Mr. Ahmed Al Waki, Chairman of FEDCOC, received Chairman Pham Tan Cong at FEDCOC headquarters, accompanied by Mr. Alaa Ezz, Secretary General, Mr. Baharia Hosam, Deputy Secretary General, and several key leaders of the federation.

VCCI Chairman Pham Tan Cong Meets and Discusses with FEDCOC Chairman Ahmed Al Waki and FEDCOC Leaders on Promoting Vietnam–Egypt Business Cooperation

During the working session, the leadership of FEDCOC introduced the potential of the Egyptian market to Vietnamese businesses, emphasizing that Egypt is not only a domestic market of over 100 million people but also serves as a gateway for Vietnamese enterprises to access the broader markets of Africa and the Middle East. By investing in Egypt, Vietnamese companies can take advantage of Egypt’s low tariff rates as well as the preferential tariffs applied by the United States and other major trade partners. Notably, Egypt has signed a Trade and Investment Framework Agreement (TIFA) with the United States, under which the U.S. imposes a preferential tariff rate of only 11% on Egyptian imports. In 2024, trade between Egypt and the U.S. reached USD 8.6 billion, with Egypt recording a trade deficit of USD 3.6 billion.

VCCI Chairman Pham Tan Cong also briefed FEDCOC Chairman Ahmed Al Waki on Vietnam’s economic landscape and the opportunities for cooperation and development between Vietnamese and Egyptian businesses, as Vietnam enters a new era with ambitious growth targets. In 2024, Vietnam’s GDP exceeded USD 476 billion, and economic growth is projected to reach 8% this year, with a target of reaching double-digit growth starting next year. Vietnam also serves as a gateway for Egyptian businesses to access the ASEAN market as well as the 300-million-consumer market in the southwestern region of China.

Despite achieving a trade turnover of USD 541.36 million last year — the highest among North African countries — both Chairmans agreed that there remains substantial room to further develop trade and investment potential between businesses of the two nations. They concurred on the need to strengthen information exchange, organize business delegations, and promote trade, while enhancing cooperation in mutually complementary sectors.

The Chairman of FEDCOC proposed focusing on a number of high-potential sectors to boost trade and investment cooperation by linking FEDCOC’s local chambers with VCCI’s nationwide branches and with Vietnamese industry associations. The two sides held concrete discussions on several shared areas of interest, including seafood, textiles and garments, electronics and information technology, consumer goods, and tourism.

The Chairman Ahmed Al Waki highlighted tourism as one of Egypt’s leading economic sectors, attracting nearly 16 million international visitors last year and generating more than USD 14 billion in revenue. He suggested the two countries explore measures to enhance cooperation in developing their tourism markets.

The Egyptian side expressed strong appreciation for the capabilities of Vietnamese businesses and a keen interest in cooperating in sectors such as seafood, textiles and garments, and consumer goods manufacturing. Chairman Al Waki noted that although Egypt has over 3,000 km of coastline, the country has yet to fully develop its potential, with its seafood export market being virtually non-existent. In contrast, Vietnam possesses a well-established global seafood export network — a partnership would therefore be mutually beneficial.

In the textile and garment industry, Vietnamese enterprises could leverage Egypt’s low labor costs and preferential export tariffs to the U.S. and other countries.

The two Chairmans agreed that, as an initial step, both sides will intensify information sharing and organize a series of webinars to connect businesses in high-potential sectors.

They also agreed to consider re-signing the Memorandum of Understanding (MoU) between VCCI and FEDCOC, originally signed in 2009, with updates to reflect the evolving context, capacities, and needs of the business communities in both countries.