Firms asked to prepare contracts carefully before exporting to Egypt: official
Trade between Vietnam and Egypt sees a promising outlook as the market with a population of over 100 million people is paying more and more attention to Vietnamese agricultural products, said Head of the Trade Office at the Vietnamese Embassy in Egypt Nguyen Duy Hung.
Vietnamese agricultural products are introduced to Egyptian companies. (Photo: VNA)
Cairo (VNA) – Trade between Vietnam andEgypt sees a promising outlook as the market with a population of over 100million people is paying more and more attention to Vietnamese agriculturalproducts, said Head of the Trade Office at the Vietnamese Embassy in EgyptNguyen Duy Hung.
💛 Egypt is Vietnam's second-largest trading partner in the Africanmarket, accounting for 19% of Vietnam's total exports to the continent in 2022.
Exports from Vietnam to Egypt last year reached 502.8 million USD, including coffee, pepper, cashew nuts, copra, frozenpangasius fillets, electronic products and components, phones, computers,textiles, machinery, and equipment.
However, Vietnam's export turnover to Egypt in the first sixmonths of this year reached only 236.2 million USD, down 11.2% from the same periodlast year.
This decline is mainly due to Egypt's facing a shortage offoreign currency, its domestic currency depreciates rapidly against the USD, andhigh inflation.
🐎 The Egyptian government had to apply measures to tighten foreignexchange management, regulate imports to ensure foreign currency for the importof essential goods and production materials, and reduce the import ofnon-essential goods.
In addition, Vietnam and Egypt have not yet signed any free trade agreement (FTA), so Egypt imposes quite high taxes on imports fromVietnam. Many Vietnamese products, especially consumer goods, find itdifficult to compete with imports from countries that have signed FTAswith Egypt. Hung said that as international trade always has many potentialrisks of commercial disputes, and even frauds, Vietnamese companies exporting to Egypt need to attach great importance to the country’s legalframeworks and commercial disputes. He said two of the most common commercial disputes that Vietnameseand Egyptian companies faced in the past time relate to late payment andbrokerage. That is why Vietnamese enterprises need to carefully consider thecontract terms on delivery and payment methods, as well as add a clause tohandle arising problems so as to minimise risks, especially in the case of goodshaving to stay at port for long due to the problem of late payment fromthe importer. In addition, businesses should limit signing contracts through brokers. Contracts should include an advance payment clause of at least30% of the total value, as a norm in Egypt, Hung said. In addition, when receiving any request for the contract’schanges from the importer, the companies needs to check and re-verify theinformation and ask its partner to send an official lawful document so as to have abasis for settlement in case a dispute occurs. According to Hung, Egyptis currently reforming customs and import-export procedures, so Vietnamesebusinesses also need to update relevant changes before signing contracts withtheir Egyptian partners./.
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Vietnamese agricultural products are introduced to Egyptian companies. (Photo: VNA) 
