Prime Minister Nguyen Tan Dung called upon businessmen in the United Arab Emirates (UAE) to increase their investments in Vietnam and pledged to back them long term through favorable mechanisms and policies.

Speaking at the Vietnam-UAE Business Forum in Dubai Tuesday, Dung identified the construction of expressways, airports and seaports, the oil and gas industry, tourism, agriculture, financial services, banking and labor as areas set for foreign investment.

He praised the Vietnam Chamber of Commerce and Industry and its Dubai counterpart for coordinating the forum, where 400 businesspeople exchanged information and sought deals and investment opportunities.

Dung noted that Vietnam and UAE are currently experiencing an increase in their cooperation, especially in the areas of trade and investment. He cited two-way trade between the two countries soaring from US$67 million in 2002 to $550 million in 2008 saying that UAE is currently one of Vietnam’s 25 biggest export markets and is expected to break into the country’s top ten export markets in the future.

UAE investors are responsible for numerous projects in Vietnam, including the construction of a new urban area in Phu Yen Province, a tourist resort in Hoi An Town, an urban area and a five-star hotel in Ha Long City, and a sheep-breeding program in Ninh Thuan Province.