Most of the trade value came from Vietnamese exports, including $135 million of coffee, $95 million of phones and parts and $28 million of rice. Algeria' exports to Viet Nam stood at only $800,000. — Photo cafeluong

HCM CITY (Biz Hub) — Viet Nam and Algeria were aiming to reach US$470 million in two-way trade in 2015, up 20 per cent against last year, Commercial Counsellor Nguyen Van Mui said.

To achieve the target, Viet Nam needed to hold more trade and investment promotions, Mui said.

He also called for connections to be improved between businesses from the two countries through exhibitions and trade fairs in a bid to help them find partners and opportunities.

Mui said there was great potential for bilateral co-operation in the fields of construction, agro-fishery processing, consumer goods, pharmaceuticals and tourism.

An oil and gas joint venture between PetroVietnam and Algerian partners is expected to start exploitation in the first quarter this year, with daily output of about 20,000 barrels.

In addition, Viet Nam hopes to send 1,000 workers to the African country this year.

The two countries have set a target of $1 billion in two-way trade by 2020, while increasing the number of Vietnamese skilled workers and technicians in Algeria to 2,000. Bilateral trade turnover reached a record $370 million in 2014, up 30 per cent against 2013. Most of the trade value came from Vietnamese exports, including $135 million of coffee, $95 million of phones and parts and $28 million of rice. Algeria' exports to Viet Nam stood at only $800,000. — VNS