For the first time in nearly 10 years, an Intergovernmental Bulgarian-Vietnamese Commission for Trade, Economic and Scientific-Technical Cooperation is organized
The Minister of Economy and Industry, Dr. Petko Nikolov, and the Minister of Industry and Trade of the Republic of Vietnam, Mr. Nguyen Hong Dien, discussed potential partnerships in production and opportunities for cooperation in trade, industry and investment. The two held a meeting within the visit of the Vietnamese delegation, which is visiting Bulgaria for the 24th session of the Bulgarian-Vietnamese Intergovernmental Commission for Trade, Economic, Scientific and Technical Cooperation. Our country is hosting the session, which is being held for the first time after nearly 10 years since its previous meeting.
The ministers outlined opportunities for cooperation in the fields of industry, high-tech agriculture, medicine, energy, pharmaceuticals, innovation, tourism and others. They agreed on the great potential for the development of bilateral economic relations and the opportunities to promote partnerships between Bulgarian and Vietnamese companies. The positive development of economic relations in recent years was highlighted at the meeting. Bilateral trade is growing, especially after the entry into force of the EU-Vietnam Free Trade and Investment Protection Agreements.
Vietnam is a traditional and important partner of Bulgaria in the Asia-Pacific region. In recent years, trade has been growing, but there is still untapped potential. Our focus should be on exploiting opportunities in high added value areas. ‘Our country has a strong interest in increasing investment from Vietnam’, Minister Nikolov said at the meeting.
In his words, the good business climate in Bulgaria and the key geographical location of our country as an entry point to Europe are a serious prerequisite for attracting more Vietnamese investments and for establishing joint Bulgarian-Vietnamese enterprises for the production of goods to be exported to third countries.
It became clear at the meeting that there are real opportunities for diversifying trade and increasing the share of Bulgarian exports to Vietnam in priority areas such as chemical industry, mechanical engineering, pharmaceutical industry, light industry, agricultural products and machinery and joint production.
Dr Nikolov pointed out that as an EU member state Bulgaria is ready to support Vietnam in its relations with the EU, an example of which is the timely ratification of the EU-Vietnam Investment Protection Agreement by the National Assembly. Bulgaria thus joined the seventeen EU Member States that have ratified the Agreement. Its entry into force would undoubtedly increase mutual investments, which is of common interest.
For his part, the Vietnamese Minister of Industry and Trade pointed out that Bulgaria is a friendly country and the holding of the Bulgarian-Vietnamese Intergovernmental Commission will give an additional boost to the economic relations. He stressed that bilateral trade has reached over USD 200 million in 2023 and there are many opportunities for investment in Vietnam by Vietnamese companies in various sectors after the ratification of the EU-Vietnam Investment Protection Agreement by the National Assembly.
The Minister of Industry and Trade of the Republic of Vietnam extended an invitation to Dr. Petko Nikolov to visit the country to learn on the spot about the opportunities for deepening the trade and economic partnership between the two countries. Minister Nikolov discussed deepening economic relations with the Minister of Industry and Trade of the Republic of Vietnam.
The two ministers noted that Bulgaria and Vietnam share a long history of partnership and cooperation, and next year will mark the 75th anniversary of the establishment of diplomatic relations between the two countries.
The meeting at the Ministry was also attended by the Deputy Ministers of Economy and Industry Dr. David Sukalinski and Nikolay Pavlov.