Vietnam, Algeria boost trade, investment cooperation
The workshop attracted the participation of representatives from more than 70 businesses of the two countries specializing in producing, processing and manufacturing agricultural products, seafood, garments, footwear, electronic appliances, pharmaceuticals, medical equipment, handicrafts, mechanical products, auto and motorcycle spare parts, building materials, as well as veterinary medicine.
Addressing the event, Ambassador Nguyen Thanh Vinh noted the workshop, the first of its kind hosted by the Embassy, aims to connect businesses of the two countries to help them meet and exchange possibilities for trade and investment cooperation and to establish direct partnerships.
The Ambassador also affirmed that the Embassy is ready to accompany and support businesses of the two countries in exploring market information, introducing reliable partners and implementing cooperation projects in the future.
At the workshop, Trade Counselor Hoang Duc Nhuan introduced the export-import and investment potential between the two countries, and answered questions related to import and export regulations, payment methods, tariffs, partner verification, distribution channels, and investment incentives in Algeria.
Nhuan also announced that the Vietnamese Ministry of Industry and Trade in coordination with the International Organization of the Francophone (OIF) and a number of Vietnamese Trade Offices in Africa will hold an online workshop between Vietnam and French-speaking countries in Africa.
“Such workshops contribute to creating business connectivity, seeking reliable partners and taking a preparatory step forward in the post-COVID-19 period,” he said.
Businesses of the two countries held direct exchanges to seek business and investment opportunities.
Currently, Algeria is one of the five largest economies in Africa, with its GDP last year reaching US$169 billion and its foreign exchange reserves hitting US$72.6 billion. The African country has a population of approximately 44 million with GDP per capita of over US$3,900. Despite being a large economy in Africa, Algeria has to import most staples, including 50% of its food and foodstuffs.
The General Department of Vietnam Customs, Vietnam earned US$187 million from exports to Algeria last year. Major exports include coffee, aluminum, seafood, cell phones and accessories, rice, chemicals, washing machines, vegetables, cashew nuts, fibers, pepper, and fabric.
Meanwhile, its import turnover from Algeria is rather small, at only US$3,24 million. The main import items include chicken feet, scrap paper, wood and wood products, animal feed and raw materials, and pharmaceuticals.
Related News
Leverage to increase the scale of Vietnam - Laos trade turnover
10:51 | 15/04/2024 Import-Export
Improving legal framework, ensuring accessibility to green bonds
15:42 | 13/04/2024 Finance
Vietnam-China trade reaches over US$ 27 billion
09:29 | 10/04/2024 Import-Export
Preliminary assessment of Vietnam international merchandise trade performance in the first 2 months of 2024
11:44 | 06/04/2024 Customs Statistics
Latest News
Launch of FDI Annual Report 2023
16:25 | 17/04/2024 Import-Export
Vietnam has opportunities to attract, develop the offshoring market
16:11 | 17/04/2024 Import-Export
Nearly 600 million USD disbursed in support of agroforestry, aquatic sectors
16:09 | 17/04/2024 Import-Export
Be proactive and flexible with production materials
09:02 | 17/04/2024 Import-Export
More News
Cooperate to build leading and "rich in vitality" state-owned enterprises
08:59 | 17/04/2024 Import-Export
Garment & textile sector tries to keep growth momentum
14:16 | 16/04/2024 Import-Export
Businesses capitalize on recovery momentum to explore market expansion
10:01 | 16/04/2024 Import-Export
Access to the Chinese market is increasingly convenient
15:12 | 15/04/2024 Import-Export
China, US, Japan – largest importers of Vietnam’s fishery products in Q1
15:04 | 15/04/2024 Import-Export
Vietnam’s agricultural products appeal to foreign customers
15:03 | 15/04/2024 Import-Export
Science and technology enterprises still have limited to access to preferences
10:45 | 15/04/2024 Import-Export
Made-in-Vietnam wind turbine towers bound for RoK
17:56 | 14/04/2024 Import-Export
Cashew nut exports is estimated at US$ 782 million in the first quarter
17:08 | 14/04/2024 Import-Export
Your care
Launch of FDI Annual Report 2023
16:25 | 17/04/2024 Import-Export
Vietnam has opportunities to attract, develop the offshoring market
16:11 | 17/04/2024 Import-Export
Nearly 600 million USD disbursed in support of agroforestry, aquatic sectors
16:09 | 17/04/2024 Import-Export
Be proactive and flexible with production materials
09:02 | 17/04/2024 Import-Export
Cooperate to build leading and "rich in vitality" state-owned enterprises
08:59 | 17/04/2024 Import-Export