Vietnam, Algeria step up trade-investment cooperation

Vietnamese trade counsellor Hoang Duc Nhuan (R) talks with President of the chamber of commerce and industry of Boumerdes province Charef Rabah - Photo: VNA

He invited Algerian enterprises to several trade events this year such as the Vietnam Food Expo and Vietnam Expo in Ho Chi Minh City, and introduced them to prestigious Vietnamese exporters.

According to the General Department of Vietnam Customs’ statistics, the 2023 two-way trade surged 68% year-on-year to some 250 million USD.

Meanwhile, President of the chamber of commerce and industry of Boumerdes province Charef Rabah said that the locality, boasting many industrial parks that house more than 14,800 enterprises, is an important trade and industry pole of Algeria.

The province is renowned for honey, olive oil, and cheese, he said, highlighting several local firms are importing coffee from Vietnam and exporting chicken legs to the country.

He also said that the locality holds huge potential to develop agriculture and tourism, and has benefitted from its 1.3-billion-USD development programme with 653 projects on healthcare, public facilities, sports, education, housing, agriculture and tourism, among others.

A representative from the local department of investment highlighted Algeria’s investment law adopted in 2022, including improvement in investment climate, rational conditions to promote innovation, stable legal investment framework, and practical approach for the settlement of foreign direct investments.

The Boumerdes administration called on the Vietnamese firms to land investment in the locality, and committed to creating favourable conditions for foreign investors with various tax and industrial land lease inentives.

Enterprises from the province said they want to directly buy coffee, parboiled rice, soybean and corn from, and sell olive oil, dried fig, margarine, sauces, and cosmetics to the country.

They also hope to seek partners in such the areas as electronic product assembly, aquaculture and animal food production.