The Middle Eastern economies are constantly growing, attracting tourism, investment and expansion opportunities. Due to major strengths in oil and gas, the Middle East continues to be a major scene on an international scale. The recognition that is being received is also constantly growing with more countries wanting to reap the rewards of what this region has to offer. The newest country to be attracted to a piece of this ever growing pie is Vietnam. Vietnam, with strengths in food, farm produce, consumer goods, seafood and building materials proves to be an ideal candidate for future business with the countries within the Middle East. There is a potential for great cooperation between the two areas, which many countries may benefit from.
The Vietnam-Middle East trade turnover reached an estimate of $12.67 billion, by the end of November 2018. The countries of the Middle East believe the potential for cooperation with Vietnam will increase the trade turnover due to the various strengths each region holds. Vietnam may be an untapped market for the Gulf countries, especially considering the fact that their food importation approximates to $40 billion a year. Astonishingly, this figure is forecasted to reach $70 billion by 2035, almost doubling, showing the great potential for the Middle East and expressing why countries are interested in cooperating with the region.
Furthermore, domestic seafood supply only meets an average of 25% of people in the U.A.E, leaving 75% dependant on imports. This fact may prove to be a guiding influence for exports from Vietnam, with their notable exports of seafood. Farm produce and food export alone, from Vietnam to the Middle East, reached $774.6 million last year. The demand between Vietnam and the countries of the Middle East is high, trade is already in place and the potential for growth through increased cooperation is considerable.
The Ins and Outs – With Cedar Rose
In order to create a robust and cooperative system between the regions, a level of understanding, business intelligence and regulatory ‘know-hows’ is needed. With any potential business transaction there is the potential of risk, however, taking the right steps and following certain protocols may help you mitigate the inevitable risks. Cedar Rose offers enhanced, extensive and professional data and research on millions of companies within the Middle East. We can be your lifeline for a smooth business transaction. We have been operating within this region for over 21 years, building up a series of connections, knowledge and the necessary local research skills within the Middle East. Export your products efficiently using our services to mitigate the risks.
Through our Business Credit Reports, you can receive a vast amount of data on your chosen company, including a CR Score to visualise the risk factor that comes with going into business with your chosen company and, furthermore, the option to monitor the company for any changes. Additionally, after any business has been conducted, you will be able to rate the company on how efficient their payments were. Once a company has been rated by two separate suppliers, and the ratings verified by our team of expert analysts, you will also see the average rating in any credit report you purchase on them. Our award-winning credit reports can provide an exhaustive amount of information to enable secure and sensible trade whether exporting to the Middle East, Vietnam or any one of the 170 countries we now can cover for you.
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Written By Jack Evangelides, Marketing Assistant
*** The sole purpose of the article above is to generate public discussion, it has no intention to constitute legal advice. ***