Book on doing business and investment in Algeria released
|Vietnamese Trade Counselor in Algeria Hoang Duc Nhuan (centre) at an online trade exchange on exploiting the potential of Viet Nam-Algeria trade and investment cooperation. (Photo: VNA)|
A handbook on doing business and investment in the Algerian market in 2021 has been introduced by the Vietnam Trade Office in Algeria.
The book aims to help Vietnamese businesses better understand Algeria's policies on trade and investment, thus enhancing business exchange and investment activities between the two countries in the coming time.
Algeria is Africa's fourth-largest economy with a population of more than 44 million. The country has to import most of goods, half of them being food. The Algerian market has a demand for Vietnam's key products, especially coffee, pepper, cashew nuts, and seafood.
Statistics from the General Department of Vietnam Customs showed that trade between the two countries amounted to 300 million USD in 2017, of which Viet Nam exports reached about 281 million USD.
Due to the impact of the COVID-19 pandemic and Algeria's import restriction policy, Viet Nam's export turnover to this market was only 153 million USD last year, with main products being agricultural products and food.
Regarding investment cooperation, PetroVietnam Exploration and Production Corporation (PVEP), has collaborated with partners from Thailand and Algeria to set up a joint venture to explore and exploit oil and gas at Bir Seba oil field in the Sahara desert, southern Algeria. The project was put into operation in 2015 and delivered positive results.
Vietnamese Trade Counselor in Algeria Hoang Duc Nhuan said the book will support domestic enterprises to access and penetrate the Algerian market, adding that it will facilitate their investment as well as export to this North African country.