A multinational corporation operating a global supermarket chain has recently expressed its desire to expand its market in Vietnam.
Prime Minister Pham Minh Chinh Meets with Lulu Group Chairman M.A. Yusuff Ali
During his official visit to the UAE, Prime Minister Pham Minh Chinh met with Mr. M.A. Yusuff Ali, Chairman of Lulu Group, on October 27. Lulu Group is a multinational corporation that operates a vast chain of supermarkets worldwide.
During the meeting, the Chairman of Lulu Group congratulated and highly appreciated Vietnam’s socio-economic development, highlighting the country’s abundant supply of high-quality products, including textiles, agricultural and seafood products such as fish, shrimp, rice, and vegetables.
Lulu Group’s Chairman revealed that the company has already established a representative office in Ho Chi Minh City to source Vietnamese goods for its 265 hypermarkets worldwide. Mr. M.A. Yusuff Ali also proposed expanding the company’s market presence in Vietnam and sought support from the Vietnamese government and relevant ministries.
Additionally, Lulu Group plans to collaborate with the Vietnamese Embassy to organize Vietnamese agricultural product festivals in the Middle East.
After listening to Lulu Group’s Chairman, Prime Minister Pham Minh Chinh commended the company for serving as a bridge to introduce high-quality Vietnamese products to consumers in the Middle East and other countries through its extensive and large-scale supermarket network.
The Prime Minister emphasized that Vietnam has a sustainable and steadily growing economy, a large population with a rapidly expanding middle class, and rising average income levels. This makes Vietnam a high-potential market for quality goods and products.
Furthermore, Vietnam has deeply integrated into the global economy, having signed 19 free trade agreements (FTAs) with over 60 countries, with 16 FTAs already in effect. During this visit to the UAE, Vietnam is set to announce a Comprehensive Partnership Agreement with the UAE, including next-generation FTAs such as RCEP and CPTPP.
With its advantageous geographical location and an increasingly developed logistics system, Vietnam is well-positioned for import-export activities and seamless connections to major regional and global markets.
What Did the Prime Minister Propose to Lulu Group?
Prime Minister Pham Minh Chinh suggested that Lulu Group act as a bridge to attract potential investors from both within and outside the UAE to invest in Vietnam.
He also stated that in 2024, Vietnam expects to reach an agricultural export turnover of approximately $60 billion. The country is focusing on producing and exporting agricultural products that are “delicious, clean, and affordably priced.”
The Prime Minister urged Lulu Group to continue promoting and introducing more Vietnamese products with strong potential that align with consumer preferences in order to access and serve the UAE, the Middle East, and other markets within Lulu’s global supermarket network.
Additionally, he called on Lulu Group to facilitate Vietnamese businesses’ participation in the Halal supply chain. The group was also encouraged to consider investing in and collaborating with capable Vietnamese partners in agricultural processing and opening supermarket chains in Vietnam—a country with over 100 million people and strong purchasing power.
With its extensive branch network, the Prime Minister suggested that Lulu Group become a gateway for bringing potential investors to Vietnam. He also welcomed the idea of the company working with Vietnamese agencies and organizations to hold quarterly events promoting Vietnamese agricultural products and goods in the Middle East.
Prime Minister Pham Minh Chinh affirmed Vietnam’s commitment to supporting foreign investors, including Lulu Group, particularly in developing investment and business activities while ensuring compliance with legal regulations.
About Lulu Group
Lulu Group was established in 2000 and is now one of the world’s largest retail corporations, operating a widespread supermarket chain with numerous branches in over 23 countries, including the Middle East, Asia, and Europe. The company currently has hundreds of stores across the Middle East and employs more than 65,000 people. Lulu Group generates an annual revenue of over $8 billion. The Halal industry encompasses all sectors catering to Muslim consumers, including Halal food and beverages, Halal pharmaceuticals, Halal cosmetics, fashion, arts, Islamic digital economy, healthcare, and Muslim-friendly tourism.
