCC hosted three high-profile events in Hanoi and Ho Chi Minh City. The events attracted over 650 business leaders, founders, and start-ups, aiming to enhance trade, investment, and business connectivity between the UAE and Vietnam. One of the key highlights was a dedicated session on scaling Web3 and AI investments, which was conducted in partnership with SightSea Labs, a prominent Web3 venture builder in Vietnam.
Unlocking the Potential of Web3 and AI
The discussions at the roadshow centered around how Web3 technology can unlock the USD 20 billion trade corridor between the UAE and Vietnam, as outlined in the CEPA. Specifically, attention was given to how Vietnamese Web3 businesses could expand into Dubai. DMCC executives presented Dubai’s advanced infrastructure as a key advantage for companies looking to scale their Web3 operations. The DMCC Crypto Centre, DMCC Gaming Centre, and DMCC AI Centre were highlighted as major assets for businesses in the Web3 and AI sectors.
The infrastructure in Dubai is designed to support the growth of Web3 businesses, with facilities and services tailored to the needs of digital enterprises. This, combined with Dubai’s strategic position as a global trade hub, offers a significant opportunity for businesses in Vietnam to expand their reach and tap into the UAE’s dynamic market.
Driving Economic and Technological Connectivity
The Executive Chairman and CEO of DMCC, Ahmed Bin Sulayem, emphasized Vietnam’s potential in the Web3 space, noting the country’s leading role in AI innovation and high crypto adoption rates. He highlighted the importance of the UAE-Vietnam CEPA, which is expected to significantly boost bilateral trade and investment, potentially quadrupling it to USD 20 billion in the coming years. This agreement opens up significant opportunities for collaboration and new investments in the technology and innovation sectors.
Bin Sulayem expressed DMCC’s excitement about returning to Vietnam, underscoring the goal of engaging with the Vietnamese business community and further strengthening economic and technological ties between the two countries.
Promoting Dubai as a Global Business Hub
The roadshow in Vietnam follows a successful first event earlier this year, where DMCC briefed 412 business leaders on the opportunities available in Dubai. The roadshow is part of DMCC’s ongoing efforts to position Dubai as a leading global business hub, particularly for companies in the Web3 and AI sectors.
DMCC’s initiatives continue to attract foreign direct investment (FDI) to Dubai, a city that boasts a unique value proposition for businesses across a variety of industries. In 2023, DMCC achieved its second-best year on record, welcoming nearly 2,700 new member companies. Today, DMCC is home to over 25,000 businesses from around the world, further solidifying its status as a thriving ecosystem for global trade, technology, and innovation.