Vietnam's European Plastics Joint Stock Company (EuP) has inaugurated a factory specializing in producing filler masterbatch in Sadat city, Menoufaya province of Egypt, marking the first factory of a Vietnamese enterprise in the Middle East country, VNA reported.

Vietnamese Ambassador Nguyen Huy Dung attends the inauguration.

The EuP Egypt factory was built on an area of more than 34,000 sq.m with an investment of USD 30 million. It is designed to have 24 production lines with a total capacity of 300,000 tonnes a year, creating jobs for more than 300 local workers. Its products will serve the Egyptian market and exports to the Middle East, Africa, Europe and America.

Founded in August 2022 in Egypt with 100% investment capital from Vietnam, EuP Egypt Industries Company, a subsidiary of EuP, has an ambition to expand markets and become a multinational company.

Speaking at the inaugural ceremony on January 15, Hoang Quoc Huy, chairman of the Board of Directors of EuP, said the EuP Egypt factory is an important step in the company’s expansion strategy, adding that it is a symbol of cooperation and development between Vietnam and Egypt.

Hossam Heiba, president of Egypt’s General Authority of Free Zones & Investment (GAFI), highlighted the significance of the factory as the first project of a Vietnamese enterprise in Egypt, saying it reflects the Egyptian Government's efforts to attract foreign investors.

He affirmed that Egypt will always encourage and protect foreign investors, including Vietnamese ones. He also expected that more Vietnamese businesses will invest in his country.

Hossam Heiba, President of Egypt’s General Authority of Free Zones & Investment, visits EuP Egypt Factory. Photo: VNA

According to The World & Vietnam newspaper, Ambassador Nguyen Huy Dung sent congratulations to the company, emphasizing that EuP Vietnam is Vietnam's pioneering investor in Egypt. The Vietnamese Government and the Vietnamese Embassy in Egypt are pleased to accompany and support Vietnamese businesses investing abroad, for the common benefit of both countries.

On this occasion, the diplomat sent his thanks and asked the Egyptian authorities to continue creating favorable conditions for EuP company in particular and Vietnamese businesses investing in Egypt in the future.

The factory's inauguration and operation shows that Egypt is gradually becoming a destination for Vietnamese investors, taking advantage of preferential policies for foreign investors of the Egyptian government and its special logistic location to conduct trade with other continents.

EuP Egypt is expected to become a successful example of Vietnamese businesses in Egypt, attracting more Vietnamese businesses to take advantage of investment opportunities, contributing to creating momentum to promote Vietnam-Egypt relations during this period.

Previously, on January 9, Ambassador Nguyen Huy Dung visited the EuP Egypt company's booth at PLASTEX - the largest plastic and rubber expo in the Middle East and North Africa region.

Trade cooperation between the two countries was established even earlier than diplomatic relations, as Vietnam's trade office in Egypt was set up in 1958.

Egypt is one of Vietnam's largest markets in the region with geopolitical advantages. It is located at the intersection of the three continents of Europe, Africa, and Asia. The North African country is a member of the African Continental Free Trade Area (AfCFTA) and will soon become a member of the BRICS group of emerging market nations.

Egyptian Communist Party Interested in Vietnam's Innovation Policies, Experiences The Communist Party of Egypt is always interested in the innovation policies and experiences of Vietnam, said an official.

Vietnam And Egypt Exchange Experiences in Attracting Green Finance Vietnamese Ambassador to Egypt Nguyen Huy Dung said that to implement and fulfill commitments, it is important that Vietnam and Egypt take advantage of climate ...

Promoting Cooperation between Vietnam and Egypt Education Trade Unions At the invitation of the Egyptian Trade Union of Education and Scientific Research, from November 6-10, a delegation of the Vietnam Education Trade Union visited ...