Vietnam, Egypt seek to beef up trade ties

At the event (Photo: MoIT)

Hanoi (VNA) – The second meeting of the Vietnam – Egypt Sub-Committee on Trade and Industry Cooperation was held virtually on August 18 under the co-chair of Vietnamese Deputy Minister of Industry and Trade Cao Quoc Hung and his Egyptian counterpart Ibrahim El-Seginy.

Both sides reviewed trade and industry cooperation since the first meeting in April 2018, discussed regional and global situation affecting bilateral economic ties, and reached consensus on several specific measures tackling difficulties in export-import.

They debated cooperation opportunities in industry, orientations and measures to further improve bilateral economic connectivity, and remedy the impacts of the COVID-19 pandemic.

The two sides agreed to build a mechanism to share information regarding market demand, export-import management regulations, quarantine, and goods quality management.

They expressed wish for further collaboration among relevant agencies to offer market navigation opportunities to each other, especially for agro-fishery products, in line with bilateral and multilateral international commitments.

Online trade and investment promotion activities will be held to link the two countries’ investors and businesses together amid the COVID-19 pandemic. At the same time, logistics cooperation opportunities will be enhanced, including building logistics projects, holding seminars and training human resources in the field.

They also shared each country’s industrial development policies and priorities to seek cooperation opportunities in trade and investment, as well as explored the possibility of joint work in electricity, apparel, chemicals, automobiles, construction materials and telecommunications.

On this occasion, Vietnam suggested that Egypt open the market for a number of Vietnam’s agricultural products, including dragon fruit, lychee, ginger and turmeric; as well as support and create favourable conditions for Vietnamese enterprises exporting to Egypt to meet requirements set by the country.

The successful session once again affirms the importance of the mechanism of Vietnam – Egypt Sub-Committee on Trade and Industry Cooperation to strengthening economic and trade cooperation between the two countries, especially in the context that world and regional trade activities are facing many difficulties, with the increasing protectionism and trade tensions between major powers.

According to the Ministry of Industry and Trade, Egypt is currently one of the most important trade partners and a potential market of Vietnam in North Africa.

Data from Vietnam Customs shows that the two-way trade between Vietnam and Egypt in 2020 reached 515 million USD, up 4.8 percent against 2019. In the first six months of 2021, Vietnam’s export turnover to Egypt was 238.7 million USD, a year-on-year rise of 11.4 percent.

Vietnam’s main exports to Egypt include computers, electronic products and components; metals; fiber; machinery and equipment; seafood; cashew; phones and accessories; pepper; coffee; vegetables; and garment.

Meanwhile, the country imports vegetables and fruits, plastic materials, DAP fertilizer, and raw materials for textile and footwear production./.