Vietnam and Egypt strengthen economic ties, eye bilateral FTA
HANOI: A working delegation from Vietnam's Ministry of Industry and Trade, led by Deputy Minister Phan Thị Thang, held a meeting on Aug 4 with leaders of Egypt's Investment and Foreign Trade Ministry.
The meeting took place as part of President Luong Cuong's state visit to Egypt from Aug 3 to 6.
At the meeting, Thang expressed appreciation for the close cooperation extended by the Egyptian ministry to its Vietnamese counterpart in recent years. She also highlighted the marked progress in bilateral ties and reaffirmed Vietnam's high regard for Egypt's important role in North Africa and across the African continent. Egypt is currently Vietnam's largest trade partner in North Africa, with bilateral trade reaching over US$472 million in 2024.
The official noted that the trade structure between the two countries is complementary rather than competitive, offering substantial potential to expand cooperation, especially in the fields of industry, agriculture, investment, and logistics.
She emphasised the need for both ministries to work more closely to advance economic and trade relations in line with the overall partnership between the two nations.
Both sides agreed to step up coordination in organising trade and investment promotion activities to expand scale and move toward a more balanced bilateral trade relationship. On this occasion, the Egyptian side announced the plan to send a business delegation to Vietnam in 2025 and proposed joint efforts to organise promotion events.
Egyptian Minister of Investment and Foreign Trade Hassan El Khatib praised the long-standing friendship between the two countries, and commended Vietnam's strong economic growth in recent years.
He highlighted Egypt's geographic advantages and its wide network of economic agreements with the European Union and African nations, as well as the country's potential in logistics, renewable energy, oil and gas, and industries such as textiles, fertilisers, and chemicals.
During the meeting, both sides agreed to establish a joint working group to study the feasibility of a Vietnam–Egypt Free Trade Agreement (FTA). The group will assess the potential benefits such an agreement could bring to both countries, helping promote balanced growth in trade and investment.
Additionally, the two sides consented to coordinate in organising the third session of the Vietnam–Egypt subcommittee on trade and industry cooperation in Vietnam, tentatively scheduled for the fourth quarter of 2025. The session will focus on detailed cooperation in trade and industrial development.
According to statistics, trade between Vietnam and Egypt reached $472.6 million in 2024, up 9.4 per cent from the previous year. In the first half of 2025 alone, trade totalled $266.9 million, an increase of 8 per cent year-on-year, all of which was made up of Vietnam's exports to Egypt.
Vietnam's key exports to Egypt include coffee, mobile phones and components, vehicles and parts, electronics, seafood, pepper, machinery and equipment, fruits and vegetables, cashew nuts, textile fibers, garments, and base metals. — Vietnam News/ANN
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