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Vietnam, Egypt taking logistics business to a higher level

(VOV) – 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.

The two countries have great potential for strengthening cooperation in logistics and transport, especially in the context of carrying deep and wide economic reform, accelerating privatisation, attracting FDI capital and developing export-driven economy, Son concluded.

A SNP representative said the company holds the leading market share among terminal operators in Vietnam. The import-export container throughput of SNP accounts for more than 85% of the market share in the south and nearly 50% nationwide.

SNP currently manages a system of 14 ports and two inland container depots (ICD) in the country with total assets of VND30,000 billion (roughly US$1.4 billion). Last year, it grossed over VND7,901 billion (US$367 million) in revenue.

At the meeting, more than 20 members of the Egyptian International Freight Forwarding Association (EIFFA) expressed their desire to cooperate with SNP to supply all-in services for import-export businesses in the two countries.

A number of EIFFA members said they will visit Vietnam in the near future to learn more about the nation’s infrastructure and relevant services with the aim of establishing a long-term cooperative relationship with SNP.


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