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VietNamNews

Bilateral trade with Algeria rises by 50%

Update: June, 28/2012 - 10:12

HCM CITY — Bilateral trade between Viet Nam and Algeria in the first half of this year has reached US$85 million, an increase of nearly 50 per cent against the same period last year, according to the Ministry of Industry and Trade.

Last year, bilateral trade between the two countries hit a record high of $100 million, a surge of 32.6 per cent over the same period of 2010.

Do Trong Cuong, ambassador of Viet Nam in Algeria, said the two countries had achieved many positive results in trade and had potential for further bilateral economic cooperation.

Cuong spoke at an online workshop held on Tuesday by the Ministry of Industry and Trade, Algeria's Embassy and Viet Nam's Embassy, with the participation of 27 businesses from the two countries.

Participating in the conference, Alegeria Ambassador in Vietnam Cherif Chikhi said their were potential opportunities for fruitful partnerships between major companies in both countries.

Chikhi said one example was that of Sonatrach and PVEP companies, which several years ago concluded an oil exploration and production contract in the area of Touggourt in Algeria.

They were recently associated within the framework of a new agreement with the Japanese Consortium JGC. This was for the realisation of oil processing facilities, pipeline and industrial base installations in the south of Algeria.

Chikhi said projects could be identified in other sectors in order to build mutually beneficial partnerships.

Due to the crisis in the US and EU, Viet Nam has begun to increase exports to new markets in Africa, especially Algeria.

Algeria is Viet Nam's sixth largest importer in Africa and Viet Nam's second largest importer in North Africa, followed by Egypt.

Export products to Algeria include farm produce like coffee, rice, pepper and seafood.

Ly Quoc Hung of the Ministry of Industry and Trade said that, although trade with Algeria had risen quickly, the potential had not been fully tapped.

Viet Nam targets a total of $150 million in bilateral trade with Algeria for this year, an increase of 50 per cent against the same period last year. — VNS

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