Tea is packed at Phu Ben Tea Company Limited for export to several markets, including Egypt. Viet Nam and Egypt expected to increase their trade value to US$1 billion. — VNA/VNS Photo Vu Sinh

CAIRO (Biz Hub) — Viet Nam and Egypt have pledged to increase trade value to US$1 billion, the Vietnamese Ambassador in Egypt, Dao Thanh Chung, announced at a business conference in Cairo on Monday.

During the forum, which saw the participation of approximately 90 businesses, Chung praised the two-way relationship in a wide range of sectors, such as trade, investment, tourism and education.

He added that there remained untapped potentials for further co-operation between the two business communities, especially in agro-forestry and fisheries sectors.

Chung called on the two nations' enterprises to actively participate in business conferences, international trade fairs and exhibitions to be held in both countries. These events would help businesses directly establish partnerships to reduce risks by trading through a third-party.

Tran Quang Huy, head of the Ministry of Industry and Trade's Africa, West and South Asian Market Department, said Egypt served as an important gateway for Vietnamese products to penetrate the Middle East and North Africa.

Two-way trade turnover reached nearly US$400 million last year and some $200 million in the first half of this year, Huy noted.

However, serious involvement of management agencies in creating a favourable legal framework for businesses was needed in order to reach the $1 billion-trade turnover target set by the two countries' leaders, Huy said, adding that domestic businesses should also take initiatives in seeking investment opportunities in Egypt.

Further, Huy hoped that the forum would contribute to fostering economic and trade co-operation between the two countries.

General Director of Thai Nguyen Tea Import-Export Co Tran Thi Lan Huong described the conference as a good opportunity for her company to promote products and find new trade partners.

During the event, representatives from the ministry and the Egyptian Chamber of Commerce provided businesses with updated information about economic development in the two countries.

A similar business forum will be organised in Alexandria City in Egypt tomorrow. — VNS