Inauguration of First Vietnamese Factory Marks a Historic Milestone in Egypt

Cairo, The Gulf Observer: Vietnam’s European Plastics Joint Stock Company (EuP) has achieved a significant milestone with the inauguration of its specialized filler masterbatch production factory in Sadat City, Menoufaya Province, Egypt. This event marks a historic occasion as the first establishment of a Vietnamese enterprise in the Middle East country. The strategic expansion into Egypt underscores EuP’s commitment to global presence and the strengthening of economic ties, contributing to both the Vietnamese and Egyptian industrial landscapes.

The EuP Egypt factory was built on an area of more than 34,000sq.m with an investment of US$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 per cent investment capital from Viet Nam, 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 Monday, Hoàng Quốc 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 Viet Nam 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 said that Egypt will always encourage and protect foreign investors, including Vietnamese ones. He also expected that more Vietnamese businesses will invest in his country.