The Vietnam Trade Promotion Agency (VIETRADE) under the Ministry of Industry and Trade on July 13 held a virtual conference to promote Vietnam-Algeria trade and business cooperation.
Hoang Minh Chien, deputy head of the agency, said Algeria is one of the potential markets for Vietnamese goods in Africa, especially coffee, peppercorn, cashew nuts, and freshwater aquatic products, which Algeria has high demand for but lacks capacity to produce.
Notably, coffee, accounting for 65% of Vietnam’s total shipments to Algeria, is predicted to be the top Vietnamese product for export to the market. Rice also sees good prospects as Algeria imports 100,000 tonnes of rice annually.
Chien said the two countries’ trade value remained modest compared to their potential and strength. The figure was at US$153 million last year due to impacts from the COVID-19 pandemic.
In the first half of 2022, Vietnam exported to Algeria US$71.16 million worth of goods, mostly seafood, coffee, peppercorn, rice, chemical products and metal.
Hoang Duc Nhuan, Trade Counselor of Vietnam in Algeria, said the bilateral cooperation was maintained over the past six decades across sectors and improved with the expanded exchange of delegations.
The two sides have signed many important agreements on bilateral trade, maritime transport, trade promotion, and visa exemption, among others. However, difficulties remain for their economic collaboration due to far geographical distance and high transport costs.
Nhuan suggested the two governments complete related legal frameworks, establish the Vietnam - Algeria business council, and enhance the role of their competent agencies.
More forums and conferences to raise public awareness on the two sides’ trade potential should be organised, while Vietnamese and Algerian firms should join trade fairs to find partners for linkage and investment, he added.