Vietnam, Egypt Enhance Trade and Investment Cooperation

Vietnamese Ambassador to Egypt Tran Thanh Cong works with Governor of Damietta Manal Awad Mikhail. (Photo: VNA)

Vietnamese Ambassador to Egypt Tran Thanh Cong led a delegation to visit Damietta province on November 22-23 with the aim to promote cooperation in terms of economy, trade, investment, and culture between Vietnam and Egypt in general and localities of the two countries in particular.

At a working session with Governor of Damietta Manal Awad Mikhail, Ambassador Cong emphasized the long-standing friendship between Vietnam and Egypt, saying that the two countries see many opportunities for economic and trade cooperation, according to VNA.

He suggested the Egyptian locality promote cooperation with a locality of Vietnam in fields where the two sides have strengths, saying that the two sides should share information on potential and investment opportunities between their localities to advance cooperation in priority areas such as electronics, industrial park, logistics, and seaport.

Vietnamese Ambassador to Egypt Tran Thanh Cong at the business forum on potential and opportunities for Vietnam-Egypt cooperation. (Photo: VNA)

In response, Governor Mikhail expressed his wish that Vietnamese localities will strive to boost co-operation with Damietta province in the fields of wooden furniture production, shipbuilding, and fishing.

As the largest wood processing industry in the Middle East and with strengths in fields such as aquaculture and tourism, Damietta province is hopeful of co-operating with numerous Vietnamese localities and businesses in related fields in the near future, said the Egyptian Governor.

Both sides also agreed to intensify the exchange of information and business delegations, and sign future co-operation agreements when the Covid-19 pandemic has been brought under control, VOV cited.

In the framework of the visit, a business forum on potential and opportunities for Vietnam-Egypt cooperation was also arranged, attracting the participation of representatives from nearly 100 local businesses.

Vietnamese Embassy hosted a photo exhibition aimed at introducing Vietnamese culture and people to an Egyptian audience. (Photo: VOV)

Speaking at the event, Ambassador Cong said two-way trade between Vietnam and Egypt does not match their potential, noting that with Vietnam's open policy, Egyptian businesses have many opportunities to partner with Vietnamese companies. He noted that two-way trade exchange now stands at just over US$500 million per year. Meanwhile, with an annual economic growth rate of over 6%, Vietnam has become an attractive destination for international investors.

Participants were updated on investment attraction policies, policies on tax, customs, and incentives for investors, as well as the potential and advantages of Vietnam.

At the forum, Mohamed El Ziny, chairman of the Damietta Chamber of Commerce, suggested that Vietnamese and Egyptian firms sign an agreement between the Damietta Chamber of Commerce and a partner in Vietnam in a bid to strengthen connectivity. This would also contribute to gaining greater insights into preferential policies in order to further promote trade and investment cooperation between the two countries in the future, he added.

On the occasion, the Vietnamese diplomat cut a ribbon to inaugurate a “corner of Vietnamese Book” at Damietta’s public library and presented more than 100 book titles on politics, diplomacy, economy, and culture to the library. Furthermore, the Vietnamese Embassy also hosted a photo exhibition aimed at introducing Vietnamese culture and people to an Egyptian audience.

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