The 90 million-strong and accessible market of Vietnam is a promising destination for Egyptian enterprises, said Ambassador to Egypt Dao Thanh Chung at a conference on May 29 in Alexandria city.

He suggested that Egypt can export cotton, fertilizer, pharmaceuticals and chemicals to Vietnam, while importing major Vietnamese goods like agricultural products, seafood and commodities.

At the event, which attracted the participation of 20 Egyptian enterprises operating in various fields, Ambassador Chung updated the participants with the advantages and difficulties of the Vietnamese market.

He also suggested measures to boost the bilateral economic and trade partnership, including strengthening the exchange of information and cooperation between businesses of both sides for their mutual benefit.

However, although both sides have signed many affiliation agreements, many of them have yet to be implemented effectively, he said, pointing out that two-way trade last year reached only 240 million USD, much lower than the target of 500 million USD set in 2010.

In the first quarter of this year, the figure was 86 million USD, most of which came from Vietnam’s exports, he noted, adding that the two sides must do more to raise trade.

The ambassador also emphasised the need for the business communities of both countries to enhance mutual trust and work more closely in removing obstacles, striving to reach the target of 500 million USD trade in the near future.

Vietnamese trade counsellor in Egypt Pham The Cuong also answered local businesses’ questions related to various areas, including agro-forestry and fisheries.

The two sides also agreed to open a Vietnamese market directory on the website of the Chamber of Commerce of Alexandria city.-VNA