Algeria, Vietnam ramp up trade-investment cooperation
VOV.VN - Hoang Duc Nhuan, Vietnamese trade counselor in Algeria, made a business trip on June 21 to Boumerdes province to co-ordinate efforts with the local Chamber of Commerce and Industry to organise a seminar aimed at introducing the potential for economic and trade cooperation between the two countries.
In his address, Nhuan introduced the current Vietnamese economic and foreign trade situation and the trade and investment ties that exist between Vietnam and Algeria. He also provided information and invited Algerian businesses to attend a number of trade events this year, such as the Vietnam Food Expo and the Vietnam Expo in Ho Chi Minh City, while giving a list of reputable Vietnamese export businesses.
According to statistics released by Vietnam Customs, last year’s bilateral trade turnover reached roughly US$250 million, an increase of 68% compared to 2022.
Charef Rabah, chairman of the Chamber of Commerce and Industry of Boumerdes province, said the region is located at the gateway to the capital, about 45 km east of Algiers, and is an important commercial and industrial hub of Algeria.
Home to a population of about 900,000 people, the province has industrial parks and more than 14,820 firms, of which 14,797 are private enterprises and 24 state-owned firms.
There are currently more than 2,000 businesses operating in the fields of petrochemicals, metallurgy, mechanics, agricultural product processing, and garments and textiles.
Boumerdes also boasts 100 km of coastline, two fishing ports, and great potential for agricultural and tourism development.
Some of its famous local products include honey, olive oil, and cheese. In the province, there are currently a number of companies working together with Vietnamese businesses in the fields of importing coffee and exporting chicken feet.
In recent years, the locality has also benefited from an ambitious development programme, including 653 projects in health care, public works, sports, education, housing, agriculture, and tourism, with a total capital of about US$1.3 billion.
As part of this occasion, the representative of the provincial Department of Investment also introduced notable points in Algeria's new Investment Law issued in 2022, such as a commitments on improving the investment environment and ensuring suitable conditions for diversification of the national economy within the framework of a common and stable vision. This is along with taking into account the principles of investment freedom, transparency, and equality as prescribed by the 2020 Constitution.
Local representatives of the Algerian government also called on Vietnamese firms to invest and enter into joint ventures in these fields and committed to creating favourable conditions for foreign investors with many preferential policies on offer in terms of taxes and industrial land lease.
At the seminar, businesses in Boumerdes expressed a keen desire to directly import raw coffee, parboiled rice, soybean seeds, and corn for animal feed production from Vietnam. In contrast, they are looking to export olive oil, dried figs, margarine, sauces, and cosmetics. Many are enthusiastic at the prospect of looking for joint venture partners and associates in the fields of electronic goods assembly, aquaculture, animal feed production, and fish fingerlings and cashew processing.
On this occasion, the Vietnam Trade Office in Algeria also launched a display of samples of products such as coffee, pepper, cashew nuts, cinnamon, anise, and coconut rice from domestic businesses.
