Prime Minister invites Vietnamese enterprises to invest in Algeria to export to 3 continents

Prime Minister Pham Minh Chinh believes that with new momentum, new motivation, new resources, and the results that Vietnam and Algeria have achieved, the two sides will act in line with the newly established Strategic Partnership.

Prime Minister Pham Minh Chinh and Algerian Prime Minister Sifi Ghrieb attend the Vietnam - Algeria Economic Forum. Photo: VGP

On the afternoon of November 19 (local time, evening of the same day Hanoi time), during the official visit to Algeria, Prime Minister Pham Minh Chinh and Algerian Prime Minister Sifi Ghrieb attended and spoke at the Vietnam - Algeria Economic Forum.

The Vietnam - Algeria Economic Forum (Forum) is co-chaired by the Ministry of Finance of Vietnam and the Ministry of Foreign Affairs of Algeria; co-organized by the Embassy of Vietnam in Algeria, the Algerian Investment Promotion Agency, and the Algerian Chamber of Commerce and Industry. The forum was attended by about 350 delegates, including representatives of government agencies and businesses of the two countries.

According to opinions expressed at the Forum, in the context of global economic fluctuations and the strong trend of restructuring the value chain, the Forum is a place for the Governments and businesses of the two countries to share visions and create new growth drivers.

This is a vivid demonstration of the traditional and promising friendship between the two countries. At the same time, this event also affirms the determination of the two countries in expanding diplomatic - trade - investment cooperation, towards a deeper and more substantial development phase.

In recent years, economic cooperation between Vietnam and Algeria has made encouraging progress. In 2024, Vietnam exported about 192.3 million USD to Algeria, mainly coffee, pepper, metals and chemicals; imported nearly 6 million USD, mainly vegetables, animal feed and raw materials.

Regarding investment, the most prominent is the Bir Seba oil and gas project (a joint venture between the Vietnam Oil and Gas Exploration and Production Corporation, part of Petrovietnam, the Algerian National Oil and Gas Company, and the Thai Oil and Gas Exploration and Production Company) which has now exploited over 55 million barrels of oil.

However, the scale of cooperation is still not commensurate with the potential of the two economies and there is still a lot of room for cooperation, especially in areas where both sides have strengths and need to complement each other such as energy, minerals, construction, infrastructure development, logistics, high-tech agriculture, etc.

Prime Minister Pham Minh Chinh speaks at the Forum. Photo: VGP

Speaking at the Forum, Prime Minister Pham Minh Chinh assessed that the Forum was historic as it received the attention of General Secretary To Lam and Algerian President Abdelmadjid Tebboune; was attended by two Prime Ministers; took place right after the two countries established a Strategic Partnership; was attended by a large number of business representatives from both countries; and mentioned the possibility of economic cooperation in all fields.

'As the President and Prime Minister of Algeria told me, economic cooperation between the two countries has no limits, no obstacles in all fields and all sectors,' the Prime Minister said.

Regarding the relationship between the two countries, the Prime Minister emphasized that in the past, the two countries were united, united, helped each other, were friends, partners, and brothers in the resistance war against colonialism, and regained independence and freedom. 'In the present and in the future, there is no reason why we should not be united, united, and help each other in the spirit of brotherhood to develop a rich, civilized, powerful, prosperous country and for the people of the two countries to be happy and prosperous.' 'The past is glorious, the present is very strong, and the future is even more ambitious,' he said.

Algerian Prime Minister Sifi Ghrieb speaks at the Forum. Photo: VGP

Expressing his sincere thanks to the businesses that participated in the Forum and contributed to the bilateral relationship, especially economic cooperation in the new period, the Prime Minister believes that the goal of building a 'new Algeria' will have important contributions from Vietnam and Vietnamese businesses.

Taking the time to share with delegates about the fundamental factors, strategic orientations, achievements in the past time and the goals, tasks and key solutions for the coming time of Vietnam, the Prime Minister hopes that Algerian businesses will feel secure in investing in Vietnam with an increasingly favorable investment and business environment.

