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Investment
Nov 16, 2017 / 20:36

Vietnam to be a priority in Algeria’s investment market

Anh Kiet - Duc Tho

Vietnam is always a priority in Algeria’s policy of developing economic-trade relations in Southeast Asia, Algerian Minister of Trade Mohamed Benmeradi said while recently receiving Vietnamese Ambassador to Algeria Pham Quoc Tru and Trade Counselor Hoang Duc Nhuan.

 
At a meeting between Algerian Minister of Trade Mohamed Benmeradi and Vietnamese Ambassador to Algeria Pham Quoc Tru and Trade Counselor Hoang Duc Nhuan. Photo: Vietnamese Embassy in Algeria.
At a meeting between Algerian Minister of Trade Mohamed Benmeradi and Vietnamese Ambassador to Algeria Pham Quoc Tru and Trade Counselor Hoang Duc Nhuan. Photo: Vietnamese Embassy in Algeria.
Benmeradi said Algeria wants to elevate bilateral trade ties to the same level as their sound political relations. He added that Algeria is diversifying its economy to avoid dependence on oil and gas. In 2018, the Algerian government will consider removing its wood import ban.

To promote bilateral trade, the two sides agreed to continue improving legal frameworks, re-negotiate a bilateral free trade agreement (inked in 1994), and facilitate businesses’ operations. They decided to increase trade promotion activities, enable enterprises to partake in trade events in their respective countries, and inform each other about changes in new policies and trade measures.


 
Vietnam and Algeria also agreed to set up cooperative ties in the banking sector and build a coordination mechanism to help businesses address trade disputes. The aforesaid plans will be debated at the inter-governmental committee’s meeting, scheduled to take place in Algiers later this month.

Ambassador Tru said Vietnam exported 241 million USD worth of goods to Algeria in the first ten months of 2017, a year-on-year rise of 6.8 percent. According to the General Department of Vietnam Customs, two-way trade increased 17 percent to reach 273.6 million USD in 2016, with Vietnam exporting 271 million USD worth of goods.

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