Vietnam, Egypt taking logistics business to a higher level

The Saigon Newport Corporation (SNP) held a conference on July 27 with representatives from 20 leading Egyptian businesses in Cairo exploring cooperative opportunities in logistics and transport.

Speaking at the meeting, Vietnamese Charge d’ Affaires to Egypt Nguyen Hong Son introduced Vietnam’s achievements in the renewal process underscoring the nation’s exceptional annual average growth rate of 6.76% over the past 10 years amidst the global economic crisis.

Son said Vietnam is a politically stable country in the Southeast Asian region and has an abundance of young highly educated and skilled workers. The country is a particularly lucrative investment destination attracting more than US$230 billion in foreign direct investment (FDI) over the past three decades, including US$22.3 billion last year alone.

Son pointed out the favourable geographic locations of the two countries, saying that Egypt borders Africa, Asia and Europe and owns and maintains the Suez Canal – a lifeline transport route linking the three continents. Vietnam has a similar strategic importance in Southeast Asia.