Vietnam, Egypt srtive to tap into potential for stronger economic ties

Vietnamese Ambassador to Egypt Tran Thanh Cong highlighted the huge potential that exists to develop economic relations with Egyptian cities such as Alexandria and the North African country as a whole, adding that Alexandria represents the second largest city of Egypt. As a result, there are plenty of prospects for co-operation in seaports, commodity transportation, aquaculture, and logistics.

The seminar can be viewed as an occasion for Vietnamese firms to meet with the Egyptian business community, especially those doing business with the nation in areas such as electronics, seafood, apparel, and telecommunications to discuss ways to bring additional Vietnamese goods to Egypt.

According to Ambassador Cong, amid the global spread of the novel coronavirus (COVID-19) pandemic, the Vietnamese Embassy is in the process of looking for a new way to connect enterprises from the two sides. This can be achieved through online exchanges in a bid to remove challenges, thereby bringing about substantial co-operation in an efficient manner.

Egypt has moved to adopt a policy of shifting their focus towards Asia, while high-quality Vietnamese products have conquered Egyptian consumers, he added.

During the seminar, businesses expressed their interest in a range of Vietnamese agricultural products, such as cashew nuts, pepper, coffee, electronic products, and computer equipment. With Alexandria being a famous port city, firms here are particularly keen to co-operate with the country in the fields of sea transport, transit freight, and logistics.

Many enterprises based in the Egyptian costal city are seeking collaboration opportunities through the Vietnamese Embassy and Trade Office of Vietnam in Egypt.

Representatives from the Vietnamese Embassy also answered many questions at the seminar, mainly related to Vietnamese policies and preferences relating to Egyptian businesses. Nguyen Duy Hung, first secretary and head of the Trade Office of the Vietnam Embassy in Egypt, also gave a presentation on the Vietnamese economy and potential for further trade co-operation between both sides. In addition, information was provided and answers were given to many questions raised by business representatives.

In response, Ahmed Hassan, vice chairman of the Alexandria Chamber of Commerce , said that there are a number of areas where ties can be strengthened, such as logistics, aquaculture, agriculture, along with garments and textiles.

Over recent years, Egypt has been able to develop large-scale infrastructure projects, including the Suez Canal Economic Zone (SCZ), in order to cater for future trade co-operation agreements.

In addition to bilateral co-operation, the two countries can also focus on a tripartite co-operation model that utilises raw materials and components from the nation in order to produce products at the SCZ, then exporting them on to a third country that has signed a free trade agreement with Egypt.

Boasting items such as the world-leading quality of Egyptian cotton, firms from the North African country are keen to increase exports of this commodity to the Vietnamese market, alongside other agricultural products such as fresh fruit.

Likewise, Vietnamese enterprises can export software and hardware in the fields of information technology and telecommunications, in addition to mobile phones and mobile phone components, to Egypt.

Dr. Maha Mohamed Malek of the Business and Economic Development Association said he came to the seminar so he can learn about the products that the country can provide for the Egyptian market. He also took the opportunity to closely evaluate the prospects for future co-operation between the two sides, especially in the field of textiles and garments.

This comes after Ambassador Cong and his delegation had a host of meetings with municipal leaders within the framework of the business trip to Alexandria. At the meeting with Governor of Alexandria Mohammed Taher El-Sherif, the two sides noted that commercial ties do not meet their available potential. Additionally, the COVID-19 pandemic has had a range of adverse impacts on the bilateral trade exchanges and delegation exchanges that exists between the two nations.

Both sides therefore expressed their wish to step up bilateral co-operation across a range of fields through the opening of a direct flight route between the two countries, setting up a twin relationship between Alexandria and a Vietnamese locality, whilst strengthening sea port co-operation. Indeed, shipping exchanges between Alexandria and the nation to bring Vietnamese exports items to the North African country will also be ramped up.

Participants underlined the need to continue launching a wide range of activities, such as organising forums and seminars to provide information about firms from the two countries, whilst calling on local investors to come to Egypt and promote trading ties between the two countries, especially with Alexandria.

Moving forward, both sides agreed to hold online seminars on trade promotion, to intensify business delegation exchanges to seek further business opportunities when conditions permit, and to provide information about import and export needs between the two countries.