Vietnam-Algeria Economic Cooperation: A Boundless Partnership
On the afternoon of November 19th (local time), as part of the official visit to Algeria, Prime Minister Pham Minh Chinh and Algerian Prime Minister Sifi Ghrieb jointly attended and addressed the Vietnam-Algeria Economic Forum.
The Vietnam-Algeria Economic Forum was co-chaired by the Ministry of Finance of Vietnam and the Ministry of Foreign Affairs of Algeria, and co-organized by the Embassy of Vietnam in Algeria, the Algerian Investment Development Agency, and the Algerian Chamber of Commerce and Industry. Approximately 350 delegates attended, including representatives from government agencies and businesses of both countries.
Prime Minister Pham Minh Chinh addressing the Vietnam-Algeria Economic Forum – Photo: VGP/Nhat Bac
Algeria boasts the third-largest economy in Africa (after South Africa and Egypt), with a GDP exceeding $260 billion, and a growth rate of 3.8% (IMF – 2024). Rich in crude oil (ranked 16th globally in production and 9th in exports) and natural gas (4th in global exports), these resources are the cornerstone of its economy, contributing 30% to its GDP.
In recent years, economic cooperation between Vietnam and Algeria has seen encouraging progress. In 2024, Vietnam exported approximately $192.3 million to Algeria, primarily coffee, pepper, metals, and chemicals, while importing nearly $6 million, mainly vegetables, animal feed, and raw materials.
In terms of investment, the Bir Seba oil and gas project (a joint venture between Vietnam’s PetroVietnam, Algeria’s National Oil Company, and Thailand’s Oil Exploration and Production Company) stands out, having surpassed the 55 million barrel production milestone.
Bir Seba Mining Project, Block 433a&416b, Algeria. Photo: PetroVietnam
Addressing the forum, Prime Minister Pham Minh Chinh highlighted its historic significance, noting the attention from General Secretary To Lam and Algerian President Abdelmadjid Tebboune, the participation of both Prime Ministers, its timing following the establishment of a Strategic Partnership, and the presence of numerous business representatives from both nations. He emphasized the potential for economic cooperation across all sectors.
“As President and Prime Minister of Algeria told me, economic cooperation between our two countries is limitless, with no barriers across all fields and industries,” the Prime Minister stated.
“From Tea Cultivation to Chip Manufacturing”
Sharing insights with delegates on Vietnam’s foundational principles, strategic directions, recent achievements, and future goals, Prime Minister Chinh assured Algerian businesses of Vietnam’s increasingly favorable investment environment, encouraging them to invest with confidence.
Simultaneously, he urged Vietnamese businesses to intensify investments in Algeria, leveraging its strategic location connecting three continents, vast area exceeding 2 million square kilometers, diverse climate, and potential for industrial, agricultural, and service sector development.
According to the Prime Minister, Vietnamese businesses can invest in Algeria across a wide spectrum, “from tea cultivation to chip manufacturing,” a highly feasible prospect.
The first pillar of cooperation highlighted by the Prime Minister is energy. He urged PetroVietnam and other companies to expand partnerships in oil exploration, refining, and petrochemicals for export, including fertilizers, emphasizing immediate action. Renewable energy sectors like wind and solar power were also mentioned.
Broader opportunities include agriculture (tea, livestock, forestry, feed, rice), high-tech industries (semiconductor chips, space technology), and telecommunications, with Viettel potentially collaborating on 5G and 6G equipment production.
Focusing on agriculture, the Prime Minister noted Vietnam’s expertise in rice, tea, aquaculture, and seafood processing. Vietnam now exports not only agricultural products but also its agricultural models, experiences, and technology, as directed by General Secretary To Lam.
Vietnamese businesses can invest in Algeria, cultivate locally, and export products to Africa, Europe, and the Middle East, reducing taxes and costs. The Prime Minister expressed confidence that Algeria’s resources, combined with the intelligence and solidarity of both peoples, would create prosperity, as “nothing is impossible.”
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