Prime Minister Pham Minh Chinh invites Vietnamese businesses to invest in Algeria to reach three continents.
On the evening of November 19 (local time), Prime Minister Pham Minh Chinh and Algerian Prime Minister Sifi Ghrieb attended and delivered remarks at the Vietnam–Algeria Economic Forum during the Vietnamese leader’s official visit to Algeria.
Prime Minister Pham Minh Chinh and Algerian Prime Minister Sifi Ghrieb at the Vietnam–Algeria Economic Forum. Photo: VGP/Nhat Bac
The event, co-hosted by Vietnam’s Ministry of Finance and Algeria’s Ministry of Foreign Affairs, was organized in coordination with the Vietnamese Embassy in Algeria, Algeria’s Investment Promotion Agency, and the Algerian Chamber of Commerce and Industry. It drew about 350 delegates, including government officials and business representatives from both countries.
In the face of global economic turbulence and shifting supply chains, the forum served as a platform for the two governments and their enterprises to share visions and spark new momentum for economic growth. It also reaffirmed the deepening traditional friendship between the two nations and their commitment to fostering more substantial diplomatic, commercial, and investment ties.
Algeria’s transformation and potential as a trade hub
Algeria is Africa’s largest country by land area, with a population of 46.6 million. Politically stable, the country is undergoing economic reforms while maintaining an independent and diversified foreign policy. Its GDP exceeded USD 260 billion in 2024, ranking third in Africa after South Africa and Egypt, with a 3.8% growth rate according to the IMF.
Oil and gas are central to Algeria’s economy, contributing 30% of GDP. It is the 16th largest crude oil producer and 9th largest oil exporter in the world. For natural gas, it ranks fourth in global exports.
Algeria is prioritizing national stability, economic diversification to reduce reliance on hydrocarbons, foreign investment attraction, and food self-sufficiency. It also actively engages in African Union and Arab League affairs and champions South-South cooperation.
Vietnam’s dynamic economy and global trade engagement
Deputy Minister of Finance Do Thanh Trung stated that in the coming time, the Ministry of Finance will closely coordinate with relevant Algerian authorities to strengthen policy connectivity and regular cooperation between the two governments and business communities. Photo: VGP/Nhat BacEmphasizing that both Vietnamese and Algerian businesses have abundant opportunities, Algeria's Minister of Trade and Export Promotion said it is time for both countries to seize mutual demands, grounded in a foundation of strong and trustworthy political relations. Photo: VGP/Nhat Bac
From a war-ravaged and underdeveloped country, Vietnam has emerged as one of the world’s most dynamic economies, with a GDP of approximately USD 470 billion, ranking third in ASEAN and 32nd globally. Its economic structure is shifting positively, with agriculture now accounting for just 11% of the economy.
In international trade, Vietnam ranks among the top 20 globally, with import-export turnover nearing USD 800 billion and a trade surplus of almost USD 25 billion. It is a full member of 17 free trade agreements, covering most major global economies.
Vietnam is among the world’s top 15 FDI destinations, attracting USD 38.2 billion in 2024, with USD 25.4 billion in realized investments. It plays a vital role in regional and global supply chains and is transitioning toward a green, digital, and high-tech economy.
Notably, Vietnam has become a significant player in the global semiconductor industry and attracted leading tech giants. Its national brand value in 2024 reached USD 507 billion, ranking 32nd globally. The country also improved its Global Innovation Index, ranking 44th out of 132 economies.
Vietnam–Algeria trade and investment: room to grow
Vietnam’s exports to Algeria reached USD 192.3 million in 2024, comprising mainly coffee, pepper, metals, and chemicals. Imports totaled around USD 6 million, largely fruits, animal feed, and agricultural inputs.
The most notable joint project is the Bir Seba oil field, a tripartite venture between Vietnam's PetroVietnam Exploration and Production Corporation, Algeria’s national oil company Sonatrach, and Thailand’s PTTEP. The project has exceeded 55 million barrels in output.
Despite progress, bilateral economic cooperation remains modest relative to its potential. Key sectors with complementary strengths include energy, mining, infrastructure, logistics, and high-tech agriculture.
Algeria: Gateway to Asia, Africa, and Europe
Delegates attending the forum. Photo: VGP/Nhat Bac
The Prime Minister expressed hope that Algerian businesses will feel confident investing in Vietnam, where the business and investment environment is becoming increasingly favorable. Photo: VGP/Nhat Bac
Algerian Minister of Trade and Export Promotion Kamel Rezig highlighted the forum as a sign of both nations’ political will and mutual respect. He urged development of a strategic partnership beyond historical ties, with a focus on supply chains and joint ventures.
Vietnam’s rapid economic rise and export capacity, paired with Algeria’s shift from raw material exports to agriculture and manufacturing, create fertile ground for collaboration. Rezig suggested building Vietnamese factories in Algeria as a means to re-export to nearby markets.
He also proposed the creation of a Vietnam–Algeria Business Cooperation Council and emphasized Algeria’s geographic role as a springboard into three continents.
Joint efforts for long-term economic growth
Vietnamese Deputy Finance Minister Do Thanh Trung affirmed that the Ministry of Finance will work closely with Algerian authorities to improve policy alignment, resolve challenges, and support strategic projects in energy, infrastructure, logistics, digital transformation, and green growth.
From tea plantations to semiconductor factories
Prime Minister Pham Minh Chinh declared the forum a milestone event, coming just after the establishment of the Vietnam–Algeria Strategic Partnership and attended by both nations’ prime ministers and a large business delegation.
He called the bilateral economic relationship "limitless," citing the shared history of solidarity and support during struggles for independence as a foundation for future cooperation.
Chinh encouraged Vietnamese businesses to explore Algeria’s vast potential - from its two-million-square-kilometer territory to its diverse climate, deserts, and coastline, all of which are ideal for industrial, agricultural, and service development.
He said Vietnamese enterprises can feasibly invest in Algeria across a range of fields, “from tea cultivation to chip production.”
Priority areas for cooperation
Prime Minister Pham Minh Chinh and Prime Minister Sifi Ghrieb witness the signing ceremony between Vietnamese and Algerian enterprises. Photo: VGP/Nhat BacPrime Minister Pham Minh Chinh and Prime Minister Sifi Ghrieb witness the signing between Vietnamese and Algerian enterprises. Photo: VGP/Nhat BacThe Prime Minister expressed confidence that with new momentum, fresh motivation, and renewed resources—along with the achievements both sides have attained - the two countries will act in accordance with the stature of the newly established Strategic Partnership. Photo: VGP/Nhat Bac
Chinh emphasized energy as a cornerstone sector, urging PetroVietnam and other companies to invest without delay in oil and gas exploration, refining, and fertilizers, as well as new energy sources like wind and solar.
He also highlighted agriculture, suggesting Vietnamese firms could establish local production operations in Algeria and export regionally, reducing taxes and costs while sharing Vietnam’s agricultural expertise, models, and technologies.
Vietnam’s Viettel Group could collaborate on producing 5G and 6G devices, and firms could jointly explore semiconductor and space technology.
The Prime Minister stressed the importance of empowering both state and private enterprises and proposed elevating the Joint Economic, Scientific, and Technical Committee, supported by more flexible mechanisms and streamlined payment systems.
While political leaders set the direction, Chinh said that ministries, agencies, and especially businesses must turn strategy into tangible outcomes. With fresh momentum and mutual goodwill, he expressed confidence that both countries can transform differences into advantages, ambitions into action, and build a prosperous future rooted in trust and solidarity.
Vietnamnet.vn
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