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Date 31/08/2018-16:04:00 PM
Vietnam – Egypt Economic Forum

Minister of Planning and Investment Nguyen Chi Dung. Photo: MPI
(MPI) - Under the framework of the State – level visit in Egypt of President of the Socialist Republic of Vietnam and his wife, on August 27th, 2018, a Vietnamese – Egyptian Economic Forum’s meeting took place in Cairo, the capital of Egypt. Minister of Planning and Investment Nguyen Chi Dung had a speech at the meeting.

Speaking at the meeting, Minister Nguyen Chi Dung emphasized that the friendship and cooperation relationship between the two countries had been developed and fostered over the last 5 decades. Egypt was the first Arab country to establish diplomatic relationship with Vietnam (in 1963). Vietnam always appreciates the sentiments and support of Egypt in the current socio-economic development and international integration process. At the same time, Vietnam wishes to continue promoting the cooperation relationship with Egypt in many fields, especially in trade and investment.

In recent years, thanks to the strong, effective economic reform policies and measures, Egypt's economy has been growing steadily, reaching a rate of 4.1% in 2017. Especially, Egypt has various open, appealing policies to attract foreign investment into special economic zones and export processing zones.

Minister Nguyen Chi Dung said that after more than 30 years of consistently implementing the innovative policy, the international integration, Vietnam has become an active economy with a high, stable and continuous growth rate with average annual GDP growth rate of about 6-7%. Vietnam has become a developing country in the Middle-Income Countries Group since 2010 and is recognized by the international community for the achievements in socio-economic development. Vietnam's commercial scale in 2017 was 425 billion USD, the GDP per capita reached nearly 2,400 USD. In the first half of 2018, GDP growth reached over 7%, the highest increase in many years.

Regarding foreign investment, Vietnam has attracted about 333 billion USD from 128 countries and territories. With existing advantages and open economic policies for foreign investors, Vietnam is considered an attractive investment destination.

Vietnam always appreciates and wishes to promote the traditional friendship and the good cooperation relationship with Egypt to a new height. The two countries signed the Agreement on Investment Promotion and Protection, Double Taxation Avoidance Agreement, Tourism Cooperation Agreement, etc. Egypt is Vietnam's fifth largest trade partner in Africa. The bilateral trade turnover in 2017 of the two countries reached about 350 million USD. Vietnam has strength in products such as consumer goods (textiles, footwear), electronics, agricultural products, food, mechanical products, petrochemicals which can meet the demands of the market of nearly 100 million Egyptians.

Egypt is Africa's largest economy, with a strategical position connecting Southern Europe - North Africa region and Arab countries (Middle East), along with Egypt's policies for foreign investment attraction, reformation, market development, privatization, etc. Minister Nguyen Chi Dung believes that Egypt will be an attractive market for foreign enterprises in general and Vietnamese enterprises in particular in the trade and investment relationships. Governments of the two countries need to effectively implement signed cooperation frameworks to create the most favorable conditions for the business community of the two countries to cooperate.

At the meeting, the two sides exchanged opportunities and new visions in the cooperation relationship, contributed to strengthening and deepening the special friendship between Vietnam and Egypt. At the same time, the two sides expressed the belief that with the support from Governments and the efforts of the business community from both sides, the trade and investment relationships between the two countries will continue to grow strongly./.

Hien Nguyen
Ministry of Planning and Investment

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