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.
Hanoi (VNA) – The Vietnam Trade Promotion Agency (VIETRADE) under the Ministry of Industry and Trade on July 13 held avirtual conference to promote Vietnam-Algeria trade and business cooperation.
Hoang Minh Chien, deputy head of the agency, said Algeria isone of the potential markets for Vietnamese goods in Africa, especially coffee,peppercorn, cashew nuts, and freshwater aquatic products, which Algeria has highdemand for but lacks capacity to produce.
Notably, coffee, accounting for 65% of Vietnam’s totalshipments to Algeria, is predicted to be the top Vietnamese product for exportto the market. Rice also sees good prospects as Algeria imports 100,000 tonnesof rice annually.
Chien said the two countries’ trade value remained modest comparedto their potential and strength. The figure was at 153 million USD last yeardue to impacts from the COVID-19 pandemic.
In the first half of 2022, Vietnam exported to Algeria 71.16 millionUSD worth of goods, mostly seafood, coffee, peppercorn, rice, chemical productsand metal.
At the event (Photo: VNA)
Hoang Duc Nhuan, Trade Counselor of Vietnam in Algeria, saidthe bilateral cooperation was maintained over the past six decades acrosssectors and improved with the expanded exchange of delegations.
The two sides have signed many important agreements on bilateraltrade, maritime transport, trade promotion, and visa exemption, among others.However, difficulties remain for their economic collaboration due to fargeographical distance and high transport costs.
Nhuan suggested the two governments complete related legalframeworks, establish the Vietnam - Algeria business council, and enhance therole 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 firmsshould join trade fairs to find partners for linkage and investment, he added./.
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.
Vietnamese Deputy Minister of Foreign Affairs Pham Quang Hieu and Secretary General of Algeria’s Ministry of Foreign Affairs and the National Community Abroad Chakib Rachid Kaid on May 27 agreed on measures to improve the efficiency of cooperation between the two countries, making it match their political ties and massive potential.
A virtual conference will be held on July 13 and 14 to promote trade and business links between Vietnamese localities, enterprises and cooperatives with potential partners in Algeria.
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Illustrative photo (Source: vneconomy.vn) 
At the event (Photo: VNA) 
