In a meeting held on October 17, 2023, at the headquarters of the Ministry of Industry and Trade in Vietnam, Minister Nguyen Hong Dien expressed his optimism about the abundant potential for further enhancing bilateral trade and cooperation between Vietnam and Algeria. The discussion also encompassed various sectors such as industry, oil and gas, and energy.
The meeting was significant as it coincided with the visit of Mr. Ali Aoun, the Algerian Minister of Industry and Pharmaceutical Production, to Vietnam to attend the 12th session of the Vietnam-Algeria Joint Government Commission, which was chaired by the Ministry of Construction.
This productive gathering included high-level representatives from various departments, including the Department of Asian and African Markets, the Department of Oil and Coal, the Industrial Bureau, the Import-Export Bureau, and the Trade Promotion Bureau, along with the Vietnam Oil and Gas Group.
Minister Nguyen Hong Dien shared the remarkable fact that, despite the challenges posed by the COVID-19 pandemic, the bilateral trade between the two nations averaged over $160 million during the period from 2018 to 2022.
Highlighting Algeria’s role as Vietnam’s second-largest trading partner in North Africa, following Egypt, Minister Dien emphasized the untapped potential for further expansion of bilateral trade and cooperation, especially in sectors such as industry, oil, and energy.
To foster stronger collaboration in trade, industry, and energy, Minister Nguyen Hong Dien proposed several specific points:
(i) He urged both sides to continue close cooperation to boost economic, trade, and energy-related activities.
(ii) Minister Dien called upon Algeria to provide support and favorable conditions for the collaborative efforts of petroleum and gas companies from both countries. Notably, he recommended creating favorable conditions for the Vietnam Exploration and Production Corporation (PVEP) to continue its joint ventures with the Algerian National Oil and Gas Company (Sonatrach) in the exploration and operation of oil and gas projects in Algeria.
(iii) He also suggested that Algeria consider modifications to Article 10 of the Trade Agreement between the two nations.
This meeting symbolizes the commitment of Vietnam and Algeria to enhance their cooperation in various sectors, strengthening their relationship in the years to come. The discussions held between the two ministers reflect the shared determination to explore new avenues of collaboration and expand their economic ties.
