Algeria, Vietnam ramp up trade-investment cooperation

In his address, Trade Counselor Hoang Duc Nhuan introduced Vietnam's economic and foreign trade situation and the trade and investment cooperation between Vietnam and Algeria. He also provided information and invited Algerian businesses to attend a number of trade events in 2024 such as Vietnam Food Expo and Vietnam Expo in Ho Chi Minh City, while giving a list of reputable Vietnamese export businesses.

According to statistics from Vietnam Customs, last year’s bilateral trade turnover reached roughly US$ 250 million, an increase of 68% compared to 2022.

Chairman of the Chamber of Commerce and Industry of Boumerdes province, Charef Rabah, said Boumerdes is located at the gateway to the capital, about 45 km east of Algiers, and is an important commercial and industrial hub of Algeria.

With a population of about 900,000 people, the province has industrial parks and more than 14,820 firms, of which 14,797 are private enterprises and 24 state-owned enterprises.

There are currently more than 2,000 enterprises operating in the fields of petrochemicals, metallurgy, mechanics, agricultural product processing, and garments and textiles.

Boumerdes also boasts 100 km of coastline, two fishing ports and great potential for agricultural and tourism development.

Famous local products are honey, olive oil and cheese. In the province, there are currently a number of companies cooperating with Vietnamese businesses in the fields of importing coffee and exporting chicken feet.

In recent years, the province has also benefited from an ambitious development program, including 653 projects in health care, public works, sports, education, housing, agriculture, and tourism, with a total capital of about US$1.3 billion.

On this occasion, the representative of the provincial Department of Investment also introduced notable points in Algeria's new Investment Law issued in 2022, such as a commitment to improving the investment environment and ensuring suitable conditions for diversification of the national economy within the framework of a common and stable vision, and taking into account the principles of investment freedom, transparency and equality as prescribed by the 2020 Constitution.

Local government representatives also called on Vietnamese businesses to invest and enter into joint ventures in the above fields and committed to creating favorable conditions for foreign investors with many preferential policies in terms of taxes and industrial land lease.

At the seminar, businesses in Boumerdes expressed their desire to directly import raw coffee, parboiled rice, soybean seeds, corn for animal feed production from Vietnam and export olive oil, dried figs, margarine, sauces, cosmetics. They aspired to look for joint venture partners and associates in the fields of electronic goods assembly, aquaculture, animal feed production, and fish fingerlings and cashew processing.

On this occasion, the Vietnam Trade Office in Algeria also launched a display of samples of products such as coffee, pepper, cashew nuts, cinnamon, anise, coconut rice from domestic businesses.