26 October 2023

Continuing to promote import and export cooperation between Vietnam and Algeria is one of the important contents at the Vietnam – Algeria Business Forum on October 17.

On 17/10, in Hanoi, the Vietnam-Algeria Business Forum took place. Minister of Construction Nguyen Thanh Nghi and Algerian Minister of Industry and Pharmaceutical Production Ali Aoun, Co-Chair of the Vietnam-Algeria Intergovernmental Commission presided.

At the Forum, experts from the two countries presented many presentations to clarify mechanisms and policies for businesses of Vietnam and Algeria.

A representative of the Import-Export Department, Ministry of Industry and Trade said that in order to facilitate domestic and foreign enterprises to participate in investment, Vietnam has reformed administrative procedures, simplified business investment conditions, handled administrative procedures through a one-stop mechanism, etc one-stop interconnection. In addition, promulgate policies to encourage FDI attraction for exports, promote green growth, sustainable import and export; production development associated with export, trade promotion, supporting enterprises to overcome barriers ...

Regarding the orientation of import and export development, Vietnam will effectively use resources, protect the ecological environment and solve social problems well; restructuring export goods in depth, accelerating industrialization and modernization; increase the proportion of export products with science and technology content, high innovation content, green economy products, circular economy, environmentally friendly products.

According to Mr. Nguyen Anh Tuan, Deputy Director General of the Foreign Investment Agency, Ministry of Planning and Investment, Vietnam is currently implementing solutions on foreign investment such as continuing to implement solutions to stabilize the macroeconomy; implementing 3 strategic breakthroughs (institutions, infrastructure, human resources); complete laws, policies and reform administrative procedures; promote digital transformation, green transformation, energy transformation, innovation, and deployment of information technology infrastructure; strengthen dialogue with investors to remove difficulties.

Currently, Vietnam is a suitable country for investment due to its stable socio-political situation, high economic growth, competitive production costs, abundant human resources, large potential market, deep international integration, open policies, and strategic location. Priority sectors to attract investment include electricity, electronics, semiconductors; renewable energy; innovation; digital economy, digital transformation; high-tech agriculture; financial center.

At the same time, Vietnam also has special investment incentives for businesses such as the preferential tax rate period of 5% within 37 years; Maximum exemption for 6 years, 50% reduction for 13 years; Subjects and conditions for incentives are Innovation Centers, R&D Centers with investment capital of over VND 3,000 billion, disbursement of at least VND 1,000 billion in 3 years or projects in special industries with investment incentives, Investment capital of over 30,000 billion VND, disbursement of 10,000 billion VND in 3 years...

For Mr. Ahmed Berrich, Research Director in charge of the one-stop mechanism for large projects and foreign investment at the Investment Promotion Agency of Algeria, the main areas Algeria is prioritizing investment are quarrying, agriculture, fisheries, pharmaceuticals, petrochemicals, etc  tourism, construction, information technology, communication.

Algeria has many policies to encourage and give preferential treatment to foreign investors. Accordingly, Algeria undertook institutional reforms; enhance activities on digital platforms, reduce the burden on investors; ease of interaction with customs, on taxes; have a database of land for businesses to access; strengthen the operation of trading floors so that businesses can seek partners and enhance investment activities; encourage investors to participate in many fields...

Also within the framework of the Forum, Vietnamese and Algerian businesses have jointly met, introduced and exchanged information, conducted long-term and sustainable cooperation in many fields in the coming time.

Source: congthuong.vn