To achieve the target, Vietnam should hold more trade and investment promotion activities in the country, Mui said.
He also called for bettering connections between the two sides’ businesses via exhibitions and trade fairs in both countries, in a bid to help them find partners and opportunities.
According to the official, there are great potentials for bilateral co-operation in the fields of construction, agro-fishery product processing, consumer goods, pharmaceuticals and tourism, as Vietnam has strong businesses and good experience while Algeria wants to attract investment in these fields.
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, Vietnam hopes to send 1,000 workers to the African country this year.
The two countries have set a target of US$1 billion in two-way trade by 2020, and increase the number of skilled Vietnamese workers and technicians working in Algeria to 1,500-2,000.
Bilateral trade turnover reached a record US$370 million in 2014, up 30% against 2013. Most of the trade value came from Vietnam’s exports, including US$135 million worth of coffee, US$95 million worth of phones and parts and US$28 million worth of rice. Algeria’ exports to Vietnam stood at only US$800,000.
