Vietnam bolsters business cooperation with North African countries

The Vietnamese Trade Office in Algeria and Tunisia chaired a conference to connect Vietnamese businesses and their peers in Algeria, Tunisia, and Lybia.

The event drew 40 businesses, associations, and chambers of commerce of the three North African countries and 40 Vietnamese firms in the fields of production, import and export of agricultural and food products, seafood, industrial products, and logistics.

Addressing the event, Trade Counsellor Hoang Duc Nhuan said that Vietnam is a large market with nearly 100 million consumers and is extensively open to the world. In 2023, Vietnam's economy recorded a growth rate of 5.1%, which is expected to reach more than 6.5% this year.

The country's per capita income has reached 4,280 USD. Last year, exports hit 356 billion USD and imports were 328 billion USD, resulting in a trade surplus of 28 billion USD. Foreign trade value accounted for nearly 200% of the country's GDP, the official noted.

He said that in 2023, Vietnam attracted 36.6 billion USD in foreign direct investment (FDI), with 23.2 billion USD disbursed. Meanwhile, Vietnam invested 420 million USD abroad.

Vietnam joined the World Trade Organisation (WTO) in 2007, and have signed 17 multilateral and bilateral free trade agreements, 17 of them effective.

Vietnam is also an attractive tourist destination in Asia. The Vietnamese tourism industry expects 18 million foreign visitors in 2024. Remittances from the overseas Vietnamese community hit about 16 billion USD in 2023.

Nhuan said that since Vietnam and Algeria set up their diplomatic relations in 1962, their relationship has been developing strongly, with two-way trade reaching 250 million USD in 2023, up 60% over 2022.

The joint venture between Petrovietnam Exploration Production Corporation (PVEP), Thailand’s PTT Exploration and Production Public Company Limited (PTTEP) and Sonatrach Group is a symbol of successful cooperation between Vietnam and Algeria. Launched in 2003, the Bir Seba exploitation project produced the first barrels of oil in August 2015 with a current capacity of 18,000 barrels per day.

Meanwhile, Vietnam and Tunisia established their diplomatic relations in 1979. Data from Tunisia’s customs showed that in 2023, two-way trade rose 51% year on year to about 100 million USD, said Nhuan.
Businesses from the three African countries showed their interest in seeking Vietnamese partners in agriculture, garment and textile, footwear, agricultural machineries, electric vehicles, plastic materials, cosmetics, and chemicals.

Algerian firms were keen on exploring the procedures for establishing a business in Vietnam in the field of import and export of agricultural products and footwear, as well as import-export tax system between the two countries.

Representatives from Tunisia businesses were interest in cooperating with Vietnam in the field of footwear production as well as equipment for producing this product.

Meanwhile, Libyan enterprises said they have demand to seek Vietnamese investors in manufacturing sectors to contribute to the country's reconstruction.

Nhuan said that in order to promote economic and trade cooperation between Vietnam and these countries, the sides need to increase the exchange of business delegations and encourage businesses to participate in international fairs and exhibitions held in each country, while enhancing the exchange of market information and business and investment opportunities, and coordinating in verifying information of business partners and support the resolution of disputes that may arise among companies of the sides./.