At the same time, the Prime Minister earnestly called on Vietnamese enterprises to increase investment in Algeria, more strongly and decisively, to exploit the advantages of this country, with its location connecting three continents, an area of ​​more than 2 million km2, both desert and sea, and diverse climate conditions, favorable for industrial, agricultural and service development.

Prime Minister Pham Minh Chinh hopes Algerian businesses will feel secure investing in Vietnam with an increasingly favorable investment and business environment. Photo: VGP

According to the Prime Minister, Vietnamese enterprises can invest in Algeria 'from tea planting to chip production' and this is very feasible.

The first pillar of cooperation mentioned by the Prime Minister is energy, accordingly, the National Energy Industry Group (Petrovietnam) and other enterprises need to continue to coordinate to expand cooperation and investment in Algeria in the exploitation and refining of petrochemicals for export to other countries, including fertilizers; the spirit is 'must research and invest immediately, without delay'. Along with that are new energy fields such as wind power and solar power.

More broadly, Vietnamese enterprises can invest in Algeria from tea cultivation, livestock farming, forestry, animal feed, rice cultivation... to high technology such as semiconductor chip production, space conquest products... Viettel Group can cooperate with Algerian partners to produce 5G and 6G equipment.

Taking time to discuss the agricultural sector in depth, the Prime Minister said that Vietnam has a lot of experience in rice cultivation, tea cultivation, aquaculture, seafood processing, etc. Currently, Vietnam not only exports agricultural products but also advocates exporting agricultural experience, models and technology to the world, as directed by General Secretary To Lam.

Prime Minister Pham Minh Chinh and Prime Minister Sifi Ghrieb witnessed the signing of agreements between Vietnamese and Algerian businesses/ Photo: VGP

Therefore, Vietnamese enterprises can invest in Algeria, cultivate locally, export products to Africa, Europe, the Middle East and reduce taxes and costs. The Prime Minister believes that Algeria's land and resources, combined with the intelligence of the two countries' people and the spirit of solidarity and mutual assistance, will help create material wealth, because 'nothing is impossible'.

The Prime Minister also said that in the cooperation between the two countries, it is necessary to boldly assign work and place orders to enterprises, promote the role of both state-owned enterprises, private enterprises, small and medium-sized enterprises, with the spirit of the highest efficiency, with sincere affection and responsibility, 'from heart to heart', considering Algeria's interests as Vietnam's interests, Algeria's achievements as Vietnam's achievements.

Regarding the mechanism, the Prime Minister suggested that both sides continue to promote their role and upgrade the Vietnam-Algeria Joint Committee on Economic, Scientific and Technical Cooperation, and implement it flexibly. If it exceeds their authority, they must report to the Prime Ministers of the two countries. At the same time, the agencies and banks must find the most convenient and safest payment methods.

Prime Minister Pham Minh Chinh believes that with new momentum, new motivation, new resources, and the results achieved by both sides, the two sides will act in line with the newly established Strategic Partnership. Photo: VGP

The Prime Minister said that the policy belongs to the two States and political leaders, but to turn the policy into products and concrete results, it must come from the ministries, branches, agencies and especially the businesses of the two countries.

The Prime Minister believes that with new momentum, new motivation, new resources, and the results achieved by both sides, the two sides will act in accordance with the newly established Strategic Partnership and be worthy of previous generations, further promoting the precious heritage of solidarity, unity, sharing, and selfless and transparent assistance.

From there, turn the two countries' distinct potentials, outstanding opportunities, and competitive advantages into specific, measurable projects, products, and results, contributing to building two strong, prosperous countries and increasingly prosperous and happy people.

According to Government Newspaper

Source: https://baohaiphong.vn/thu-tuong-moi-goi-doanh-nghiep-viet-nam-dau-tu-tai-algeria-de-xuat-khau-sang-3-chau-luc-527212.html