Vietnamese Trade Counsellor in Algeria Hoàng Đức Nhuận (right) talks to representatives of Algerian businesses at the conference. — VNA/VNS Photo

ALGIERS — The Vietnamese Trade Office in Algeria and Tunisia has organised a conference to connect Vietnamese businesses and their peers in Algeria, Tunisia and Libya.

The event drew 40 businesses, associations and chambers of commerce of the three North African countries, along with 40 Vietnamese firms in the fields of production, import and export of agricultural and food products, seafood, industrial products and logistics.

Addressing the event, Trade Counsellor Hoàng Đức Nhuận said that Việt Nam is a large market with nearly 100 million consumers and is extensively open to the world.

Việt Nam's economy recorded a growth rate of 5.1 per cent last year, which is expected to reach more than 6.5 per cent this year.

The country's per capita income has reached US$4,280. Last year, exports hit $356 billion and imports were $328 billion, resulting in a trade surplus of $28 billion. Foreign trade value accounted for nearly 200 per cent of the country's GDP, the official noted.

He said that Việt Nam attracted $36.6 billion last year in foreign direct investment (FDI), with $23.2 billion disbursed, while Việt Nam invested $420 million abroad.

Việt Nam joined the World Trade Organization (WTO) in 2007 and it has signed 17 multilateral and bilateral free trade agreements, 17 of them operational.

Việt Nam is also an attractive tourist destination in Asia. The Vietnamese tourism industry expects 18 million foreign visitors this year. Remittances from the overseas Vietnamese community hit about $16 billion last year.

Nhuan said that since Việt Nam and Algeria set up their diplomatic relations in 1962, their relationship has been developing strongly, with two-way trade reaching $250 million last year, up 60 per cent over 2022.

The joint venture between Petrovietnam Exploration Production Corporation (PVEP), Thailand’s PTT Exploration and Production Public Company Limited (PTTEP) and Sonatrach Group is a symbol of successful cooperation between Việt Nam and Algeria. Launched in 2003, the Bir Seba exploitation project produced the first barrels of oil in August 2015 and currently has an output capacity of 18,000 barrels per day.

Meanwhile, Việt Nam and Tunisia established their diplomatic relations in 1979. Data from Tunisia’s customs showed that lat year, two-way trade rose 51 per cent year on year to about $100 million, said Nhuận.

Businesses from the three African countries showed their interest in seeking Vietnamese partners in agriculture, garments and textiles, footwear, agricultural machinery, electric vehicles, plastic materials, cosmetics and chemicals.

Algerian firms were keen on exploring the procedures for establishing a business in Việt Nam in the field of import and export of agricultural products and footwear, as well as import-export tax system between the two countries.

Representatives from Tunisia businesses were interested in cooperating with Việt Nam in the field of footwear production, along with machinery to create footwear.

Meanwhile, Libyan enterprises said they were interested in Vietnamese investors in manufacturing sectors who could contribute to the country's reconstruction.

Nhuận said that to promote economic and trade cooperation between Việt Nam and these countries, all sides need to increase the exchange of business delegations and encourage businesses to participate in international fairs and exhibitions. They need to enhance the exchange of market information and business and investment opportunities while coordinating to verify information about business partners and provide resolution support in the case of any disputes. — VNS