Bulgaria, Vietnam seek to further trade cooperation

At the Vietnam-Bulgaria Business Forum held by the Ministry of Industry and Trade on the visit of a Bulgarian business delegation led by Minister of Economy Bonzidar Lukarsky, Minister of Industry and Trade Tran Tuan Anh stressed the importance of bilateral cooperation between the two countries in the past years, while highlighting the potential of bilateral trade and investment. 

Minister Bonjidar Lukarsky appreciated the organisation of the forum that serves as a good opportunity for enterprises of the two countries to learn about each other market, approach and take advantage of cooperation and investment opportunities in many fields. 

The trade prospect between the two countries is bright, especially as a number of bilateral and multilateral free trade agreements between Vietnam and countries in the region and the world have been signed, he said. 

Vietnam is one of Bulgaria’s key economic partners in Southeast Asia, Minister Lukarsky said, adding that Bulgarian enterprises are interested in conditions and investment incentives in Vietnam, especially institution, business environment and support mechanism. 

Minister Anh noted the structure of goods between the two countries has been more diverse on categories and had positive changes in the added value. 

Vietnam’s major export goods to Bulgaria are coffee, garment and textiles, seafood, pepper and cashew while importing pharmaceuticals, chemicals, pesticides, wheat, and machinery. 

However, despite rapid growth in recent years, the trade exchange has been modest and yet to match the potential. 

According to the statistics from the General Department of Customs, by the end of August, 2016, the two-way trade exchange between Vietnam and Bulgaria reached US$96.7 million, up 88% from 2015. 

Of which, Vietnam’s export value reaches only US$31 million, a 19% increase from 2015, and imported the amount of goods worth US$65.6 million, up 157% from the previous year. 

Minister Tuan pledged to create favourable conditions and a simpler legal framework for economic cooperation activities between the two countries as well as study incentives to help enterprises from the two countries to approach and implement trade investment and promotion programmes effectively. 

He also recommended Bulgaria to encourage and help agencies and enterprises of the two countries to connect and cooperate in fields of the two countries’ strength and need such as transport infrastructure, irrigation development, materials for garments and textiles, electricity resources development, chemicals and pharmaceuticals.