Egypt and Vietnam have agreed to boost trade to reach USD 1, Vietnamese President Luong Cuong said during the joint presser held following a meeting with Egyptian President Abdel Fattah El Sisi (watch runtime: 19:35). The new target comes after both nations agreed to upgrade ties between the two nations to a comprehensive partnership and opening up the Egyptian and Vietnamese markets for agricultural products from both sides, according to a statement.

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.

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.

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