Bulgarian, Vietnamese businesses seek cooperation opportunities

09:27 | 08/06/2015 Cooperation

Bulgaria has so far run 10 FDI projects in Vietnam with total registered capital of US$31 million, notably in the areas of manufacturing and information technology.

Bulgarian, Vietnamese businesses seek cooperation opportunities

On June 5, Prime Minister Nguyen Tan Dung presided over a dialogue with Vietnamese and Bulgarian businesses in Sofia as part of his trip to the eastern European nation.

Those in attendance included Bulgarian Deputy Prime Minister in charge of economic affairs Tomislav Donchev, Minister of Economy Bojidar Lukarski along with nearly 100 outstanding Bulgarian and Vietnamese enterprises.

Speaking at the dialogue, PM Dung gave an overview of Vietnam’s dynamic development over recent years, noting that the nation is an attractive destination for foreign investors and is actively boosting international economic integration.

Joining efforts to form a 625 million people ASEAN Economic Community with average GDP of US$2,500, Vietnam has officially signed a free trade agreements (FTAs) with the Republic of Korea (RoK) and the the Eurasian Economic Union (EAEU), and is nearing final negotiations for the Trans-Pacific Economic Partnership (TPP) Agreement.

In anticipation of finalizing the FTAs in the near future, Vietnam will have free trade relations with 55 partners, including 15 G-20 members.


“This year marks 65 years of Vietnam-Bulgaria diplomatic relations and both nations are longstanding partners evidenced by the fact that more than 4,000 Vietnamese experts have been trained and working in Bulgaria,” Dung said.

However, bilateral trade turnover is still far below the two nations’ traditional relations and cooperation potential in recent years.

Dung stated he and Bulgarian PM agreed to create favorable conditions for businesses from the two countries to bolster practical and effective cooperation in areas of their strengths for mutual benefit.

Economic, trade and investment efficiency will significantly contribute to solidifying the sound friendship between the two peoples.

Highlighting Bulgaria as a youngest and dynamic member of the European Union (EU) with strategic location in south-central Europe, Dung emphasized that Vietnam highly appreciates economic policies and strengths of Bulgaria in the fields of mining, energy, metals, chemicals, pharmaceuticals, agricultural products, livestock, and manufacturing.




The Southeast Asian nation greatly values Bulgaria’s role in enhancing economic connectivity between south- central European nations with Asia, including Vietnam, the government leader noted.

PM Dung encouraged Bulgarian businesses to intensify their investments in Vietnam’s projects on agriculture, pharmaceuticals, clean energy, and mechanical engineering while suggesting Vietnamese partners bolster exports of advantageous products such as agri products, electronics, garments and textiles, and seek opportunities for importing high quality products with competitive costs from Bulgaria like mechanical equipment, pharmaceuticals and food.

At the dialogue, Dung answered questions and shared some issues of Bulgarian entrepreneurs’ concern about Vietnam’s practical experience in coping with the global financial and economic crisis and incentive policies to attract foreign investment.

Regarding the new economic cooperation model between Vietnam and Bulgaria, PM Dung said the model is an initiative of Bulgarian President that Vietnam fully supports. The two sides consented to establish a working group aiming to propose specific areas and products in line with the model.

Deputy Prime Minister Tomislav Donchev in turn described Vietnam as a very important partner for Bulgaria, adding that his nation advocates the efforts to sign the EU-Vietnam Free Trade Agreement (EUVFTA) in the time to come.

Besides exporting key items such as coffee, pepper and rice, Vietnam can boost exports of high added value products to Bulgaria, he said.

Vietnam and Bulgaria are sparing no efforts to elevate bilateral relations to a strategic partnership in the future. Meanwhile, Vietnam will serve as a focal point for Bulgaria to expand relations with ASEAN and Asia – Pacific countries.

Donchev affirmed Bulgaria's willingness to be a gateway for Vietnamese goods to enter the giant EU market. Bulgaria is ready to share experience with Vietnam in modern technology projects like renewable energy and environmental technology, he told Dung.

Bulgarian and Vietnamese businesses also compared notes on cooperation areas in banking and finance, oil and gas, garments and textiles, agriculture and food processing, import-export, infrastructure construction, electricity, electronics, and mechanical engineering

On the occasion, PM also Dung received leaders from some major Bulgarian groups and the Chamber of Commerce and Industry and CEO of agency for small and medium sized enterprises of Bulgaria./.

Source VOV News



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