The event featured the participation of 40 businesses, associations, and chambers of commerce from the three North African countries, along with 40 Vietnamese firms operating in the fields of production, as well as import and export of agricultural and food products, seafood, industrial products, and logistics.
In his address, Trade Counsellor Hoang Duc Nhuan said that Vietnam represents a large market with nearly 100 million consumers and is extensively open to the world. In 2023, the Vietnamese economy posted a growth rate of 5.1%, which is projected to hit more than 6.5% this year.
The country's per capita income has reached US$4,280. Last year, exports grossed US$356 billion and imports stood at US$328 billion, leading to a trade surplus of US$28 billion. Foreign trade value accounted for nearly 200% of the country's GDP, the official noted.
He added that in 2023, the nation attracted US$36.6 billion in foreign direct investment (FDI), with US$23.2 billion disbursed. Meanwhile, Vietnam invested US$420 million abroad.
Vietnam joined the World Trade Organisation (WTO) in 2007 and has since signed 17 multilateral and bilateral free trade agreements.
The country is also an attractive tourist destination in Asia. The Vietnamese tourism industry expects 18 million foreign visitors to arrive this year, whilst remittances from the overseas Vietnamese community stood at about US$16 billion in 2023.
Nhuan said that since Vietnam and Algeria set up their diplomatic ties ack in 1962, their relationship has been developing strongly, with two-way trade reaching US$250 million in 2023, up 60% over 2022.
The joint venture between Petrovietnam Exploration Production Corporation (PVEP), Thailand’s PTT Exploration and Production Public Company Limited (PTTEP), and Sonatrach Group is a symbol of successful co-operation between Vietnam and Algeria. Launched in 2003, the Bir Seba exploitation project produced the first barrels of oil in August, 2015, with a current capacity of 18,000 barrels per day.
Meanwhile, Vietnam and Tunisia first established diplomatic relations in 1979. Data from Tunisia’s customs indicates that in 2023, two-way trade rose by 51% on-year to roughly US$100 million, said Nhuan.
Businesses from the three African countries showed their interest in seeking Vietnamese partners in agriculture, garments and textiles, footwear, agricultural machineries, electric vehicles, plastic materials, cosmetics, and chemicals.
Algerian firms were also keen on exploring the procedures for establishing a business in Vietnam in the field of import and export of agricultural products and footwear, as well as import-export tax system between the two countries.
Representatives from Tunisia businesses are interested in co-operating with Vietnam in the field of footwear production as well as equipment for producing this product.
Meanwhile, Libyan enterprises said they are seeking Vietnamese investors in manufacturing sectors to contribute to the country's reconstruction.
Nhuan said that in order to promote economic and trade co-operation between Vietnam and these countries, all sides need to increase the exchange of business delegations and incentivize firms to participate in international fairs and exhibitions held in each country.
This should be done while intensifying the exchange of market information, business and investment opportunities, and co-ordinating in verifying information of business partners and support the resolution of disputes that may arise among companies of the sides.
