PM Chinh courts Lulu Group for Vietnam expansion

According to baochinhphu.vn, Prime Minister Pham Minh Chinh met with M.A.Yusuff Ali, chairman of retail chain Lulu Group, during an official visit to the UAE on October 27.

At the meeting, Lulu Group's chairman expressed interest in expanding into the Vietnamese market, seeking support from the government and relevant ministries. He described Vietnam as, "A wonderful country with impressive economic achievements."

Yusuff Ali praised the high quality of Vietnamese exports, revealing that Lulu has established a representative office in Ho Chi Minh City to source Vietnamese goods for its supermarket system. The group also plans to collaborate with the Vietnamese Embassy to organise a day to promote Vietnamese agricultural products in the UAE and across the Middle East.

PM Chinh urged Lulu Group to further promote Vietnamese products with potential that align with consumer preferences across the chain's global supermarket system.

The PM also suggested Lulu Group facilitate Vietnamese businesses' participation in the Halal industry supply chain and consider investing and cooperating with potential Vietnamese partners in agricultural processing and establishing a supermarket chain in Vietnam, highlighting the country's population of over 100 million with strong purchasing power.

PM Chinh proposed that the group coordinate with agencies to organise quarterly Vietnamese agricultural and goods promotion events in the Middle East.

"The Vietnamese government is committed to facilitating foreign investors, including Lulu Group, in developing their business investments here," the PM said.

He noted that the flourishing Vietnam-UAE relations and rapidly developing economic cooperation provide a solid foundation for businesses from both countries.

PM Chinh emphasised the country's stable political environment, security, and firm protection of independence and sovereignty, creating a peaceful and stable environment for development. "These conditions are crucial for investors to confidently engage in effective, sustainable, and long-term business operations in Vietnam," he said.

Despite global economic fluctuations, Vietnam has maintained macroeconomic stability, controlled inflation, and sustained stable GDP growth, making it a large, potential market for quality products and goods consumption.

The PM also revealed that Vietnam expects to achieve agricultural export turnover of approximately $60 billion in 2024 and is promoting agricultural production and exports, focusing on good and clean food at reasonable prices.

He suggested that Lulu Group, with its extensive branch network, could serve as a bridge bringing potential investors from both within and outside the UAE to invest in Vietnam.

Lulu has an extensive supermarket chain network in over 23 countries worldwide, including the Middle East, Asia, and Europe. The group currently operates more than 260 stores in Middle Eastern countries, employs over 65,000 people, and achieves annual revenue exceeding $8 billion.

Vietnam is seeking to forge new agreements with Turkey and the United Arab Emirates to help boost investment and trade opportunities.

Vietnam and the United Arab Emirates are set to benefit from an economic cooperation deal slated for inking this year, with trade and investment forecast to improve.

Prime Minister Pham Minh Chinh called for the early conclusion of negotiations on the Vietnam-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) at a reception in Hanoi on August 26 for UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and leaders of 19 major UAE corporations.