Dubai eyes Vietnam with interest

In late March, Dubai-based multi-sector conglomerate PDSI proposed $2.6 billion investment in a service and golf complex in the southern area of Phan Thiet city in Binh Thuan province. The project spans approximately 425 hectares, with over 180ha to be developed in the first phase, extending from Phan Thiet to the border of Ham Thuan Nam district.

According to PDSI chairman Peter Dalkeith Scott, the proposed development will include residential apartments, resort hotels, a residential community, commercial centres, parks, two golf courses, an international school, a private hospital, a community sports club, an artificial ski slope, a private beach, and a wave pool.

“This is a tremendous investment opportunity that reaffirms our long-term commitment to Vietnam,” Scott told VIR, noting that PDSI has been present in Vietnam since 1992, when it helped develop Song Be Golf Resort – the country’s first international golf course – in partnership with Swiss and Singaporean groups.

In 2017, PDSI established a local joint-stock company in Vietnam with domestic and international partners to assess the market and identify viable, impactful opportunities. “Our projects are not driven by trends or short-term gains but are designed to address real market needs,” Scott said.

Beyond PDSI, other Dubai-based giants are also eyeing Vietnam. Damac Group, through its data centre subsidiary Edgnex Data Centres, plans to invest $3 billion in data centre projects in Malaysia, Indonesia, and Thailand over the next five years. According to Bloomberg, the group has already acquired land for four facilities in Malaysia and Indonesia, and is currently evaluating similar opportunities in Vietnam and the Philippines, with further announcements expected in 2025.

This regional expansion forms part of a broader $5–7 billion global investment strategy by Damac, positioning Southeast Asia as a major hub for AI and cloud computing services.

Speaking to VIR, Tyler McElhaney, country director of APEX Group, an independent fund administrator to be licensed by the Dubai International Financial Centre, emphasised Vietnam’s rising appeal to Dubai’s investors, especially after the finalisation of the Comprehensive Economic Partnership Agreement between Vietnam and the United Arab Emirates in October 2024.

“With Vietnam’s economy forecast to grow by at least 6.5 per cent in both 2025 and 2026, and its strategic focus on infrastructure – spanning airports, seaports, and expressways – the country is unlocking vast investment opportunities for UAE-based firms,” McElhaney said.

He noted that PDSI’s presence could play a pivotal role in elevating Vietnam’s tourism and real estate sectors by attracting high-end travellers and investors while enhancing local infrastructure.

“Given PDSI’s extensive track record in commercial development, investment, and advisory across Southeast Asia, Europe, Africa, Australia, and the Middle East, it is well-positioned to contribute meaningfully to the Vietnamese market,” he explained.

Vietnam’s strong urbanisation, consistent economic growth, and large-scale infrastructure projects are key factors driving investor interest. High-end developments, including golf resorts, luxury hotels, and mixed-use complexes, are gaining momentum, well-aligned with the capabilities of Dubai investors, who are seasoned in delivering premium real estate projects, McElhaney added.

“For Dubai’s developers to succeed in Vietnam, we recommended choosing the right local partners and aligning projects with the Vietnamese government’s development priorities, such as smart cities, green energy, and also sustainable infrastructure. There should also be a focus on transport infrastructure and industrial zones – critical pillars for Vietnam’s economic growth and foreign direct investment attraction,” he explained.

The wealthy and populous emirate of the United Arab Emirates (UAE) will soon open an office in Ho Chi Minh City to boost bilateral trade and investment, CEO of Dubai Chambers Mohammad Ali Rashed Lootah told Thuc Minh during an exclusive interview in Switzerland.

Dubai, the bustling and prosperous city in the United Arab Emirates, is eyeing a place among the top three global economic centres by 2033, and could open up many opportunities for Vietnamese businesses.

The International American University (IAU) iin Dubai has awarded an honourary degree to Vietnamese Prof. Dr. Nguyen Van De for his creative, dynamic, and innovative spirit, and for his effective contribution to the progress and development of Vietnam and the world.