Vietnam, Algeria Prime Ministers attend the Vietnam – Algeria Economic Forum

Prime Minister Pham Minh Chinh and Algerian Prime Minister Sifi Ghrieb attend and speak at the Vietnam-Algeria Economic Forum. (Photo: Hoang Hong)

On the afternoon of November 19 (local time), 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 was co-chaired by Vietnam's Ministry of Finance and Algeria's Ministry of Foreign Affairs; organized by the Vietnamese Embassy in Algeria, the Algerian Investment Promotion Agency, and the Algerian Chamber of Commerce and Industry.

At the forum, delegates noted that amid global economic fluctuations and the strong trend of restructuring value chains, this is a platform for the governments and businesses of both countries to share visions and create new growth drivers. The event underscores the determination of both nations to expand diplomatic, trade, and investment cooperation, aiming for a deeper and more substantive development phase.

Algeria is the largest country in Africa, with a population of 46.6 million, and is the third-largest economy in Africa (after South Africa and Egypt) with a GDP exceeding 260 billion USD and a growth rate of 3.8% (IMF - 2024). Algeria is rich in crude oil resources (ranked 16th in the world in production and 9th in exports) and natural gas (4th in the world in exports), which is also its main economic sector, accounting for 30% of GDP.

Meanwhile, after nearly 40 years of Renovation, Vietnam has transformed from a country under embargo to having diplomatic relations with 194 countries, including comprehensive strategic partnerships with 14 countries, strategic partnerships with 10 countries, and comprehensive partnerships with 14 countries; and is an active, responsible member of over 70 regional and international organizations.

Delegates attending the forum. (Photo: Hoang Hong)

Vietnam is considered one of the most dynamic economies in the region and the world, with a GDP of approximately 470 billion USD, ranking 3rd in ASEAN and 32nd globally. Vietnam is among the top 15 developing countries attracting the most foreign investment globally, reaching about 38.2 billion USD. The national brand value in 2024 is 507 billion USD, ranking 32/193, up one place from 2023. The Global Innovation Index in 2024 ranks 44/132 countries and territories, up two places from 2023.

Economic cooperation between Vietnam and Algeria has seen encouraging progress in recent years. In 2024, Vietnam exported approximately 192.3 million USD to Algeria, mainly coffee, pepper, metals, and chemicals; and imported nearly 6 million USD, primarily fruits, animal feed, and raw materials.

In terms of investment, the standout project is the Bir Seba oil and gas project (a joint venture between the Vietnam Oil and Gas Exploration and Production Corporation, under Petrovietnam, Algeria's National Oil Company, and Thailand's Oil and Gas Exploration and Production Company), which has surpassed the milestone of extracting 55 million barrels of oil.

However, the scale of cooperation is still not commensurate with the potential of the two economies, and there is significant room for cooperation, especially in areas where both sides have strengths and complementary needs, such as energy, minerals, construction, infrastructure development, logistics, and high-tech agriculture...

Algerian Prime Minister invites Vietnamese enterprises to seek opportunities

Speaking at the forum, Mr. Kamel Rezig, Algeria's Minister of Commerce and Export Promotion, stated that Vietnam-Algeria relations are not only based on historical memories but must especially focus on economic development cooperation within the framework of the newly established Strategic Partnership based on mutual respect and shared vision; especially cooperation in investment, building supply chains, where both Vietnam and Algeria have rightful positions.

Minister Kamel Rezig noted that trade relations between the two countries have grown rapidly in recent times, reflecting the depth of bilateral relations, but there is still significant potential. Vietnam is one of the rising Asian tigers, an export powerhouse, while Algeria is also an emerging power. Previously, Algeria's economy relied heavily on oil, mainly exporting raw materials, but now it focuses on exporting agricultural and processed products.

Stating that Vietnamese and Algerian enterprises have many opportunities, the Minister of Commerce and Export Promotion of Algeria affirmed that now is the time for both countries to seize opportunities from each other's needs, based on a highly trusted and excellent political relationship.

The Algerian Minister proposed joint projects with a "win-win" spirit, including the possibility of establishing Vietnamese factories in Algeria so that Vietnam can export to other markets from there.

Additionally, both sides should facilitate and accompany businesses in their operations; especially by establishing long-term cooperation mechanisms to further strengthen economic partnerships, such as possibly establishing a Vietnam-Algeria Business Cooperation Council.

With its position connecting Asia, Africa, and Europe, Algeria can become a hub, a gateway for Vietnam to export goods to these regions, based on the Strategic Partnership between the two countries.

Algerian Prime Minister Sifi Ghrieb speaking at the forum. (Photo: Hoang Hong)

According to Algerian Prime Minister Sifi Ghrieb, Vietnam has made remarkable economic progress recently, and both countries are in the process of economic transformation, enhancing integration capabilities. Organizing the forum is a concrete action to realize the political determination of the high-level leaders of both countries, thereby creating new vitality, new opportunities, and expanding the economic cooperation space between the two countries.

The Algerian Prime Minister wishes for businesses from both countries to strengthen connections, promote trade exchanges, and cooperate in technology, agriculture, digital transformation, energy, oil and gas, pharmaceuticals, tourism...

