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Algeria, Senegal, Vietnam explore stronger trade and investment ties

Valerie Mai Valerie Mai

mnghonganh@gmail.com

April 06, 2021 | 15:31

More than 200 businesses from Algeria, Senegal and Vietnam operating in various sectors joined an online trade exchange among the three countries on April 5 and 6.

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Algeria, Senegal, Vietnam explore stronger trade and investment ties
Overview of the meeting. (Photo: VNA)

In his address at the event, Vu Ba Phu, director of the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade, said that amid the countries keeping borders closed to slow the spread of the novel coronavirus (COVID-19) pandemic, the event marks an important opportunity. Indeed, it can help to enhance connections among various enterprises from the three nations.

Phu added that he hoped participants would optimize this chance to explore each other’s potential and demands in order to set up partnerships, thereby supporting each other to overcome difficulties and achieve common development.

Moving forward, Vietrade is ready to co-ordinate alongside partners and create favorable conditions in which firms from all three countries can co-operate in an effective, stable, and long-term manner, said Phu, according to VOV.

Algeria, Senegal, Vietnam explore stronger trade and investment ties
Roubai Nasreddine Mounir, president of Algeria’s Organisation of National Economic Development. (Photo: VNA)

For his part, Vietnamese Ambassador to Algeria and Senegal Nguyen Thanh Vinh said that this is the second trade exchange that has been held since the pandemic broke out after the first one in November last year, aiming to give a chance for enterprises of the three countries to meet and exchange. He affirmed that the embassy will accompany businesses of the three countries in exploring each other’s markets and seek cooperation opportunities.

Representatives from both Algeria and Senegal introduced their potential and cooperation demands while making proposals to implemented measures aimed at further promoting mutual understanding among firms and establishing partnerships. Roubai Nasreddine Mounir, president of Algeria’s Organisation of National Economic Development, said the potential that exists in the Algerian market serves as an important gateway for Vietnamese businesses as they try to enhance investment and trade ties with the North African country and throughout Africa.

Algeria, Senegal, Vietnam explore stronger trade and investment ties
Vietnamese Ambassador to Algeria and Senegal Nguyen Thanh Vinh (middle). (Photo: VNA)

Vietnamese Trade Counselor in Algeria Hoang Duc Nhuan, who is also in charge of Senegal, Mali, Nigeria, Gambia, and Tunisia, introduced the potential of import-export activities between Vietnam and Algeria and Senegal, as well as relevant regulations, payment methods, and tax policies in the three markets. He also called on businesses from Algeria and Senegal to attend upcoming trade events in Vietnam such as Vietnam Expo 2021 from April 14-17, and Vietnam AutoExpo 2021 from May 20-23, Vietnamnet cited.

Vietnam’s customs statistics showed that trade between Vietnam and Algeria was 150 million USD in 2020, a 20 percent decrease from 190 million USD in 2019 due to the COVID-19 pandemic. Vietnam mostly exports coffee, rice, peppercorn, seafood, steel, computers, electronics and spare parts, and equipment to Algeria, while importing pharmaceuticals, minerals, and animal feed from the country.

Noting that the results have yet to meet cooperation potential between the two sides, he called on Algerian investors to increase investment in Vietnam, a gateway to the Asian market and especially a 650-million-strong ASEAN market. Meanwhile, trade between Vietnam and Senegal was only 95 million USD in 2019, Vietnam Plus said.

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Valerie Mai