site.btaBulgaria and Vietnam Plan to Encourage Mutual Investment and Trade

Bulgaria and Vietnam Plan to Encourage Mutual Investment and Trade

Ulaanbaatar, July 14 (BTA) - Bulgaria and Vietnam are determined to capitalize on the potential of intensive political dialogue at all levels for the further advancement of bilateral relations. This position was expressed by Bulgarian President Rosen Plevneliev and Nguyen Xuan Phuc, Prime Minister of Vietnam, at a bilateral meeting held in the Mongolian capital, and was made public by Plevneliev's press secretariat.

Plevneliev is in Ulaanbaatar to attend the 11th summit of heads of State and government of the Asia-Europe Meeting (ASEM) on July 16 and 17.

The Bulgarian head of State and the Vietnamese government leader also agreed that Bulgaria can use Vietnam as a stepping stone to the markets of the countries in the Association of Southeast Asian Nations while Bulgaria acts as a doorway to the EU for Vietnamese businesses.

Plevneliev said that the two countries are determined to add meaning to a joint declaration and an annex for the establishment of a new model of economic cooperation between Bulgaria and Vietnam. The documents were adopted during a state visit to Vietnam by the Bulgarian President in October 2013.

Plevneliev said that Bulgaria will work towards a fast signing of the EU-Vietnam free trade agreement and will be one of the first countries to ratify it.

The two sides agreed that the high economic growth and improved business environment in Vietnam create favourable conditions for increasing Bulgarian investment there. Bulgarian companies are interested in investing in the production of foods and tobacco products, in the pharmaceutical, chemical and textile industries, in the extracting sector, the design and delivery of irrigation systems and in infrastructure construction.

Rosen Plevneliev and Nguyen Xuan Phuc gave a high mark to the bilateral cooperation in security and defence. Police officers and cadets from Vietnam receive training in Bulgaria due to a bilateral agreement in this area.

The two sides agreed that good cooperation in education and research can be further enhanced by strengthening contacts between univerisities and increasing the academic exchange.

During the meeting President Plevneliev expressed concern over the pensions in the South China Sea and said all sides must show restraint, respect the rule of law to ensure the safety of navigation and seek a solution by peaceful means and in keeping with international law.

While in Ulaanbaatar, Plevneliev is also scheduled to confer with his Mongolian counterpart Tsahiagiin Elbegdorj, with Park Geun-Hye, President of the Republic of Korea, and Li Keqiang, Premier of the State Council of the People's Republic of China.