Seminar spotlights Vietnam’s economy, foreign trade in Algeria

The Vietnamese Embassy in Algeria and the local Centre for Research in Applied Economics in Development (CREAD) have organised a seminar on Vietnam’s economy and foreign trade in both online and face-to-face forms.

The event took place on October 25, gathering about 50 participants, including economic researchers from the CREAD and representatives of Algerian ministries of trade, industry and finance.

Vietnamese Trade Counselor in Algeria Hoang Duc Nhuan gave participants an overview of Vietnam’s socio-economic development and achievements since the country began its "Doi Moi" (Reform) process in 1986.

According to the diplomat, the size of the economy raised from US$6.3 billion in 1989 to US$268.4 billion in 2020. Meanwhile, the average annual per capita income increased from US$159 in 1985 to US$2,786.

Although in 2020, it was heavily affected by the COVID-19 epidemic, Vietnam's GDP growth rate was still among the highest in the region and the world, at nearly 3%.

In 2019 alone, the nation’s total foreign direct investment (FDI) reached US$38.02 billion, the highest in a decade. In 2020, despite the pandemic, Vietnam remained a reliable destination for investors, reeling in US$28.5 billion worth of FDI. Also last year, its import-export value still hit US$543.9 billion, up 5.1% on-year.

Regarding international integration, Vietnam has established many strategic economic partnerships, actively contributed to building the ASEAN Community, and developed the domestic market according to its commitments to the World Trade Organization (WTO). So far, 71 nations have recognised Vietnam as a market economy, including major trading partners of the country.

Since joining the WTO, Vietnam has signed 15 regional and bilateral free trade agreements (FTAs), which involve nearly 60 economies whose total GDP accounting for nearly 90% of the global figure.

Impressed with the socio-economic achievements that Vietnam has achieved after 35 years of implementing the Doi Moi policy, many Algerian participants showed a special interest in the nation’s policies for opening up the market and developing the economy, especially regarding agriculture, foreign investment attraction, and import and export management.

CREAD Director Moundir Lasasssi concluded that Vietnam’s achievements and lessons learned from the period are valuable experience for Algeria in its integration process. He hoped for more seminars and cooperation programmes co-organised by his centre and Vietnamese competent agencies to be held to further study Vietnam’s development experience.