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Vietnam Today

Greater cooperative opportunities for Vietnamese & Egyptian firms

Released at: 17:43, 07/09/2017

Greater cooperative opportunities for Vietnamese & Egyptian firms

President Tran Dai Quang (R) and his Egyptian counterpart Abdel Fattah el-Sisi (Source: VNA)

State President Tran Dai Quang and visiting Egyptian President Abdel Fattah el-Sisi pledge to increase two-way trade to $1 billion in near future during talks on September 6.

by Van Long

During their talks in Hanoi on September 6, State President Tran Dai Quang and Egyptian President Abdel Fattah el-Sisi, who is paying a two-day visit to Vietnam that started on the same day, discussed measures to promote trade and investment between the two countries.

According to the Vietnam News Agency, the Presidents affirmed their shared intention to increase two-way trade to $1 billion shortly via promoting investment and trade.

The two agreed on the importance of boosting cooperation in the fields of industry, agriculture, fisheries, transport, culture, tourism, education, and security-defense, as well as local-level cooperation.

The Vietnamese side welcomed Egypt’s offer to provide technical assistance and expert training for Vietnam in meeting Halal standards on goods, while the Egyptian side backed Vietnam’s initiative to forge trilateral cooperation between Vietnam, Middle East - African nations, and third parties.

The Egyptian President also voiced his support for Vietnam’s efforts to maintain peace, stability, and prosperity in the East Sea, saying that all disputes must be settled by peaceful means on the basis of the principles of international law and the 1982 United Nations Convention on the Law of the Sea.

Later, President el-Sisi and Deputy Prime Minister and Foreign Minister Pham Binh Minh jointly attended the Vietnam-Egypt Business Forum in Hanoi.

Mr. Minh was quoted by the Vietnam News Agency as telling the forum that when investing in Vietnam, Egyptian companies will have the chance to gain access to Vietnam’s 93 million consumers and the ASEAN market of more than 600 million consumers.

There is plenty of potential for bilateral trade and economic cooperation, especially in the fields of manufacturing, processing, garment and textiles, footwear, and oil and gas, he said, adding that Vietnam hopes that Egypt will act as a bridge to connect it with other countries in Africa.

The Vietnamese Government will accompany and create favorable conditions and an open investment environment for Vietnamese and Egyptian businesses, Mr. Minh affirmed.

For his part, President el-Sisi said that Egypt wants to become a strategic center, developing logistics and building industrial parks to export products to other nations, as well as implementing projects on land development and renewable energy and building new administrative urban areas.

Egypt welcomes Vietnamese businesses to invest in developing small and medium-sized enterprises, shipbuilding, construction, aquaculture, fertilizers, and garment and textiles, he added.

Egypt is now the third-largest trade partner of Vietnam in Africa, with two-way trade at an annual average of $320 million.

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