Vietnam, Egypt Boosts Trade, Investment Ties

Minister of Agriculture and Rural Development Cao Duc Phat has recently led a delegation to attend the Egypt Economic Development Conference in Sharm El Sheikh, aimed to enhance bilateral trade and investment ties. 

According to Minister Cao Duc Phat, the conference is a good opportunity for Vietnamese businesses to seek cooperation opportunities and contribute to elevating trade value to $500 million in 2015.

Last year, Viet Nam and Egypt fetched $370 million of trade turnover, up 85% compared to the previous year. Viet Nam mainly sells agricultural and seafood products and automobile spare parts to Egypt.

Currently, Viet Nam's participation in eight free trade agreements and negotiations on six others coupled with Egypt's participation in the Arab Free Trade Area will create favourable conditions for enterprises in both nations to expand their exports to other markets.

Attracting the participation of global leading groups, the Egypt Economic Development Conference is of great economic importance for Egypt which plans to introduce about 30 major projects at the conference and call for $20 billion investment in a number of areas.