First Vietnamese factory inaugurated in Egypt
VGP – Viet Nam's European Plastics Joint Stock Company (EuP) has inaugurated its factory that produces filler masterbatch in Sadat City, Menoufaya province of Egypt, marking the first factory of a Vietnamese enterprise in this Middle East country.
Vietnamese Ambassador to Egypt Nguyen Huy Dung (second from right) and Chairman of the Egyptian Investment Management Authority and Processing Zones Hossam Heiba cut the ribbon to inaugurate the EuP Egypt Factory. Photo: VNA
With an estimated investment of US$30 million, EuP Egypt Factory is built on an area of more than 34,000 sqm, specializing in producing filler masterbatch (fillers used in the plastic industry).
When fully operational, the factory is expected to have 24 production lines with a total capacity of 300,000 tons/year, creating direct jobs for more than 300 local workers.
The factory's products will serve the Egyptian domestic market and export to the Middle East, Africa, Europe and America. EuP Egypt Industries Company, a European Plastics Joint Stock Company subsidiary, is the EuP Egypt Factory's direct operator.
Founded in August 2022 in Egypt with 100 percent investment capital from Viet Nam, EuP Egypt Industries Company, a subsidiary of EuP, has the ambition to expand markets and become a multinational company.
Speaking at the inaugural ceremony on January 15, Hoang Quoc Huy, Chairman of the EuP Board of Directors, said the factory is an essential step in the company's expansion strategy, adding that it is a symbol of cooperation and development between Viet Nam and Egypt.
According to Mr Hoang Quoc Huy, the European Plastic Joint Stock Company is a multi-industry enterprise whose primary field is the production of Masterbatch (plastic granules).
Currently, the company has eight factories in Viet Nam, including 4 filler masterbatch factories with a total capacity of 800,000 tons and revenue of US$250 million/year.
European Plastic Joint Stock Company products are exported to nearly 100 countries, affirming the company's position and reputation in the world market.
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 more Vietnamese businesses to invest in his country./.
