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Vietnam, Algeria boost multifaceted cooperation

Update: January, 09/2014 - 08:19
Construction Minister Trinh Dinh Dung and Algerian Minister of Industry Development and Investment Promotion Amara Benyounes.— VNA/VNS(Photo

HA NOI (VNS) — The Vietnam-Algeria Intergovernmental Committee convened its 10th session in Hanoi on January 8 to map out priority areas of bilateral cooperation in the coming time.

The event was co-chaired by Minister of Construction Trinh Dinh Dung and Algerian Minister of Industry Development and Investment Promotion Amara Benyounes.

In his speech, Minister Dung said the meeting will play an important role in strengthening friendship and further fostering all-round cooperation between the two countries.

After more than five decades of establishing diplomatic ties, the economic relationship between Vietnam and Algeria has been seeing positive development, with a strong increase of their two-way trade.

According to data provided by the General Department of Vietnam Customs, Vietnam earned almost 150 million USD from export to Algeria last year, up over 30 percent against 2012, while spending about 3 million USD on imports from the country.

Vietnam 's major exports included coffee, rice, pepper, aquatic products, footwear, machines and equipments.

In particular, the joint venture between the PetroVietnam Exploration Production Corporation with its Algerian partners has enjoyed positive development, and it is expected to officially exploit oil at the end of this year.

In addition, other cooperation fields such as industry, aquaculture, information and communications and tourism have also been ceaselessly reinforced and developed.

Benyounes remarked that the bilateral cooperation between the two governments has proven beneficial to the comprehensive cooperation between the two nations.

However, he noted that the trade turnover between his country and Vietnam is still falling short of potential.

Algeria has now developed expertise on chemical substances and farm products and the country is seeking to attract foreign investment in exploiting oil and producing agricultural products, the guest said.

During the three-day meeting, the two sides will focus on measures to promote cooperation in oil exploitation, trade investment, health, education, expert exchange, agriculture and construction.—VNA/VNS

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