Vietnam, Egypt to sign five MoUs to develop bilateral trade soon

Big 5

Egypt and Vietnam are due to sign five memorandums of understanding in fields of investment, stock exchange, and seaports soon, Egyptian Investment Minister, who is visiting Hanoi, said Wednesday.

Sahar Nasr and Mahab Mamish, chairman of Suez Canal Special Economic Zone, met Vietnamese Prime Minister Nguyen Xuan Phuc on Tuesday and with several ministers in Vietnam on Wednesday, including Minister of Transport Truong Quang Nghia, seeking to open up new co-operation opportunities.

Egypt’s new investment law is providing several incentives and guarantees and that Vietnamese investors can benefit from, Nasr said in an interview with Vietnamese state television.

Trade exchange between the two countries had averaged around $400 million per year, but the figure is still modest and could be improved, Prime Minister Phuc said.

Meanwhile, Mamish said Egypt had put into operation an economic zone in Suez Canal that serves as a bridge between the Mediterranean and Asian regions, calling Vietnamese businesses to seek investment opportunities there.

Egypt is an important access point for Vietnam into Africa and a potential market for the ship building industry, Minister Nghia said.

The two countries also expressed their desire to renegotiate the 1994 maritime transport agreement and agreed to show support for each other at regional and international maritime forums.