Participants in the October 19 webinar at the headquarters of the Trade Office of Vietnam in Algeria (Photo: VNA) The event,held by the Trade Office of Vietnam in Algeria and the Algerian Forum forImport, Export, International Trade and Investment (AFIETI), attracted about 60businesses, including over 20 Algerian companies.
Consideringthe seminar as a chance to elevate economic ties on par with the two peoples’aspirations, AFIETI President Mohamed Hassani said that at the recent businessforum held in Hanoi within the framework of the 12th meeting of theInter-Governmental Committee, the two sides strived to set up strategicpartnerships in many key areas, including agriculture, food security,technology, renewable energy, infrastructure development, natural resourceexploitation, education, and scientific research.
Trade Counsellor of Vietnam in Algeria Hoang Duc Nhuan saidbilateral relations have been developing unceasingly over the recent past asseen in many high-level mutual visits and cooperation in multiple areas. Inparticular, a number of economic agreements and documents have been signed,including a bilateral trade agreement and a memorandum of understanding ontrade promotion cooperation, providing a favourable legal framework foractivities of Vietnamese and Algerian businesses.
In termsof trade, their export and import structures are complementary to each other. Accordingto the General Department of Vietnam Customs, bilateral trade stood at only 145million USD in 2022 due to the COVID-19 pandemic’s impacts but reached 175million USD during the first nine months of 2023, up 60% year on year.
Vietnam’s exports to Algeria include raw coffee, peppercorn, cashew nut,copra, fishery products, steel, and chemicals. Meanwhile, it importspharmaceuticals, ores, wastepaper, and animal feed from the African nation.
In terms of investment,the joint venture among the Vietnam Oil and Gas Group (Petrovietnam), Sonatrach of Algeria, and PTTEP of Thailand is asymbol of successful cooperation between the countries. It turned out the firstoil flow in August 2015, and the current capacity is about 18,000 barrels perday, Nhuan noted.
However,economic partnerships remain modest compared to the countries’ potential andhave yet to meet their leaders’ expectations, he added, pledging that the TradeOffice will hold more activities to connect the two sides’ businesses.
At the webinar, the President of the Algerian Chamber of Commerceand Industry (CACI) called on Vietnamese businesses to invest inproduction or processing in his country to capitalise on the AfricanContinental Free Trade Area (AfCFTA).
NabilAkriche, an advisor in charge of export and import at AFIETI, said that thisforum is working to establish a communication channel between the two sides’economic insiders, including manufacturers, importers, exporters and investors,to maximise their economic advantages and potential.
He highlightedAlgeria’s high demand for coffee, tea, spices, nuts and grains, apparel,materials for the textile - garment industry, footwear, cosmetic materials,plant oil, automobile spare parts, mobile devices, and electronic equipment. Hesaid Vietnamese products are highly valued for prices and quality by Algerianconsumers.
Akrichealso encouraged Vietnamese firms to import the key and strong commodities of Algeriasuch as date palm fruit and related products, olive fruit and oil, poultry andagricultural products, ceramics, cement, and gypsum.
At the event, businessesof the two countries also engaged in talks to learn about each other’s demand and seekpartnerships./.
VNA
