UAE retail giant explores investment opportunities in central Vietnam

LuLu Group International of the United Arab Emirates (UAE), a retail conglomerate operating more than 280 supermarkets across 22 countries, is exploring opportunities to expand business cooperation in Dak Lak province, central Vietnam.

Dak Lak attracts growing interest from UAE firms

Economic ties between Vietnam and the UAE have gained significant momentum, particularly following the signing of the Comprehensive Economic Partnership Agreement (CEPA).

Among Vietnam’s emerging investment destinations, Dak Lak province, formed following the merger of Dak Lak and Phu Yen provinces last July, is increasingly drawing attention from Middle Eastern investors and major corporations.

Following a fact-finding visit to local businesses in early May, UAE Ambassador to Vietnam Dr. Bader Almatrooshi highlighted the province’s diverse economic strengths. He noted that western Dak Lak has a strong advantage in agriculture and coffee production, while its eastern part offers substantial potential in energy and logistics.

Demand for Dak Lak’s agricultural products in the UAE is considerable, yet current trade volumes remain relatively modest, indicating significant room for expansion. The ambassador pledged to facilitate connections to boost exports of the province’s key products to the UAE and encourage energy and transport companies to participate in local development initiatives.

As part of efforts to deepen bilateral cooperation, a delegation from LuLu Group International, led by regional director Mirash Basheer, met with Dak Lak leaders on Thursday and conducted site visits to local enterprises.

The visit by LuLu Group International, one of the Middle East’s largest retail operators, underscores the central province's growing attractiveness to UAE businesses.

In addition to coffee, LuLu currently imports a wide range of Vietnamese products, including cashew nuts, lemons, guavas, fresh coconuts, and other tropical fruits.

During their latest visit, company representatives expressed strong interest in Dak Lak’s flagship products, including coffee, processed agricultural goods, and seafood. They also sought to gain deeper insights into the production capabilities and supply capacity of local enterprises.

Dak Lak leaders said the province is investing heavily in transport infrastructure and connectivity with deep-water ports, aiming to improve access for large cargo vessels, reduce logistics costs, and shorten shipping times to Middle Eastern markets.

They proposed that both sides hold specialized working sessions following the site visits to discuss product categories, quality standards, and supply arrangements in greater detail.

Authorities also suggested the early signing of an MoU to establish an official information-sharing mechanism, enabling local businesses to stay informed about market requirements and regulatory standards across the Middle East.

Earlier, under the direction of LuLu Group International chairman and CEO M.A. Yusuff Ali, the retail giant behind the globally recognized LuLu Hypermarket chain launched its second charter flight dedicated to transporting Vietnamese agricultural products to the UAE.

Operated by MAY Exports Vietnam, the flight transported 98 tons of agricultural produce from Tan Son Nhat International Airport in Ho Chi Minh City to the UAE under the direct coordination of Mirash Basheer.

The initiative has been widely regarded as a milestone, reflecting growing confidence among buyers in the UAE and the wider Middle East in the quality, reliability, and supply capabilities of Vietnamese products.

Beyond its commercial significance, the charter flights help strengthen Vietnam’s position in global agricultural supply chains. They also raise expectations for the establishment of regular cargo routes between Vietnam and the Middle East, creating new momentum for exports and enhancing the international profile of Vietnamese agricultural brands.

Against a backdrop of continued geopolitical uncertainty in the Middle East, maintaining dedicated charter flights for Vietnamese agricultural products represents not only a timely logistics solution but also a testament to the resilience and adaptability of Vietnamese businesses in global markets.

Vast potential remains for Vietnam-UAE cooperation

Speaking at the sixth plenary session of the Vietnam-UAE Intergovernmental Committee in mid-May, Vietnam's Deputy Minister of Industry and Trade Phan Thi Thang described the UAE as one of Vietnam’s most important partners in the Middle East.

Bilateral trade averaged approximately $6 billion annually between 2023 and 2025 and reached a record high of more than $6.5 billion in 2025. Both countries retain substantial potential to further expand economic cooperation, particularly after the CEPA officially entered into force on February 3, 2026.

Investment ties have also continued to grow. As of the end of March 2026, the UAE ranked 54th among 154 countries and territories investing in Vietnam, with 56 projects and total registered capital exceeding $79 million. Vietnamese investors, meanwhile, had 10 active projects in the UAE with combined registered capital of more than $16.7 million.

At the session, Vietnam proposed that the UAE facilitate the participation of state-owned energy giant Petrovietnam and its subsidiaries in providing oil and gas technical services in the UAE, including allowing them to bid directly for relevant contracts. Vietnam also sought support for increased purchases of sulfur and refrigerated liquefied petroleum gas (LPG) to meet domestic demand.

In addition, the Southeast Asian country suggested that UAE investors consider participating in the development of crude oil, petroleum, LNG, and LPG storage infrastructure in the country.

Vietnam also called on UAE corporations and investment groups to explore opportunities in renewable energy, clean energy, green transition projects, supporting industries, chemicals manufacturing, advanced materials production, industrial park development, seaport infrastructure, and integrated free-trade zones.

The country further encouraged the UAE to share its expertise in developing and operating its International Financial Center and invited UAE investment funds to participate in projects related to the center.