Vietnam and Egypt step up FTA efforts, target US$1bln in trade

The agreement was reached during Vietnamese Deputy Foreign Minister Le Anh Tuan’s working trip to Egypt from September 16-18 where he co-chaired the 11th Vietnam-Egypt Political Consultation, worked with the League of Arab States (AL), and had meetings with officials from the Egyptian Ministry of Foreign Affairs and Ministry of Investment and Foreign Trade.

Vietnam, Egypt step up FTA study

At the 11th Vietnam-Egypt Political Consultation on September 17, Deputy Foreign Minister Le Anh Tuan and Egyptian Assistant Foreign Minister Amr Hamza reviewed the implementation of signed agreements and discussed ways to advance bilateral cooperation, as well as regional and international issues of shared concern.

The two sides agreed on the Terms of Reference (TOR) for the Vietnam-Egypt FTA Feasibility Study Group. They also agreed to soon complete the legal framework for stronger economic and trade ties through the signing of an agreement on the avoidance of double taxation, a memorandum of understanding on electricity and renewable energy, and a letter of intent on agricultural trade development.

They underscored the importance of maintaining bilateral cooperation mechanisms and organising the sixth session of the Vietnam-Egypt Joint Committee in Egypt at an early date.

Deputy Foreign Minister Le Anh Tuan called on the two sides to continue studying and negotiating the FTA and expand cooperation into areas such as Halal, education, tourism and cooperation between localities.

For his part, Assistant Foreign Minister Amr Hamza expressed Egypt’s wish to learn from Vietnam’s experience in attracting investment in export-oriented manufacturing, contributing to efforts to narrow Egypt’s trade deficit with other countries. He affirmed Egypt’s readiness to work with Vietnam to strengthen cooperation in defence, tourism and Halal.

Expanding markets and facilitating bilateral trade

During a courtesy call on Egyptian Minister of Investment and Foreign Trade Mohamed Farid Saleh, Deputy Foreign Minister Le Anh Tuan proposed that Egypt accelerate the joint study of the Vietnam-Egypt FTA and facilitate market access for Vietnam’s key exports, including rice, lychees, dragon fruit, seafood, electronics and components.

The two sides were also encouraged to strengthen market information sharing and encourage business cooperation in Halal, digital transformation, information technology, oil and gas, and minerals, with a view to raising bilateral trade to US$1 billion.

Minister Mohamed Farid Saleh proposed organising an Egyptian goods exhibition in Vietnam, establishing a bilateral business council, promoting mutual recognition of pharmaceutical products, and strengthening cooperation in financial products and services to boost two-way investment.

Earlier, at a meeting with Egyptian Foreign Minister Badr Abdelatty on the afternoon of September 17, the Egyptian Foreign Minister spoke highly of Vietnam’s growing international standing and expressed satisfaction with the high level of political trust between the two countries.

The Foreign Minister welcomed Vietnam’s opening of a Defence Attaché Office in Cairo, and praised the two countries’ regular participation in each other’s defence exhibitions and their growing cooperation in the field.

Regarding the 11th Vietnam-Egypt Political Consultation, the Egyptian Foreign Minister called for a focus on concrete measures to boost trade and investment, particularly in software development, digital transformation, cybersecurity, semiconductors, oil and gas, and tourism. He also proposed that the two sides study the signing of a memorandum of understanding on oil and gas cooperation.

As part of the working trip, Deputy Foreign Minister Le Anh Tuan also held a working session with the League of Arab States (AL).

Khaled Manzlawiy, Assistant Secretary-General of the League of Arab States, proposed that Vietnam and the League co-organise an Arab-Vietnamese business conference, and expressed his hope that Vietnam would send an observer to the League and support stronger ties between the League of Arab States and ASEAN.

The League of Arab States also expressed its readiness to receive Vietnamese diplomats for internships and send researchers to Vietnam.

Egypt confirms granting visa on arrival for Vietnamese citizens

Egypt has decided to grant visas on arrival to Vietnamese citizens, Egyptian Deputy Foreign Minister Mohamed Abou Bakr Saleh announced at a ceremony marking the 81st National Day of Vietnam in Cairo on September 10 (local time).