Vietnam and Algeria ramp up economic cooperation in oil and gas industry
VOV.VN - The Vietnam-Algeria Inter-governmental Committee convened its 12th meeting in Hanoi on October 16 to seek ways to enhance economic relations in oil and gas between the two countries.
Addressing the meeting, Minister of Construction Nguyen Thanh Nghi briefed the Algerian side on Vietnam’s development orientations, saying the county has been effectively implementing the "Three Strategic Breakthroughs", namely institutional reform, infrastructure development, and improvement of the quality of human resources.
These breakthroughs will primarily focus on innovating growth models based on science - technology and innovation, fully tapping into human resources, actively implementing digital and green transformation to achieve net zero carbon emissions by 2050, and becoming a high-income developed country by 2045, he added.
According to the minister, Algeria is Vietnam’s important partner in Africa and the fourth largest export market for Vietnamese goods in the market.
Due to the impact of the COVID-19 pandemic and other external factors, two-way trade turnover last year reached US$144.2 million, of which Vietnamese exports to Algeria hit US$141 million.
Investment in the oil and gas industry remains a bright spot in economic relations between the two countries. A joint venture on oil and gas exploration and exploitation between Vietnam Petroleum Exploration and Production Corporation (PVEP) and partners Sonatrach Algeria and PTTEP Thailand has been operating effectively and is progressing to deploy the second phase of the project.
At the meeting, the Vietnamese Minister proposed that the two sides focus on promoting linkages in other areas such as agriculture, aquaculture, including farm produce processing, consumer goods production, oil and gas, information and communication, tourism, and construction.
For his part, Algerian Minister of Industry and Pharmaceutical Production Ali Aoun emphasised that Vietnam is Algeria’s important economic partner in Asia.
He expressed his hope that both sides strive to strengthen economic exchanges, increase two-way trade turnover, and deploy new construction investment projects in the coming time.
