In an effort to bolster its international economic relations, Vietnam is actively pursuing enhanced trade and investment ties with the Eurasian Economic Union (EAEU) and Egypt. With a strategic focus on increasing market access and strengthening economic partnerships, the Vietnamese government is keen on utilizing existing agreements to their full potential. Vice President Võ Thị Ánh Xuân emphasized the importance of the Vietnam-EAEU Free Trade Agreement, advocating for its greater utilization to facilitate a rise in bilateral trade and investment activities. She also suggested the possibility of upgrading the agreement and called on the EAEU to address existing trade barriers impacting Vietnamese goods such as textiles, footwear, and rice.
Both Vietnam and the EAEU are considering measures to improve the coordination of trade data and expedite the convening of their joint committee meetings. Furthermore, they are looking into enhancing the adoption of electronic certificates of origin to streamline trade processes. EAEU representatives acknowledged the significant growth in bilateral trade, which has nearly doubled, and pointed out additional avenues for further expansion.
Meanwhile, Vice President Xuân also engaged in discussions with Egypt’s Deputy Prime Minister for Economic Affairs, Hussein Mohamed Ahmed Eissa, underscoring the necessity for increased high-level interactions and deeper economic collaboration between the two nations. She underscored the potential benefits of advancing towards a Vietnam-Egypt free trade agreement and identified key sectors such as agriculture, infrastructure, tourism, digital transformation, education, and renewable energy as promising areas for enhanced cooperation.
These diplomatic and economic discussions took place in Bishkek, coinciding with Vietnam’s participation in the Shanghai Cooperation Organisation Plus Summit. This underscores Hanoi’s broader strategy to fortify economic and diplomatic connections with regional partners, marking a proactive approach in expanding its global economic footprint.