These areas of cooperation were discussed at the 10th meeting of the Vietnam-Algeria Inter-government Committee in Hanoi on January 8. The event was co-chaired by Vietnamese Minister of Construction Trinh Dinh Dung and Algerian Minister of Industrial Development and Investment Promotion Amara Benyounes.
Economic ties between Vietnam and Algeria have grown and flourished over the years, with two-way trade increasing sharply.
Vietnam Customs statistics show Vietnam exports goods worth nearly US$150 million to Algeria in 2013, a year-on-year rise of 30%, while its imports were just valued at US$3 million.
Its major exports include coffee, rice, pepper, seafood, footwear, machinery and equipment.
A joint venture enterprise between the PetroVietnam Exploration and Production Corporation (PVEP) and its Algerian partners are progressing, with first flows of commercial oil to be pumped up later this year.
Progress was also made in agricultural, aquaculture, information technology, and tourism cooperation.
According to Amara Benyounes, the current bilateral cooperation mechanism has proved effective, helping strengthen the comprehensive ties between the two countries.
However, he noted, two-way trade has yet to match both countries’ potential. He said Algeria is calling for investment in metallurgy, oil exploitation, farm product processing, power generation, and construction.
The African nation is accelerating economic reform, industrial modernisation, and infrastructure upgrade to attract foreign investment.
Vietnam has received a draft plan for bilateral cooperation in health care, education, vocational training, tourism, and sports. This plan will be examined carefully at this meeting which ends on January 10.
