Vietnam, Egypt work to raise two-way trade turnover to more than US$1 billion

The bilateral trade target was revealed by Vietnamese Ambassador to Egypt Nguyen Huy Dung at a recent business forum on potential for Vietnam-Egypt economic and trade cooperation, which was held by the Vietnamese Embassy in Egypt in coordination with the Vietnam Ministry of Industry and Trade and the Alexandria Chamber of Commerce of Egypt.

The forum, featured the participation of many Egyptian and Vietnamese business representatives, and is designed to help both nations' businesses share market information, and seek partners.

In his speech at the forum, Vietnamese Ambassador to Egypt Nguyen Huy Dung highlighted the remarkable progress in the all-around relationship between Vietnam and Egypt in recent years, with the signing of numerous cooperation agreements across a variety of fields during the high-level visits of the two countries' leaders in 2017 and 2018.

According to the Ambassador, Vietnam and Egypt boast huge potential for cooperation in multiple fields such as electricity industry, garments and textile, logistics, agriculture, fisheries, tourism, port management, marine economy, wood furniture, and gas.

However, the bilateral trade exchange is still far from matching their full cooperation potential, Dung said, adding that both nations are going ahead with the effective implementation of the signed agreements to further boost trade activities and soon bring two-way trade turnover to more than US$1 billion in the near future.

Based on the two countries' potential and strengths, their businesses have plenty of opportunities to broaden cooperation in the coming time, the Vietnamese diplomat went on to say.

In response, President of the Alexandria Chamber of Commerce Ahmed El Wakil affirmed that Egypt and Vietnam have enjoyed a close-knit relationship, and the two sides need to bolster cooperation in regional and international issues, especially in economics and trade.

According to El Wakil, in the context that the world is facing numerous challenges such as the impact of the COVID-19 pandemic, the Ukraine-Russia conflict that disrupts global supply chains and high inflation rates, both nations need to coordinate efforts to remove barriers and promote bilateral economic cooperation in a more effective and substantive manner.

Ambassador Nguyen Huy Dung and El Wakil suggested businesses should share information thorough forums, trade and investment promotion seminars, and trade fairs as well as maintaining a regular channel of business information exchange between the Vietnamese Embassy in Egypt and the Alexandria Chamber of Commerce.

Also at the forum, businesses discussed market needs and shared information regarding each other's industries and market access opportunities, while many Egyptian businesses showed their interested in agricultural products, seafood, pharmaceuticals, cosmetics of Vietnam.

Vietnam Ministry of Industry and Trade representative introduced some of Vietnamese key products and potential for broader cooperation between the two countries' businesses, and provided information about Vietnamese businesses. They also answered some questions raised by Egyptian enterprises regarding tax policy, customs, and preferential mechanism of Vietnam.