site.btaBulgaria-Vietnam Business Forum for Economic Cooperation Held in Sofia

A Bulgaria-Vietnam business forum for economic cooperation was held at the Bulgarian Chamber of Commerce and Industry (BCCI) in Sofia on Thursday. The event was organized by the BCCI and the Embassy of the Socialist Republic of Vietnam on the occasion of 75 years since the establishment of diplomatic relations between Vietnam and Bulgaria.

Addressing the forum, the Head of the Commercial Section at the Vietnamese Embassy in Sofia, Nguyen Than Hai, said: The Bulgarian market is very favourable for Vietnamese businesses, especially after Bulgaria's accession to Schengen. The largest share of Bulgarian exports to Vietnam in 2024 was comprised of grain products (USD 25 million turnover), medicines (USD 15 million turnover) and inorganic chemicals (USD 10.2 million turnover). The largest share of Vietnamese exports to Bulgaria in 2024 was furniture, spices, iron and steel. There are goods that would be of interest to the European market, especially tropical fruits such as mango, passion fruit, pineapple.

Deputy Foreign Minister Nikolay Pavlov said: There are all preconditions for deepening, developing and benefiting from the trade and economic potential in the relations between Bulgaria and Vietnam. Vietnam is a traditional and important partner in the Southeast Asian region. Bulgaria values the long-standing bilateral ties of friendship, trust and mutual respect. The high-level and top-level political dialogue between the two countries has gained new dynamics in recent years. Examples of this are the visit of Bulgarian President Rumen Radev to Vietnam in 2024 and the then signed Bulgarian-Vietnamese declaration, the visit of Vietnam's National Assembly Chairman Vuong Dinh Hue to Bulgaria in 2023 and the return visit to Vietnam of then Bulgarian National Assembly Chair Rosen Zhelyazkov in early 2024, as well as the visit of Vietnam's Vice President Vo Thi Anh Xuan in 2021 and the meeting of the joint commission for trade and economic cooperation in Sofia after years of interruption. This dynamic exchange is a solid basis for building bilateral relations in a wide range of areas. Areas of mutual interest include information and communication technologies, innovation, green transition, components for electric cars, digital transformation, high-tech agriculture, and pharmaceuticals. The entry into force of the EU-Vietnam Trade Agreement and Investment Protection Agreement is a very important factor for the development and momentum of trade and investment relations between Bulgaria and Vietnam.

Deputy Minister of Economy and Industry Doncho Barbalov said: The economic and trade ties between Bulgaria and Vietnam are developing in a positive direction, but there is untapped potential that both countries should strive to use. The development of economic relations with Vietnam is an important priority for Bulgaria, taking into account the context of Bulgaria's EU and Schengen membership and expected eurozone membership. The trade turnover between Bulgaria and Vietnam in 2024 reached USD 292 million, which is an increase of 33.5% compared to 2023. It also grew in the first months of 2025, with an increase of 29% compared to the same period of 2024. The percentage increase in turnover is high, but as a base we are at a relatively low level. So there is a very serious potential for the development of economic ties between the two countries.  

BCCI chairperson Tsvetan Simeonov said: Bulgaria and Vietnam have built solid experience in their bilateral relations, but there is also significant room to expand cooperation between them including in tourism; exports from Bulgaria to Vietnam of agricultural processing machinery; and cosmetics. Seventy-five years is a long period during which we have accumulated substantial experience in relations with Vietnam. Many Vietnamese students have studied in Bulgaria, many Vietnamese workers have contributed to the Bulgarian economy and companies. According to statistics, during the 1980s there were over 35,000 Vietnamese workers in Bulgaria.

InvestBulgaria Agency Secretary General Julian Balchev said: There is great potential for Vietnamese investment in Bulgaria. Bulgaria's tax system is an advantage, as it is considered the simplest and most competitive in the EU. The corporate and personal income tax is only 10%, which makes the country attractive to foreign investors. Compared to the EU average, the corporate tax is between 20 and 30%. Bulgaria has a tax preference that stimulates research and development.

The forum drew participants from 10 Vietnamese and more than 60 Bulgarian companies. Two contracts were signed between Bulgarian and Vietnamese companies in the field of food industry. One of them was between Pharnetix, a Bulgarian pharmaceutical company and trader of medicines, food supplements and medical devices, and the Vietnamese ERA Pharma. Their cooperation will start with the sale of food supplements. The Bulgarian side will organize marketing and distribution. The next step envisages the sale of medicinal products. The agreement also provides for the sale of products from Bulgaria to Vietnam. 

The event also featured an exhibition of Vietnamese food products.