Participants in the October 19 webinar at the headquarters of the Trade Office of Việt Nam in Algeria. VNA/VNS Photo

 ALGIERS — Vietnamese and Algerian businesses gained an insight into the African country’s market and bilateral economic and trade ties at a webinar on Thursday.

The event, held by the Trade Office of Vietnam in Algeria and the Algerian Forum for Import, Export, International Trade and Investment (AFIETI), attracted about 60 businesses, including over 20 Algerian companies.

Considering the seminar as a chance to elevate economic ties on par with the two peoples’ aspirations, AFIETI President Mohamed Hassani said that at the recent business forum held in Hà Nội within the framework of the 12th meeting of the Inter-Governmental Committee, the two sides strived to set up strategic partnerships in many key areas, including agriculture, food security, technology, renewable energy, infrastructure development, natural resource exploitation, education, and scientific research.

According to Trade Counsellor of Việt Nam in Algeria Hoàng Đức Nhuận bilateral relations have been developing unceasingly over the recent past as seen in many high-level mutual visits and cooperation in multiple areas. In particular, a number of economic agreements and documents have been signed, including a bilateral trade agreement and a memorandum of understanding on trade promotion cooperation, providing a favourable legal framework for the activities of Vietnamese and Algerian businesses.

In terms of trade, their export and import structures are complementary to each other. According to the General Department of Vietnam Customs, bilateral trade stood at only US$145 million in 2022 due to the COVID-19 pandemic’s impacts but reached $175 million during the first nine months of 2023, up 60 per cent year on year.

Việt Nam’s exports to Algeria include raw coffee, peppercorn, cashew nut, copra, fishery products, steel, and chemicals. Meanwhile, it imports pharmaceuticals, 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 a symbol of successful cooperation between the countries. It turned out the first oil flow in August 2015, and the current capacity is about 18,000 barrels per day, Nhuận noted.

However, economic partnerships remain modest compared to the countries’ potential and have yet to meet their leaders’ expectations, he added, pledging that the Trade Office will hold more activities to connect the two sides’ businesses.

At the webinar, the President of the Algerian Chamber of Commerce and Industry (CACI) called on Vietnamese businesses to invest in production or processing in his country to capitalise on the African Continental Free Trade Area (AfCFTA).

Nabil Akriche, an advisor in charge of export and import at AFIETI, said that this forum was 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 highlighted Algeria’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. He said Vietnamese products were highly valued for prices and quality by Algerian consumers.

Akriche also encouraged Vietnamese firms to import the key and strong commodities of Algeria, such as date palm fruit and related products, olive fruit and oil, poultry and agricultural products, ceramics, cement, and gypsum.

At the event, businesses of the two countries also engaged in talks to learn about each other’s demands and seek partnerships. — VNS