Forum seeks productive, sustainable economic partnership between Việt Nam, Algeria

Forum seeks productive, sustainable economic partnership between Việt Nam, Algeria

The Algerian PM said the forum demonstrated the strong resolve of both countries not only to build upon their historical ties but also to promptly translate the newly established Strategic Partnership into concrete outcomes for future development.

Vietnamese Prime Minister Phạm Minh Chính and his Algerian counterpart Sifi Ghrieb attend the Việt Nam – Algeria economic forum in Algiers on November 19. — VNA/VNS Photo

Vietnamese Prime Minister Phạm Minh Chính and his Algerian counterpart Sifi Ghrieb attended the Việt Nam – Algeria economic forum in Algiers on November 19 afternoon (local time), seeking to secure a productive and sustainable economic partnership between the two countries.

Over the past six decades, the Việt Nam – Algeria diplomatic relationship has been continuously consolidated. Algeria remains one of Việt Nam’s key trading partners in Africa. Bilateral trade reached US$198.3 million last year. Việt Nam’s main exports to Algeria are coffee, pepper, metals, and chemicals, while imports include fruits and vegetables, animal feed, and related materials. The two countries aim to raise the trade turnover to $1 billion in the near future.

Meanwhile, several joint investment projects are underway, most notably the collaborative oil and gas exploration between major Vietnamese and Algerian enterprises.

The forum, held shortly after the two countries elevated their ties to a strategic partnership, brought together more than 500 officials and business representatives from both sides. It reflected the determination of Việt Nam and Algeria to quickly implement the new cooperation framework and expand diplomatic, trade, and investment ties, marking the beginning of a deeper and more substantive phase of bilateral cooperation.

Participants were briefed on the investment climate, potential, and development needs of both countries, and discussed measures to open a new chapter of dynamic, sustainable, and effective cooperation. The forum aimed to advance a truly substantive strategic partnership where each joint project represents progress and each success reflects the long-standing friendship and shared interests of the two peoples.

Speaking at the event, Algerian PM Ghrieb said the forum demonstrated the strong resolve of both countries not only to build upon their historical ties but also to promptly translate the newly established Strategic Partnership into concrete outcomes for future development.

He thanked businesses and investors from both countries for their contributions to the economic restructuring and regional integration of Việt Nam and Algeria.

With strong interest and participation from the business communities, he expressed confidence that the forum would create new opportunities and momentum for cooperation, expanding the scope of partnerships between Việt Nam and Algeria.

The host underlined the need for both sides to be proactive in identifying export products, establishing firm positions in each other’s markets, promoting trade diversification, and expanding market access.

Algeria, he said, hopes to strengthen the presence of its exports–particularly plant-based products, pharmaceuticals, fertilisers and manufactured goods–in Việt Nam.

He urged Algerian enterprises to work closely with Vietnamese partners to explore more trade co-operation opportunities, especially in technology, agriculture, digital transformation, energy, oil and gas, pharmaceuticals, and tourism.

PM Ghrieb noted that Algeria has adopted numerous laws, mechanisms, and policies to attract investment and upgrade infrastructure. He affirmed Algeria’s commitment to streamlining procedures to welcome more Vietnamese investment.

With its strategic location as a gateway to the Middle East, Africa and Europe, Algeria offers significant advantages for Vietnamese businesses, he said, encouraging companies to seize opportunities for South – South co-operation.

He added Algeria will continue to host international investment forums, expressing his hope that with Việt Nam’s active participation, his country’s regional role will be further strengthened in the coming time.

Vietnamese Prime Minister Phạm Minh Chính and his Algerian counterpart Sifi Ghrieb attend the Việt Nam – Algeria economic forum in Algiers on November 19. — VNA/VNS Photo

Speaking at the forum, PM Chính said the Việt Nam – Algeria economic forum held historic significance as it received the attention of Party General Secretary Tô Lâm and the President of Algeria, and was attended by the PMs of both countries. It took place immediately after the two countries upgraded their relations to a strategic partnership, was the largest of its kind ever held between the two nations, and covered all economic fields as the Algerian PM affirmed that economic cooperation between two countries has no limits.

The visiting PM emphasised that relations between Việt Nam and Algeria, from the past until today, have always been those of good friends, good partners, and good brothers, especially during the struggles for national independence and freedom. Therefore, at present and in the future, there is no reason that would prevent the two countries from continuing to be good friends, good partners, and good brothers in economic development so that each nation can grow in civility, strength, and prosperity, and its people can enjoy increasing happiness and well-being.

Sharing about Việt Nam’s situation, he said currently, Việt Nam is implementing three strategic breakthroughs in infrastructure, institutions, and human resources training. Alongside this, the country is carrying out six key tasks: building an independent and self-reliant economy with proactive and active integration into the world; maintaining political stability, social order, and safety; implementing the national defence policy of “four no’s”; pursuing a foreign policy of independence, self-reliance, diversification and multilateralisation of external relations, being a good friend and reliable partner of all countries around the world, and being a responsible member of the international community; building an advanced culture imbued with national identity while absorbing the cultural essence of humankind; ensuring social equality, progress, and security so that no one is left behind in the development process; and building a clean and strong Party and political system.

These are important stepping stones and conditions for businesses, including Algerian ones, to come to invest and do business stably and effectively in Việt Nam, he affirmed.

PM Chính praised Algeria’s geographical location, climate, natural resources, and investment potential and strengths. He asked Vietnamese enterprises to enhance investment cooperation in Algeria in the field of energy, including oil and gas exploration, petrochemical refining, wind energy, and solar energy.

He also encouraged them to explore investment opportunities in agriculture, fisheries, agricultural and aquatic processing, manufacturing, science, and technology as the President of Algeria suggested Vietnamese enterprises invest in anything from tea farming to chip production and 5G products, in the spirit that “the interests of Algeria are the interests of Việt Nam; the interests of the Algerian people are the interests of the Vietnamese people; and the achievements of enterprises in Algeria are also those of Vietnamese enterprises”.

Proposing that the two sides upgrade existing cooperation mechanisms and establish new ones to promote collaborative ties, PM Chính expressed his belief that with the new momentum, new motivation, and new resources and based on the results already achieved, the two countries will act in accordance with the Strategic Partnership and will be worthy of the precious legacy built by previous generations.

PM Chính stressed that while guidelines come from the two States and their leaders, turning these guidelines into concrete outcomes depends on ministries, sectors and, especially, enterprises of both countries, so that they can fully leverage their distinct potentials, outstanding opportunities, and competitive advantages to foster prosperity in both nations. 

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