Vietnam, Algeria bolster trade, investment promotion

An overview of the trade exchange workshop (Source: VNA)

Algiers – The Vietnamese Embassy in Algeria organised a virtual trade exchange workshop on November 4, with the aim of seeking measures to bring into full play trade and investment potential between the two countries.

Representatives from over 70 enterprises of both countries operating in a wide range of fields attended the event.

Speaking at the event, Ambassador Nguyen Thanh Vinh said that this is the first time the embassy has held a trade exchange event via video conference, which is an effective way of connection to help the two countries’ businesses boost trade and investment ties.

The embassy is willing to support both sides’ enterprises in learning about each other’s market and carrying out cooperation projects, and introduce reliable partners.

Trade Counsellor Hoang Duc Nhuan introduced participating enterprises to the two countries’ import-export and investment potential, and answered businesses’ questions on import-export regulation, payment methods, tariff, distribution channels and Algeria’s investment incentives.

Nhuan said that on November 10, the Asian-African Market Department under the Ministry of Industry and Trade, in collaboration with the International Organisation of La Francophonie (OIF) and several Vietnamese trade offices in Africa, will hold an online trade exchange conference between Vietnam and French-speaking countries in Africa.

According to Vietnam Customs statistics, Vietnam’s export turnover to Algeria reached 187 million USD in 2019. In the first nine months of 2020, due to impact of the COVID-19 pandemic, Vietnam’s exports to this market were valued at 117 million USD, a year-on-year decrease of 13 percent.