Vietnam, Egypt trade declines

The political crisis in Egypt has affected its economy and trade exchanges with other countries, including Vietnam. Excerpts from VOV interview with Vietnam’s commercial counsellor to Egypt Phan Quang Minh.

VOV: Could you tell us about the impact of crisis on the trade exchanges between Vietnam and Egypt?

Phan Minh Quang: The crisis in Egypt has strongly affected the country’s economy and trade exchanges with other countries, including Vietnam.

No wonder there are now less businesses who want to participate in the 44th Cairo International Fair, which is scheduled to take place in March.

This fair attracts about 2 million people every year. So far, no Vietnamese businesses have registered to join the event.

Since the crisis broke out, many Egyptian businesses have cancelled their working schedules with the Vietnam Trade Office. The information exchange has also decreased. Many Vietnamese businesses are worried about the unstable situation and have reduced trade transactions with their Egyptian partners.

VOV: In your opinion, when will the trade exchanges between Vietnam and Egypt be resumed?

Phan Quang Minh: I regularly follow the news on the political and socio-economical situation in Egypt. During these days, Egyptian people and businesses gradually go back to their normal lives and operations. I believe trade relations between the two countries will be resumed sooner or later but, of course, not on the same as before the crisis.

The two-way trade turnover between the two countries in the first quarter of 2011 decreased sharply compared to the previous year. However, it is expected to reach over US$300 million thanks to the growing demand from Egyptian consumers.

VOV: What should Vietnamese businesses do to maintain trade and cooperative relations with Egyptian partners?

Phan Quang Minh:I In my opinion, Vietnam businesses should continue to maintain ties with their old partners while searching for new ones through the Vietnam Trade Office. We are always ready to help businesses of both countries to promote trade exchanges.

The Vietnam Trade Office will also create best conditions for Vietnamese businesses to attend conferences and trade fairs in Egypt.

With a population of more than 80 million, I think Egypt has great purchasing power. In 2011, Vietnam will focus on fishery and agricultural products to enter the Egyptian market.- VOV

Tags: Vietnam Egypt trade