Vietnamese Minister of Construction Nguyen Thanh Nghi and Algerian Minister of Industry and Pharmaceutical Production Ali Aoun co-chaired the 12th meeting of the Vietnam-Algeria Inter-Governmental Committee which opened in Hanoi on October 16, VNA reported.

Speaking at the opening ceremony, Nghi described Algeria as a major partner and the fourth-largest export market of Vietnam in Africa. Due to the Covid-19 pandemic and other factors, two-way trade between Vietnam and Algeria reached only USD 144.2 million in 2022, USD 141 million of which was Vietnam’s exports.

According to data from the General Department of Vietnam Customs, in the first five months of 2023, two-way trade reached about USD 116 million, up more than 80% year-on-year.

The 12th meeting of the Vietnam-Algeria Inter-Governmental Committee opens in Hanoi on October 16.

Cooperation in the oil and gas sector is a bright spot for bilateral economic ties. The joint venture for oil and gas exploration and exploitation in Algeria between Petrovietnam Exploration Production Corporation (PVEP) and its partners Sonatrach Algeria and PTTEP Thailand is progressing effectively, with plans to continue with the second phase.

Progress has also been seen in collaboration in agriculture, aquaculture, information technology, tourism, and other fields. In addition to coordination between ministries and departments, the signing of agreements and twinned relations between Vietnam's Dien Bien province and Algeria's Batna province in August 2023 has contributed to the diversification of cooperation between the two countries.

Nghi suggested the two sides focus on reaching consensus on key areas such as trade in agricultural and consumer goods, oil and gas, agriculture, information technology, tourism, construction, and more.

Minister of Industry and Pharmaceutical Production, Co-Chairman of the Algeria-Vietnam Intergovernmental Committee Ali Aoun, and Minister of Construction Nguyen Thanh Nghi at the meeting.

Regarding new cooperation proposals, the Vietnamese side received draft agreements from Algeria in the fields of healthcare, education, vocational training, tourism, sports, energy, and investment. Vietnamese ministries and agencies will discuss with their Algerian counterparts during the meeting to determine the potential cooperation areas of shared interest, with the aim of signing cooperation agreements at an appropriate time, he said.

Aoun highlighted the mutually beneficial nature of cooperation between the two countries, describing Vietnam as an important economic partner of Algeria in Asia.

Algeria wishes to continue developing its economic ties with Vietnam by strengthening economic and trade cooperation, fostering trade exchange, and exploring new investment projects, he said.

He added that the meeting will provide a platform for ministries and agencies from the two countries to share ideas, and propose solutions and necessary resources to advance and diversify bilateral collaboration activities.

The meeting is scheduled to last till October 18.

Last week, the Algeria-Vietnam Friendship Parliamentarians' Group made its debut in Algiers, aiming to reinforce relations between the two countries in all fields, especially through parliamentary channels.

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