Vietnam, Algeria forge stronger economic bonds

The Vietnam Trade Office in Algeria held a meeting with representatives from several Algerian trade promotion organisations and businesses on January 15 to look back on bilateral trade and chart a course for future collaborations.

Illustrative image (Photo: VNA)
Illustrative image (Photo: VNA)

Algiers (VNA) - The Vietnam Trade Office in Algeria held a meeting with representatives from several Algerian trade promotion organisations and businesses on January 15 to look back on bilateral trade and chart a course for future collaborations.

The event brought together representatives from the National Economic Development Organisation of Algeria (ONDE), the Arab-African Centre for Investment and Development (CAAID), the Algerian Forum for Import, Export, International Trade and Investment (AFIETI), along with 15 firms specialising in trade, export-import of agricultural and food products, forestry and industrial goods.

Vietnamese Trade Counsellor in Algeria Hoang Duc Nhuan highlighted the current state of bilateral trade, citing statistics from the General Department of Vietnam Customs as saying that two-way trade was estimated at 220 million USD last year.

He spotlighted the Bir Seba oil field as a symbol of successful teamwork, a joint venture involving Vietnam's PetroVietnam, Thailand's PTTEP, and Algeria's Sonatrach that work hand in hand to pump out 16,000-18,000 barrels of oil daily since August 2015.

Nhuan extended invitations to Algerian agencies and companies to attend several international trade events in Vietnam this year, including the Buon Me Thuot Coffee Festival in March, the Vietnam Expo in April and December, the Vietnam International Sourcing Expo 2025 in September, and the Vietnam Food Expo in November.

Algerian firms showed a strong interest in importing Vietnamese raw coffee, cashews, almonds, timber and wooden products, while expressing a desire to export Algerian olive oil and chicken feet to Vietnam.

Nabil from the AFIETI announced that Algeria would send a delegation to the Vietnam Expo in Hanoi in April 2025.

Algerian companies are on the hunt for Vietnamese partners to produce footwear, textiles, pharmaceuticals, and chemicals, aiming not just for local markets but the expansive African Continental Free Trade Area (AFCFTA), he said.

Mahdi Aimane, responsible for international relations at the ONDE, suggested creating an electronic platform, envisioning a digital highway connecting businesses from both nations.

Nhuan stressed the importance of continuous engagement, from facilitating delegations, attending international fairs and exhibitions, to market information sharing, business matchmaking, partner verification, and settling any disputes that may arise during cooperation.

The meeting concluded on a warm note with Algerian delegates enjoying a taste of Vietnamese coffee and exploring an exhibition room at the Vietnam Trade Office./.

VNA

See more

National Highway 61C (Photo; baohaugiang.com.vn)

Hau Giang, JICA to upgrade national highway

National Highway 61C linking Can Tho city with Hau Giang province will feature four lanes for motor vehicles and two for non-motorized traffic, with an estimated cost of over 5.17 trillion VND (206.8 million USD).

At the ceremony (Photo: nhandan.vn)

Ha Nam grants investment certificates for two key projects

Ha Nam province on February 13 licenced the high-precision circuit board manufacturing plant of Red Board Technology (Vietnam) Co., Ltd., and the kitchenware and related metal products manufacturing plant of Casla Kitchenware JSC.

A total of 18,893 cars were sold in Vietnam in January, a drop of 40% compared to the previous month (Photo: VietnamPlus)

Car sales in Vietnam down 40% in January

Experts attributed a sharp decline in car sales to the Lunar New Year (Tet) holidays, impacting consumers' purchasing power. Consumers tend to wait for new models and releases at this time of year, contributing to lower sales during this period.

Illustrative image (Photo: VNA)

Retail fuel prices in latest adjustment

According to the new pricing, E5 RON92 bio-fuel is now priced at 20,598 VND per litre, up 156 VND, while RON95-III costs 21,074 VND per litre, an increase of 146 VND.

NA Chairman Tran Thanh Man speaks at the session on February 13. (Photo: VNA)

NA weighs new policies to boost science, technology, innovation

The resolution, presented at the February 13 session of the NA Standing Committee, seeks to establish a legal framework that would effectively boost national scientific-technological advancement and digital transformation, making them driving forces for socio-economic development to deliver on the dual targets by 2030 and 2045 as outlined at the 13th National Party Congress.

CPI in January 2025 rose by 0.98% compared to December 2024 (Photo: thoibaotaichinhvietnam.com)

Fiscal, monetary policies support demand stimulation, price stabilisation

These efforts, in conjunction with the implementation of monetary policies and other macroeconomic policies, aim to solve difficulties for businesses and the public, stabilise the macroeconomy, control inflation, ensure the balance of the economy, promote economic growth, and secure social welfare and people's livelihoods.

People line up to register for land auctions in Hoai Duc district, Hanoi. (Photo: VNA)

Affordable housing for young buyers a win-win: HoREA

Most young people are ambitious and have a long career path ahead of them to generate income and repay loans. Typically, within 10-15 years, their earnings will double or triple, making such loans low-risk for banks, said HoREA