Egyptian Prime Minister Mostafa Madbouly has proposed the establishment of a Vietnam - Arab Business Council and called for the launch of negotiations on a Vietnam - Egypt Free Trade Agreement (FTA), signaling a major push to deepen economic ties.

The proposals were made during the Egyptian Prime Minister's meeting on the afternoon of August 5 (local time) with Vietnamese President Luong Cuong, who is on a state visit to Egypt from August 3-6, according to a report from the Government News.

PM Madbouly emphasized that the business council would serve as a crucial bridge connecting Vietnam with markets across the Middle East and Africa.

He expressed his hope that FTA negotiations could begin soon, framed on a basis of "equality, balance, and mutual benefit," to significantly increase trade turnover, a goal that President Cuong and Egyptian President Abdel Fattah El-Sisi had reached agreement on during their summit meeting in Cairo earlier on August 5.

Hailing the new comprehensive partnership between the two countries, PM Madbouly underscored the "historic and special nature" of Egypt-Vietnam relations, noting that they have been actively cultivated by the leadership of both countries.

President Cuong praised Egypt’s impressive development, particularly the construction of new urban and administrative centers, which he said reflected the country's "visionary leadership and ambition for breakthrough growth." He reaffirmed that Vietnam highly values its traditional friendship with Egypt and is committed to making their multifaceted cooperation stronger and more effective.

To achieve this, President Cuong outlined key sectors for sustainable and mutually beneficial collaboration, urging both sides to facilitate investment in logistics, energy infrastructure, industrial manufacturing, textiles, and renewable energy. He also pointed to emerging areas of high potential, including the green transition, digital transformation, and the Halal industry.

PM Madbouly noted the alignment in their national strategies, sharing that Egypt is also pursuing ambitious reforms to restructure its private sector, attract foreign investment, and advance in areas like industrial technology, green energy, and climate change mitigation.

MP Madbouly extended a warm invitation to Vietnamese investors, pledging to create favorable conditions for their operations in Egypt. He also affirmed Egypt's readiness to host Vietnamese students for studies at the prestigious Al-Azhar University and other institutions nationwide.