Vietnam and Algeria Explore Enhanced Oil and Gas Cooperation

Vietnamese Minister of Construction Nguyen Thanh Nghi and Algerian Minister of Industry and Pharmaceutical Production Ali Aoun co-chaired the 12th meeting of the Vietnam-Algeria Inter-Governmental Committee, which took place in Hanoi on October 16, according to VNA.

In his opening remarks, Minister Nghi emphasized the importance of Algeria as a major partner and the fourth-largest export market for Vietnam in Africa. Despite challenges posed by the Covid-19 pandemic, bilateral trade between the two countries reached USD 144.2 million in 2022, with Vietnam’s exports accounting for USD 141 million.

Recent data from the General Department of Vietnam Customs shows that bilateral trade in the first five months of 2023 reached approximately USD 116 million, marking an increase of over 80% compared to the same period last year.

Cooperation in the oil and gas sector stands out as a key aspect of bilateral economic relations. The joint venture for oil and gas exploration and exploitation in Algeria between Petrovietnam Exploration Production Corporation (PVEP) and its partners Sonatrach Algeria and PTTEP Thailand is progressing effectively, with plans for the second phase underway.

Collaboration in agriculture, aquaculture, information technology, tourism, and other fields has also seen progress. Furthermore, the twinned relations between Vietnam’s Dien Bien province and Algeria’s Batna province, as well as the signing of agreements in August 2023, have contributed to diversified cooperation between the two countries.

Minister Nghi emphasized the need for both sides to find common ground in areas such as trade in agricultural and consumer goods, oil and gas, agriculture, information technology, tourism, and construction.

In terms of new cooperation proposals, Algeria has submitted draft agreements in healthcare, education, vocational training, tourism, sports, energy, and investment. Vietnamese ministries and agencies will discuss these proposals with their Algerian counterparts to determine areas of potential cooperation and sign cooperation agreements when appropriate.

Minister Aoun emphasized the mutually beneficial nature of the cooperation between the two countries, describing Vietnam as an important economic partner for Algeria in Asia. Algeria aims to strengthen economic and trade cooperation, facilitate trade exchange, and explore new investment projects.

The meeting provides a platform for ministries and agencies from both countries to share ideas, propose solutions, and allocate necessary resources to advance and diversify bilateral collaboration activities.

The meeting is scheduled to conclude on October 18.

Last week, the Algeria-Vietnam Friendship Parliamentarians’ Group was established in Algiers, aiming to strengthen relations between the two countries in all fields, particularly through parliamentary channels.