Speaking at the Vietnam - Algeria Economic Forum on the afternoon of 19/11, Prime Minister Pham Minh Chinh affirmed that economic cooperation between the two nations faces "no limits or obstacles across all sectors." He expressed confidence that Vietnam and its businesses would make significant contributions to building a "new Algeria."
The Prime Minister encouraged Algerian businesses to invest in Vietnam, citing an increasingly favorable business environment. Concurrently, he urged Vietnamese enterprises to increase their investments in the African nation to capitalize on its advantages.
He highlighted Algeria's strategic position, connecting three continents, its vast area of over 2 million km², and diverse climate with deserts and seas, all favorable for industrial, agricultural, and service sector development. According to the Prime Minister, Vietnamese businesses can invest in Algeria "from growing tea to producing chips," deeming this "very feasible."
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Prime Minister Pham Minh Chinh speaks at the Vietnam - Algeria Economic Forum on the afternoon of 19/11. Photo: VGP |
Prime Minister Pham Minh Chinh speaks at the Vietnam - Algeria Economic Forum on the afternoon of 19/11. Photo: VGP
The Prime Minister identified energy as the first key cooperation sector. He urged the Vietnam Industry - Energy Group (PVN) and other enterprises to expand investments in Algeria across exploration, petrochemical refining, and fertilizer production for export. He stressed the importance of "immediate investment, without delay." Additionally, both sides should promote cooperation in new energies like wind and solar power.
Vietnamese businesses can invest in Algeria's agricultural sector, including tea cultivation, livestock farming, and rice production. Furthermore, high-tech sectors such as semiconductor chip production and aerospace products also present opportunities. According to the Prime Minister, Viettel Group could partner with Algerian counterparts to manufacture 5G and 6G equipment.
He proposed that both sides boldly assign tasks and commission businesses, fostering the role of all economic sectors, from state-owned to private, and small and medium-sized enterprises, to achieve maximum efficiency.
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Prime Minister Pham Minh Chinh and Algerian Prime Minister Sifi Ghrieb attend the Vietnam - Algeria Economic Forum. Photo: VGP |
Prime Minister Pham Minh Chinh and Algerian Prime Minister Sifi Ghrieb attend the Vietnam - Algeria Economic Forum. Photo: VGP
In 2024, Vietnam's exports to Algeria amounted to approximately 192,3 million USD, primarily consisting of coffee, pepper, metals, and chemicals. Conversely, Vietnam imported nearly 6 million USD from Algeria, mainly comprising fruits, vegetables, animal feed, and raw materials.
Regarding investment, a notable project is the Bir Seba oil and gas venture. This joint venture, involving Vietnam National Oil and Gas Exploration and Production Corporation (under PVN), Algeria's National Oil Company, and Thailand Exploration and Production Public Company Limited, has already extracted over 55 million barrels of oil.
However, the current scale of cooperation does not yet match the potential of both economies, indicating vast room for further collaboration. At the forum, Kamel Rezig, Algeria's Minister of Trade and Export Promotion, affirmed that businesses from both countries have numerous cooperation opportunities, underpinned by strong and trustworthy political relations.
He proposed undertaking joint cooperation projects with a "win-win" spirit, including establishing factories for Vietnamese businesses in Algeria, which could then serve as a base for exports to other markets. Concurrently, both sides should establish long-term cooperation mechanisms to further strengthen their economic partnership, such as forming a Vietnam - Algeria Business Cooperation Council.
Kamel Rezig assessed that, given its position connecting three continents (Asia, Africa, and Europe), Algeria could become a hub and gateway for Vietnam to export goods to these regions, leveraging the Strategic Partnership between the two countries.
Algeria is Africa's largest country by area, with a population of 46,6 million people. The nation maintains political stability and is currently undergoing economic transition.
It is the 3rd largest economy in Africa, after South Africa and Egypt, with a GDP exceeding 260 billion USD and a growth rate of 3,8%. Algeria is rich in crude oil resources, ranking 16th globally in production and 9th in exports, and natural gas, standing 4th worldwide in exports. These sectors constitute the primary economic drivers, accounting for 30% of the national income. The country is also actively attracting foreign investment and enhancing its food self-sufficiency.
Phuong Dung
