Vietnamese Trade Counselor in Algeria Hoang Duc Nhuan speaks at the event. (Photo: VNA) Annaba (VNA) – Vietnamese Trade Counselor in AlgeriaHoang Duc Nhuan has attended the Annaba Economic Forum inAnnaba city on May 25-26 to introduce Vietnam's potential and strengths as well as seek ways to expand cooperation between Vietnamese enterprises and Algerian localities.
The forum drew theparticipation of hundreds of Algerian economists, businessmen and investors as wellas representatives of economic organisations and embassies of African andEuropean countries.
Addressing the event, he saidthe forum is a good opportunity for Vietnam to explore the trade and investmentpotential of Annaba province and strengthen economic cooperation betweenAlgeria and Vietnam in general.
The official emphasised thepotential and strengths of Vietnam with a vast market of nearly 100 million people and an open economy. Despite the negative impacts of the COVID-19pandemic, the country recorded economic growth of 2.58 percent, which isexpected to reach 6.5 percent this year.
Vietnam is benefiting fromfree trade agreements, including the Comprehensive and Progressive Agreementfor Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement(EVFTA).
The African ContinentalFree Trade Agreement opens up an opportunity for Vietnamesecompanies to collaborate with Algerian operators and access this huge market of1.3 billion people.
Regarding investmentcooperation, the Bir Seba joint venture between PetroVietnam Exploration ProductionCorporation (PVEP), Thailand's PTT Exploration and Production Public Company and Sonatrach Group is a symbol of the successfulcooperation between Vietnam and Algeria. The joint venture has exploited about18,000 barrels of crude oil daily since it was launched in 2003.
Initiated by the Algerian Youth Association in 2021, the forum aims to becomean international event held in different provinces and cities to exchangeknowledge and promote the development of the local economy and the recovery of theAlgerian economy./.
