Algeria, Vietnam sign agreements in housing and town planning

Algeria and Vietnam have signed Monday in Algiers a cooperation agreement in the field of sea transport and a memorandum of understanding and cooperation in the sector of housing and town planning, Global Arab Network reports according to APS.

The two agreements were inked by Minister of Industry, SME and Investment Promotion Mohamed Benmeradi and Vietnam Construction Minister Nguyen Hong Quan at the end of the 9th session of Algeria-Vietnam Joint Cooperation Commission, which opened Sunday.

The two ministers also singed the minutes of this ninth session. In addition to these two agreements, several others were signed on the occasion of the visit paid by Vietnam president to Algeria in 2010, especially in the fields of justice, fisheries and aquaculture, sports, animal health and plant protection.

It is worth mentioning that additional program of 50,000 assisted promotional housing units for youths, under the sector’s five year-plan (2010-2014), has been announced Monday by the minister of Housing and Urban Planning, Noureddine Moussa.

“The 50,000 units, to be added to the previously planned 240,000 assisted promotional housing and more than 160,000 under construction, are intended to youths under installment sale option,” the minister said at a National Radio broadcast.

“Some young people cannot obtain loans for housing, hence our suggestion of an installment sale option, which is under discussion at the ministry of Finance, and which will probably be similar to the hire-purchase option,” he said.

The instalment sale option was one of the measures taken at the Tuesday’s Council of Ministers meeting. – APS

Tags: Vietnam Algeria trade