Bulgaria’s caretaker Minister of Economy and Industry Petko Nikolov and Vietnam’s Minister of Industry and Trade Nguyen Hong Dien have discussed potential partnerships in production and opportunities for cooperation in trade, industry, and investment. The two conferred during a visit of the Vietnamese delegation to Bulgaria for the 24th session of the Bulgarian-Vietnamese Intergovernmental Commission for Trade, Economic, Scientific, and Technological Cooperation. Bulgaria is hosting the session, which is being held for the first time in nearly 10 years, this country’s Economy and Industry Ministry said on Monday.
The ministers outlined opportunities for cooperation in industry, high-tech agriculture, medicine, energy, pharma, innovation, and tourism, among others. They highlighted the positive development of economic relations in recent years. Bilateral trade has been growing, especially following the entry into force of the EU-Vietnam Trade Agreement and Investment Protection Agreement.
"Vietnam is a traditional and important partner of Bulgaria in the Asia-Pacific region. Trade has been growing in recent years, but there is still untapped potential," Nikolov said at the meeting.
In his words, the good business climate in Bulgaria and the country’s key geographical location as an entry point to Europe are a major prerequisite for attracting more Vietnamese investments and establishing joint Bulgarian-Vietnamese companies producing goods for export to other countries.
It transpired 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, agriculture, and joint production.
Nikolov pointed out that, as an EU Member State, Bulgaria is ready to support Vietnam in relations with the EU, as demonstrated by the National Assembly’s timely ratification of the EU-Vietnam Investment Protection Agreement.
Minister Nguyen Hong Dien said that Bulgaria is a friendly state, and the Bulgarian-Vietnamese Intergovernmental Commission session will give economic relations an additional boost. He stressed that bilateral trade reached over USD 200 million in 2023, adding that Bulgaria offers plenty of investment opportunities for Vietnamese companies in various sectors following Parliament’s ratification of the EU-Vietnam Investment Protection Agreement.
Vietnam’s Minister of Industry and Trade invited Nikolov to visit his country to learn first-hand about the opportunities to deepen the trade and economic partnership between the two countries.
/RY/
news.modal.text
