The Vietnam-Algeria Economic Forum, theming “Towards an Effective and Sustainable Economic Partnership," was held in Algiers on November 19 afternoon (local time) as part of Prime Minister Pham Minh Chinh’s official visit to Algeria from November 18 – 20.
With the attendance of Prime Minister Pham Minh Chinh, his Algerian counterpart Sifi Ghrieb, and more than 500 delegates representing government agencies and businesses from Algeria and Vietnam, the forum was of great significance as it was held immediately after the two countries upgraded their relationship to a Strategic Partnership, demonstrating the two sides’ determination to soon realize the new cooperation framework; expand diplomatic - trade - investment cooperation, towards a deeper and more practical stage of development.
After more than 60 years of diplomatic relations, Algeria is now one of Vietnam's important trading partners in Africa in terms of economics. Bilateral trade turnover in 2024 reached more than $198 million. Vietnam mainly exports coffee, pepper, metals, and chemicals to Algeria, and imports mainly fruits, vegetables, animal feed, and raw materials from Algeria. The two sides aim to soon reach a trade turnover of $1 billion in the near future.
Regarding investment, the two sides have a number of projects, the most typical of which is a project between large enterprises of Vietnam and Algeria in the field of oil and gas exploration and exploitation.
SEEKING SPECIFIC COOPERATION OPPORTUNITIES TO PROMOTE EXPORTS BETWEEN THE TWO COUNTRIES
At the forum, delegates heard presentations on the potential, needs, and investment environment of Vietnam and Algeria; and discussed issues to open a new, more vibrant, sustainable, and effective chapter of cooperation between the two countries; towards a practical strategic partnership, where each cooperative project is a step forward, each success is a testament to the deep friendship and common benefits of the two nations.
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 Vietnam 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 Vietnam 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, fertilizers and manufactured goods—in Vietnam.
He urged Algerian enterprises to work closely with Vietnamese partners to explore more trade cooperation 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 cooperation.
He added Algeria will continue to host international investment forums, expressing his hope that with Vietnam’s active participation, his country’s regional role will be further strengthened in the coming time.
PROMOTING INVESTMENT IN ALGERIA IN FIELDS OF STRENGTH
Speaking at the forum, PM Chinh said the Vietnam – Algeria economic forum held historic significance as it received the attention of Party General Secretary To Lam 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 emphasized that relations between Vietnam 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 Vietnam’s situation, he said currently, Vietnam 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 defense policy of “four no’s”; pursuing a foreign policy of independence, self-reliance, diversification and multilateralization 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 Vietnam, he affirmed.
PM Chinh 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 Vietnam; 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 Chinh 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 Chinh 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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