Viet Nam, Egypt to strengthen trade cooperation

Tuesday, Dec 03, 2019 16:06

Processing shrimp for export at the Quoc Viet Export Seafood Processing Trading Company in Ca Mau Province. Viet Nam and Egypt expect to promote trade cooperation in the future. — VNA/VNS Photo

Viet Nam and Egypt need solutions to increase bilateral trade, especially as each country has advantageous products that can penetrate the other’s market.

Head of the Ministry of Industry and Trade (MoIT)'s delegation Tran Thanh Binh made the statement at a conference held by the MoIT and the Egyptian Businessmen Association (EBA) on Monday in Cairo, Egypt.

This conference focused on the business potential and opportunities in the field of commodities and logistics, exchanging information, promoting investment and strengthening trade connectivity between the two countries.

Speaking at the event, Ambassador Tran Thanh Cong highlighted that bilateral economic cooperation and trade have witnessed encouraging outcomes, but they have yet to match their potential due to the lack of information. In that context, trade and investment promotion will be of great importance, he added.

Sharing the view, Binh said the two-way trade value last year of US$470 million has failed to correctly reflect the potential.

In the first 10 months this year, the trade valued reached $390 million, of which Viet Nam had a trade surplus.

The main export items of Viet Nam to Egypt included agricultural products, machinery, electronic equipment, textiles and seafood, while the imported goods from Egypt to Viet Nam included fertilisers, plastic materials, raw materials, textiles and milk.

At the conference, businesses of the two countries agreed that the two sides are big markets for each other. However, the trade turnover between the two countries is still low, reaching around $470 million per year.

Businesses of the two countries said the demand of each side is huge and to exploit this potential effectively, each country needs to proactively seek partners, attend seminars and exhibitions, and enhance direct exchange between trading enterprises.

Besides, the two countries also have cooperation potential in developing tourism, oil, gas and banking sectors.

Speaking to a Vietnam News Agency correspondent, EBA CEO Mohamed Youssef held that the two countries should weather challenges and obstacles to bring two-way trade to $1 billion in the future.

It is most important that the business communities of the two countries intensify the contacts for better understanding, thus broadening the scope of their investment and cooperation, he said.

At the conference, queries on Viet Nam’s commodity market were settled and many Egyptian companies expressed their hope of increasing exports to Viet Nam, while the Vietnamese peers raised the idea that the two sides should boost cooperation in the direction of prioritising key products on the basis of mutual benefit.

According to the EBA, the conference was a good opportunity for businesses of the two countries to promote bilateral trade exchange, share information and propose solutions and support for businesses with governments and ministries of the two countries. — VNS

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