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VietNamNews

VN-Bulgaria trade turnover yet to achieve $100m target

Update: December, 07/2013 - 08:44
Garment workers stitch items at Viet Huy Garment Company in Ha Noi's Thuong Tin District for export to Europe. Bulgaria has signalled it is willing to help Vietnamese businesses crack the European market. — VNA/VNS Photo Tran Viet

HA NOI  (VNS) — Two-way trade between Viet Nam and Bulgaria continues to lag behind the potential of the two nations, it was reported during a business conference on Thursday in Ha Noi.

In recent years, the two countries had made significant progress in economic co-operation. However, annual two-way trade turnover had yet to surpass US$100 million, Nguyen Tuan Hai, from the Viet Nam Chamber of Commerce and Industry's International Relations Department, said.

There was a huge room for two countries to accelerate bilateral trade ties, Svetla Zapryanova from the Bulgarian Ministry of Economy and Energy said, adding that Bulgaria determined to lift this relation with Viet Nam onto a higher level.

Bulgaria hoped Viet Nam would effectively bridge its business with Southeast Asian markets, and it was willing to help Vietnamese businesses penetrate into European markets in return, she said.

She added that many Bulgarian businesses were ready to co-operate and share experience with Vietnamese partners in such areas as energy, cosmetics, education and health-care.

Also, Bulgarian Ambassador to Viet Nam Evgueni Stefanov Stoytchev suggested that the two sides should make greater efforts in promoting and diversifying bilateral trade activities.

He outlined turning Bulgaria into a destination for Vietnamese exports to the Balkan nations and the EU through its Varna, Burga and Danube ports, as well as industrial zones.

Attendants at the conference agreed that besides trade, investment was also an important factor behind effective economic co-operation between the two countries, with energy, pharmaceuticals, garments, construction and infrastructure development being the most promising sectors.

In order to foster bilateral investment co-operation, Zapryanova suggested the two countries continue perfect policies and mechanisms, as well as improve the effectiveness of investment promotional activities and business forums to be held in each other's countries.

According to the Foreign Investment Agency's latest report, as of November 20, Bulgarian businesses have invested in 10 projects, worth $31 million, in Viet Nam. That helped Bulgaria rank 58th among 100 countries and territories investing in the country. — VNS


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