Many key products of Vietnam meet the import demands of Algeria, making the African country a promising market for Vietnam, according to Hoang Duc Thuan, Vietnam's trade counselor in Algeria.
At a recent consultation for domestic firms held by the Trade Promotion Agency under the Ministry of Industry and Trade, Thuan said that at the end of the first quarter of 2022, Vietnam shipped US$30.95 million worth of goods to Algeria, mostly coffee, pepper, aquatic products, metal and chemicals.
According to the official, Algeria has great demand for coffee, green tea, rice, footwear, iron and steel products, packaging materials, wood and wooden furniture, automobile accessories and spare parts, and household appliances.
He underlined that Algeria has encouraged foreign investors, including those from Vietnam, to seek partnership in production in the country to improve its domestic production capacity, diversify the economy and reduce its dependence on oil.
Besides, Vietnamese firms can also take advantage of the African Continental Free Trade Area which took effect from January 1, 2021, to increase investment in gateway markets in Africa to enjoy benefit from origin incentives, workforce, and on-site materials.
To exploit this market, Thuan advised Vietnamese businesses to provide full and detailed information on the products and offer affordable prices as the import tax rate in Algeria is quite high, while focusing more on packaging and maintaining their high prestige in the market.