Vietnam Trade Office in Algeria strengthens market information for Vietnamese enterprises

At the Consultation Session, the Vietnamese Trade Counselor introduced the economic situation, foreign trade policy, investment, integration of Algeria, Vietnam-Algeria relations, bilateral import-export situation, investment and labor cooperation between the two countries, advantages, difficulties and solutions when penetrating this market, potential export products, notes on finding and verifying partners, business practices, payment methods, ways to resolve disputes with customers as well as providing other necessary information.

The Trade Office representative also answered questions from businesses about some potential export industries to Algeria, import taxes, investment attraction policies, free trade agreements that Algeria participates in, ways to prevent risks, support measures, and accompaniment of authorities with Vietnamese businesses in searching for and transacting with partners, and contact addresses.

On this occasion, the Trade Office also introduced a number of upcoming trade events in Algeria such as the Algerian International Food Industry Exhibition (Djazagro 2024) from April 22-25, 2024, the Alger International Fair (FIA 2024) from June 24-29, 2024, the Algerian International Furniture Fair (Algeria Woodtech) in September 2024, the International Textile, Garment and Footwear Exhibition (TexStyle-Expo) in November 2024, the Vietnam-Algeria Online Trade Conference, etc. and invited delegates to attend.

Algeria is located in North Africa, is the country with the 4th largest economy in Africa, with a gross domestic product in 2023 of about 190 billion USD, foreign exchange reserves of 85 billion USD. Algeria's population is relatively large, more than 46 million people, GDP per capita is more than 4,100 USD with quite large purchasing power. Algeria has the 7th largest natural gas reserves and the 14th largest oil reserves in the world . Oil and gas exports account for 90% of the country's total export value. Algeria's total import turnover of goods in general reached 40 billion USD in 2023. Although Algeria is advocating economic diversification, the country has to import most goods, of which 50% is food.

The Algerian market has a demand for importing Vietnam's key products, especially agricultural products such as raw coffee, pepper, cashew nuts, coconut rice, freshwater seafood, etc. According to statistics from Algerian Customs, trade between the two countries will reach about 300 million USD in 2023, an increase of 68% compared to 2022. Because Algeria is not yet a WTO member, import taxes on Algeria remain high, averaging 30%. The Algerian government 's policy is to promote foreign investment attraction, diversify the economy and increase exports, especially non-oil and gas products.

Source