The Hanoi Construction Corporation JSC on December 12 reached a preliminary cooperation agreement with Algeria’s Copresud, with the goal of establishing a joint venture in the construction sector.
At a working session between Vietnamese businesses and Algerian partners (Photo: VNA)
The joint venture will participate in bidding for and executing civil engineering projects in this North African country in the near future.
From December 6-12, a delegation of two companies in the construction and labour export sectors - Hanoi Construction Corporation and VINA-MEC HR Joint Stock Company - visited Algeria to meet with local partners and promote future cooperation activities.
This is an initial result of the efforts to strengthen connections and enhance economic cooperation, which have been actively supported by the Vietnamese Embassy and the Vietnam Trade Office in Algeria in recent times.
In Algeria, the companies held working sessions with four construction and three labour export partners.
They also explored the market for green tea, olive oil, dates, chocolate, and confectionery, while engaging with other potential partners in this North African country.
Pham Ngoc Binh, a representative of the organisation responsible for leading the Vietnamese business delegation to explore business cooperation opportunities, evaluated Algeria as a highly promising market with numerous opportunities for Vietnamese companies. In the coming time, this unit will continue to facilitate connections and bring more businesses to explore and develop the market.
Two-way trade between Vietnam and Algeria reached approximately 300 million USD in 2023. Currently, apart from the successful oil joint venture operating and extracting resources at the Bir Seba field, there are hardly any major Vietnamese companies based in Algeria, and vice versa. The establishment of joint ventures is opening a new direction for promoting bilateral economic exchanges, in line with the Algerian government’s foreign investment attraction policy./.
VNA
