Algiers, Nov. 21 (VNA) - Prime Minister Phan Van Khai and his Algerian counterpart, Ahmed Ouyahia, addressed the Viet Nam-Algeria Business Forum held in Algiers, the capital city of Algeria, on Sunday.

The forum, which was jointly held by the Chambers of Commerce and Industry of Viet Nam and Algeria, drew the participation of 57 Vietnamese and 128 Algerian business people.

Speaking at the business forum, PM Khai highlighted the achievements Viet Nam has gained in different domains since the renovation process began in 1986. Since the Vietnamese government opened the door to foreign direct investment in 1988, more than 65 countries and territories have invested almost 25 billion USD in the country. He stressed that the foreign-invested sector has received the same treatment as other economic sectors, and the Vietnamese State ensures foreign investors' legal ownership of their capital and facilitates the transfer of capital out of the country.

Khai noted that two-way trade value between Viet Nam and other countries increased sharply over the past two decades. The country's export revenues are estimated at over 25 billion USD in 2004, a 12-fold increase over 1990. At present, Viet Nam is one of the world's biggest exporters of rice, coffee, rubber and seafood. Its cooperative relationship with African countries has seen positive development with two-way trade valued at 326 million USD in 2003, the PM added.

Khai said Viet Nam has targeted a high and sustainable growth rate, trying to double its gross domestic product in 2010 compared to 2000. For that end, PM Khai said, the Vietnamese government will focus on creating a transparent, consistent and stable legal environment, accelerating restructuring and raising the efficiency of State-owned enterprises, encouraging the development of private and foreign-invested businesses and family economies while raising the competitiveness of products, enterprises and the whole economy.

The PM affirmed that the Vietnamese government will also try to build a market economy, actively integrate into the regional and global economy, implement fully its bilateral and multi-lateral pledges and prepare arrangements for joining the World Trade Organisation. He added that Viet Nam will invest in the upgrade of economic and social infrastructure with special focus on information technology and telecoms as well as strive to build a transparent and healthy administration.

PM Khai said the two countries' business circles should consult each other to seek appropriate measures to restore previously effective cooperation fields and expand cooperation to new areas, especially the oil and gas industry and agriculture, and textile and garment areas.

Khai noted Algeria's strength in oil and gas, phosphate, coal, bronze, lead, zinc, industry and services but pointed out that the country needs to import consumer goods, food and foodstuff  that Viet Nam is able to supply. He said Viet Nam is strong in agriculture, food processing, garments, footwear, wood products and other essential goods. "The Vietnamese Government will continue to welcome and create favourable conditions for Algerian businesses to invest and do business in Viet Nam," PM Khai said.

PM Ahmed Ouyahia praised the wonderful Algeria-Viet Nam friendship over recent decades. He shared PM Khai's desire to boost economic ties between the two countries' businesses.

The Algerian PM said his government will send a business mission to Viet Nam to share experiences and seek opportunities for cooperation.