Reiterating Algeria's strategic position as a gateway to the Middle East, Africa, and Europe, the Prime Minister stated that Algeria is a friend of Vietnam, and Vietnam should embrace this opportunity. He invites Algerian investors to negotiate with Vietnamese businesses to find specific cooperation opportunities so that Algeria can export more of its strong products to the Vietnamese market and vice versa.

According to Deputy Minister of Finance Do Thanh Trung, in the future, Vietnam's Ministry of Finance will closely coordinate with relevant Algerian agencies to enhance policy connectivity and regular cooperation between the governments and businesses of the two countries; resolve obstacles, create a favorable environment for investment cooperation; support large-scale, strategic, and impactful cooperation projects, especially in energy, infrastructure, logistics, digital transformation, and green development.

Vietnamese delegates attending the forum. (Photo: Hoang Hong)

A glorious past, a strong present, and an even more aspiring future...

Speaking at the forum, Prime Minister Pham Minh Chinh assessed the forum as historic, with the attention of General Secretary To Lam and Algerian President Abdelmadjid Tebboune; the attendance of both Prime Ministers; taking place right after the establishment of the Strategic Partnership between the two countries; with the participation of numerous business representatives from both countries; addressing economic cooperation possibilities in all fields.

Prime Minister Pham Minh Chinh shared that in meetings with the Algerian President and Prime Minister, both sides agreed that economic cooperation between the two countries has no limits, no barriers in all fields and sectors.

Prime Minister Pham Minh Chinh speaking at the forum. (Photo: Hoang Hong)

The Prime Minister emphasized that in the past, the two countries united, supported each other, were friends, partners, and brothers in the fight against colonialism for independence and freedom, "then in the present and future, there is no reason we should not unite, support each other with brotherly spirit to develop a prosperous, civilized, strong, and prosperous nation, ensuring happiness and well-being for the people of both countries".

"The past was glorious, the present is strong, and the future is even more aspiring," the Head of the Vietnamese Government stated.

Expressing gratitude to the businesses participating in the forum and contributing to bilateral relations, especially economic cooperation in the new phase, the Prime Minister is confident that the goal of building a "new Algeria" will see significant contributions from Vietnam and Vietnamese enterprises.

Taking time to share with delegates about the foundational elements, strategic directions, achievements in recent times, and upcoming goals, tasks, and key solutions of Vietnam, the Prime Minister hopes Algerian businesses will feel assured to invest in Vietnam with an increasingly favorable business environment.

Simultaneously, the Prime Minister earnestly calls on Vietnamese enterprises to increase investment in Algeria, more boldly and decisively, to leverage the advantages of this country, with its position connecting three continents, an area of over 2 million km², featuring both deserts and seas, with diverse climatic conditions favorable for industrial, agricultural, and service development.

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

The Prime Minister believes the goal of building a "new Algeria" will see significant contributions from Vietnam and Vietnamese enterprises. (Photo: Hoang Hong)

The first pillar of cooperation mentioned by the Prime Minister is energy, whereby the National Energy Industry Group (Petrovietnam) and other enterprises should continue to coordinate and expand cooperation and investment in Algeria in oil and gas exploration and refining for export to other countries, including fertilizers; the spirit is "to research and invest immediately, without delay". Alongside this are new energy fields such as wind and solar power.

Broadening the scope, Vietnamese enterprises can invest in Algeria from tea planting, livestock farming, forestry, animal feed production, rice cultivation... to high-tech areas like semiconductor chip production, space exploration products... Viettel Group can collaborate with Algerian partners to produce 5G, 6G equipment.

Spending time to delve into the agricultural sector, the Prime Minister shared that Vietnam has extensive experience in rice and tea cultivation, aquaculture, and seafood processing... Currently, Vietnam not only exports agricultural products but also aims to export agricultural experience, models, and technology worldwide, as directed by General Secretary To Lam.

Therefore, Vietnamese enterprises can invest in Algeria, cultivating locally, exporting locally to Africa, Europe, the Middle East, and reducing taxes and costs... The Prime Minister is confident that Algeria's land and resources, combined with the intelligence of the people of both countries and the spirit of solidarity and mutual support, will create material wealth, as "nothing is impossible".

Prime Minister Pham Minh Chinh and Prime Minister Sifi Ghrieb witness the signing between Vietnamese and Algerian enterprises. (Photo: Hoang Hong)

The Prime Minister also stated that in the cooperation between the two countries, it is necessary to boldly assign tasks, place orders with enterprises, and promote the roles of both state-owned and private enterprises, small and medium enterprises, with the spirit of achieving the highest efficiency, with heartfelt affection and responsibility, "from heart to heart", viewing 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 and upgrade the Vietnam-Algeria Joint Committee on Economic, Scientific, and Technical Cooperation, operating under a flexible mechanism, reporting to the Prime Ministers of both countries if beyond authority. Simultaneously, assign agencies and banks to find the most convenient and safest payment methods.

The Prime Minister believes that the policy belongs to the two states and political leaders, but to turn policy into specific products and results, it must be done by the ministries, agencies, and especially the enterprises of both countries.

The Prime Minister is confident that with new momentum, new resources, and the results achieved by both sides, they will act in accordance with the newly established Strategic Partnership and be worthy of the previous generations, further promoting the precious legacy of unity, sharing, and selfless, pure assistance. From there, turn the distinctive potential, outstanding opportunities, and competitive advantages of the two countries into specific projects, products, and measurable results, contributing to building two strong, prosperous countries, with increasingly prosperous and happy people.