Vietnam seeks to expand economic cooperation with Algeria

Vietnamese Trade Counselor in Algeria Hoang Duc Nhuan speaks at the event. (Photo: VNA)

Annaba (VNA) – Vietnamese Trade Counselor in Algeria Hoang Duc Nhuan has attended the Annaba Economic Forum in Annaba 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 the participation of hundreds of Algerian economists, businessmen and investors as well as representatives of economic organisations and embassies of African and European countries.

Addressing the event, he said the forum is a good opportunity for Vietnam to explore the trade and investment potential of Annaba province and strengthen economic cooperation between Algeria and Vietnam in general.

The official emphasised the potential and strengths of Vietnam with a vast market of nearly 100 million people and an open economy. Despite the negative impacts of the COVID-19 pandemic, the country recorded economic growth of 2.58 percent, which is expected to reach 6.5 percent this year.

Vietnam is benefiting from free trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA).

The African Continental Free Trade Agreement opens up an opportunity for Vietnamese companies to collaborate with Algerian operators and access this huge market of 1.3 billion people.

Regarding investment cooperation, the Bir Seba joint venture between PetroVietnam Exploration Production Corporation (PVEP), Thailand's PTT Exploration and Production Public Company and Sonatrach Group is a symbol of the successful cooperation between Vietnam and Algeria. The joint venture has exploited about 18,000 barrels of crude oil daily since it was launched in 2003.

Initiated by the Algerian Youth Association in 2021, the forum aims to become an international event held in different provinces and cities to exchange knowledge and promote the development of the local economy and the recovery of the Algerian economy./.