Forum seeks measures to boost Vietnam – Egypt trade cooperation

Thursday, 2017-09-07 09:48:25
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Deputy PM Pham Binh Minh speaking at the forum (Credit: VGP)
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NDO – The Vietnam – Egypt Business Forum, which was held in Hanoi on September 7, offered a good opportunity for Vietnamese and Egyptian enterprises to discuss measures to boost investment and business cooperation.

The statement was made by Politburo member Deputy Prime Minister and Foreign Minister Pham Binh Minh at the forum. The event was also attended by the Egyptian President Abdel Fattah El-Sisi.

Addressing the forum, Deputy PM Minh emphasised that Egypt is currently Vietnam’s third largest trading partner in Africa with annual two-way trade turnover of US$320 million.

He also said that Vietnam and Egypt have enhanced their cooperation in many other fields including investment, oil and gas, tourism, culture, education and training.

The Deputy PM noted that over the past 30 years of Doi Moi (renewal) process, Vietnam has gained many great achievements, maintaining a stable political, social and economic environment with the average annual GDP growth rate of 6.6%. Nearly 120 countries and territories have invested in Vietnam with around 24,000 projects worth a total of over US$300 billion.

The Foreign Minister also affirmed that Vietnam is currently an attractive destination for foreign investors, with the strong innovation and reform helping to enhance competitiveness and improve the business and investment environment.

Deputy PM Minh expressed his belief that Vietnamese enterprises attending the forum are very interested in investment and business opportunities with Egyptian businesses.

He highlighted the great potential for economic and trade cooperation between Vietnam and Egypt, particularly in the fields that the two countries have an advantage, such as manufacturing, agricultural products processing, garment, footwear, oil and gas and training.

The Deputy PM stressed that Vietnam hopes Egypt will serve as a reliable bridge for Vietnam to boost economic and trade cooperation with African countries, adding that the Vietnamese Government always fosters favourable conditions and ensures to keep an open investment environment for foreign investors, including Egyptian enterprises.

He also asked the Vietnam Chamber of Commerce and Industry (VCCI) to actively build a new mechanism and create plans for the cooperation with the relevant Egyptian agencies to support business, investment and connectivity between the two countries’ enterprises.

For his part, Egyptian President Abdel Fattah El-Sisi appreciated Vietnam’s development model with a central role of knowledge economy and science and technology.

He said that Egypt wants to strengthen their cooperation with Vietnam in the fields of investment and trade and that Egypt welcomes Vietnamese enterprises to invest in industrial parks, particularly in developing the commodities of shipbuilding, fertiliser and textile and garment.

Egyptian President Abdel Fattah El-Sisi speaking at the forum (Credit: VGP)