Vietnam to promote trade and investment in Romania, Bulgaria

Saturday, 2019-10-05 13:57:26
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NDO – The Vietnamese Ministry of Industry and Trade (MOIT) is organising the “Trade Transaction Delegation” in Bucharest (Romania) and Sofia (Bulgaria) from October 3 to 9, aiming to promote trade and investment in these two European markets.

The programme is being implemented on the occasion of the 16th meeting of the Vietnam-Romania Intergovernmental Joint Committee in Romania (October) and the 24th meeting of the Vietnam-Bulgaria Intergovernmental Joint Committee in Bulgaria (November).

Members of the delegation include representatives of the MOIT (Trade Promotion Agency) and 20 businesses with strong export capabilities in the fields of agro-fishery, food (dried fruits, tea, coffee, milk, tinned and frozen fishery products), mechanical machinery, plastics, handicraft & fine arts, renewably energy, and financial-banking services.

The purpose of the programme is to advertise the trademarks, capabilities and image of Vietnamese businesses, as well as to help them grasp and update the latest market information and take advantage of incentives from the Vietnam-European Union Free Trade Agreement (EVFTA) to exploit market opportunities and develop effective export and investment strategies with the Romanian and Bulgarian markets in particular, and the EU market as a whole.

The delegation’s major activities include organising a Vietnam-Romania Business Forum in Bucharest (October 4) and a Vietnam-Bulgaria Business Forum in Sofia (October 7) in addition to working with wholesale and retail supermarkets, seafood importers, mechanical factories, and financial-banking institutions of the two countries.

Romania is the largest market in Southern Europe (with a population of 21 million and the seventh largest area in Europe) and a gateway to EU countries with more than 500 million consumers. It has a favourable geographical position as the intersection of the EU countries, the Balkans and the Commonwealth of Independent States. Moreover, Romania is also at the focal point of three European economic corridors, offering convenient shipping to other EU nations. In recent years, economic-trade cooperation activities between Vietnam and Romania have been constantly strengthened with complementary characteristics.

Meanwhile, Bulgaria is one of the first 10 countries in the world to recognise and establish diplomatic relations with Vietnam (February 8, 1950). Bulgaria is also among the EU countries taking the lead in ratifying the Vietnam-EU Comprehensive Partnership and Cooperation Framework Agreement (PCA). Trade and economic relations between Vietnam and Bulgaria have seen positive developments over recent years, which, however, have yet to match with the two countries’ potentials and wishes. The senior leaders of the two countries have agreed to design a “new model of economic cooperation” on the basis of taking advantage of each country’s potentials and strengths. Accordingly, Vietnam can export a number of its strength products to Bulgaria, which then are processed directly at Bulgarian ports and continue to be exported to European markets and the Balkans.