Teleconference to boost Vietnam- Bulgaria trading ties

The teleconference, set to take place from September 10 to September 11, is to be co-hosted by the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade in collaboration with the Embassy of Bulgaria in Vietnam.

The event is designed to help local firms introduce their products and seek potential partners in Bulgaria. In addition, it will also boost trade exchanges with both the Bulgarian and EU markets while gaining greater insights into consumer tastes in order to better select suitable products for export to the Bulgarian market.

Furthermore, local enterprises will have the opportunity to seek high-quality goods from Bulgaria at competitive prices across multiple fields, such as cosmetics, pharmaceuticals, animal feed, sunflower oil, and consumer goods. 

Most notably, the implementation of the EU-Vietnam Free Trade Agreement (EVFTA) on August 1 is anticipated to offer preferential tariffs for products from both sides.

Bulgaria can be considered a gateway for Vietnamese exports to other European markets, largely due to its favourable geographical position.

The Eastern European nation also possesses numerous economic zones with developed infrastructure, which offers tax incentives and the lowest costs throughout the EU.

Featuring two deep-water ports and six commercial airports, Bulgaria has plenty of strengths in terms of logistic services, with convenient routes available for goods to be transported to other EU countries, a factor which is widely expected to facilitate greater investment and more exports to other EU countries for Vietnamese firms.

At present, two-way trade turnover remains low despite numerous advantages. According to statistics compiled by the General Department of Vietnam Customs, the total import-export turnover between the two nations reached US$59.14 million during the first half of the year.

Of the figure, Vietnamese exports to Bulgaria hit US$28.53 million, while  its imports stood at US$30.62 million.