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Viet Nam, Algeria aim for $1b in trade by 2020

Update: December, 17/2014 - 08:46

n the first 10 months of the year, Viet Nam earned nearly $315 million from exports to Algeria, including more than $116 million from coffee and $23.6 million from rice. — Photo thanhtra

HA NOI (VNS) — Viet Nam and Algeria are aiming for US$1 billion in trade by 2020, Vietnamese Ambassador Vu The Hiep said at a workshop in Algeria's capital city on Monday.

Workshop attendees talked about how to boost trade between the two countries. Speaking before representatives from around 30 Vietnamese and Algerian businesses, Hiep said the two countries had a lot of potential for economic co-operation, particularly in construction, agro-fishery product processing, consumer goods, pharmaceuticals and tourism.

In the first 10 months of the year, Viet Nam earned nearly $315 million from exports to Algeria, including more than $116 million from coffee and $23.6 million from rice. However, Algeria' exports to Viet Nam stood at $702,000.

Hiep said enterprises on both sides should co-operate more on labour, as Algeria is expected to see high demand for skilled workers in construction, infrastructure and mining.

Viet Nam hoped to send between 1,500 and 2,000 skilled workers and technicians to the country by 2020, he said.

Commercial Counsellor Nguyen Van Mui briefed the participants on economic development in Viet Nam, the country's international integration process, recent developments in Viet Nam and Algeria's partnership, and plans for the coming years.

Algeria hoped to benefit from Viet Nam's technology transfer through joint business ventures in different sectors, especially between small- and medium-sized enterprises, said Belhoul Ouiahiba, director of the Department of International Relations under the Algeria Chamber of Commerce and Industry.

Participants said the two governments should sign agreements on two-way trade, labour co-operation and investment, as well as hold more promotional activities to help businesses find partners and opportunities. — VNS

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