Brace for more Egyptian-Vietnamese cooperation: President Abdel Fattah El Sisi met with Vietnamese President Luong Cuong yesterday, where they agreed to upgrade ties between the two nations to a comprehensive partnership. The talks focused on building on recent momentum in ties between the two countries and expanding cooperation across key sectors.

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Boosting trade: The two sides agreed to boost trade to reach USD 1 bn over the coming period, Cuong said during the joint presser held following the meeting (watch runtime: 19:35), adding that they also agreed to look into opening up the Egyptian and Vietnamese markets for agricultural products from both sides.

DATA POINT- Trade between Egypt and Vietnam inched up to USD 634 mn in 2024, up from USD 606 mn the year before, according to official figures from state statistics agency Capmas seen by EnterpriseAM. Egypt’s exports to Vietnam stood at USD 52 mn, while imports came in at USD 582 mn.

A broad-based agenda of cooperation: The two sides agreed to step up public and private cooperation in areas including trade, investment, agriculture, and manufacturing — apparel, electronics, fertilizers, food, chemicals, meds, renewables, and EVs, El Sisi said. El Sisi emphasized the untapped potential in bilateral trade and investment and positioned Egypt as “a gateway for Vietnam to the Middle East and Africa,” while suggesting that Vietnam could help Egypt reach new markets in Southeast Asia.

We heard this before: El Sisi’s remarks came one day after a meeting between InvestmentMinister Hassan El Khatib and Vietnamese Deputy Industry and Trade Minister Phan Thi Thang, during which he mentioned that Egypt sees an opportunity to use Vietnam as a springboard into Asian markets — and is positioning itself as a gateway for Vietnamese products heading to African, Arab, and European markets.

Implementing the new partnership framework: Prime Minister Moustafa Madbouly also met with Cuong to discuss implementing the comprehensive partnership agreed upon, according to a statement. Cuong said he would appoint a coordinator and establish a plan for implementing the partnership, while Madbouly reiterated Egypt’s support for expanding cooperation in key sectors.

Two MoUs were signed between the two sides — one on economic development signed and the other on local development.

Expanding cooperation: Madbouly called for greater Vietnamese participation in Egypt’s renewable energy sector and invited more Vietnamese companies to invest locally. Both sides agreed to fast-track market access for agri products and to resume talks on a double taxation agreement.

ALSO FROM EL SISI- During the joint presser, El Sisi touched on what’s happening in Gaza and said that the war has become “a war of starvation, genocide, and an attempt to eliminate the Palestinian cause.” He once again called for a ceasefire and the entry of aid to Gaza.

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