Vietnam and Algeria are aiming for 1 billion USD in two-way trade by 2020, Vietnamese Ambassador Vu The Hiep said at a workshop in Algeria’s capital city on December 15 to seek ways to boost trade exchange between the two countries.

Speaking before representatives from around 30 Vietnamese and Algerian businesses, the ambassador highlighted the potential for economic cooperation between the two nations, particularly in construction, agro-fishery product processing, consumer goods, pharmaceuticals and tourism.

In the first 10 months this year, Vietnam earned nearly 315 million USD from export to Algeria, including more than 116 million USD worth of coffee and 23.6 million USD worth of rice. However, Algeria’ exports to Vietnam stood at only 702,000 USD.

Ambassador Vu The Hiep also urged both sides’ enterprises to further their cooperation in labour, as Algeria is expected to see high demand for skilled workers in construction, infrastructure and mining.

Vietnam hopes to send between 1,500-2,000 skilled workers and technicians to the country by 2020, Hiep added.

Commercial Counsellor Nguyen Van Mui briefed the participants on economic development and the international integration process in Vietnam, recent developments in Vietnam-Algeria economic, trade and investment partnership and its orientation in the coming time.

Director of the Department of International Relation under the Algeria Chamber of Commerce and Industry (CACI) Belhoul Ouiahiba introduced Vietnamese businesses to investment opportunities in Algeria. She said Algeria hopes to benefit from Vietnam’s technology transfer through business joint ventures in different economic sectors, especially between small- and medium-sized enterprises.

Participants proposed that the two Governments sign agreements on two-way trade, labour cooperation and investment as well as hold more trade and investment promotion activities to help their businesses find partners and opportunities.-VNA