Vietnam - Bulgaria Business Forum: More Two-way Information Exchange

A delegation of 12 Bulgarian businesses operating in the fields of general trade, investment, trade promotion, construction, sandal and shoes export and import, ophthalmologic equipment, labour export, stone handicrafts, toys and office stationery import, mine detectors, military equipment, and others attended the Vietnam - Bulgaria Forum recently held in Hanoi. The forum was jointly organised by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with Bulgaria Small and Medium Enterprise Assistance Agency on the occasion of the 21st Meeting of Vietnam - Bulgaria Joint Government Committee on Economic, Trade, Science and Technology Cooperation opened in Hanoi from November 16 to 21, 2008.

 

Speaking at the forum, Mr Nguyen Ngoc Thang, Deputy Director of International Relations Department - VCCI, said: Vietnam and Bulgaria had good traditional relations. The Vietnamese business community always remembered the invaluable support and cooperation the Bulgarian people gave to Vietnam during the process of national protection and construction. Especially, in the latest 10 years, the two-way relationship has been increasingly improved. A number of important agreements like Trade and Economic Agreement, the Investment Encouragement and Protection Agreement, the Double Tax Avoidance Agreement and agreements on maritime, post and telecom, culture, science and technology have been signed to facilitate the two-way trade and investment relationship.

 

Mr Thang hoped the meeting of the Meeting of Vietnam - Bulgaria Joint Government Committee would give a boost the multifaceted bilateral ties in which economic and commercial cooperation are the nucleus. He affirmed: “VCCI is ready to go side by side with Bulgarian promotion organisations for the cooperation development of the two countries’ business communities.”

 

Mr Yavor Kuyumdzhiev, Deputy Minister of Energy and Economy of Bulgaria and President of Bulgaria Subcommittee in the Vietnam - Bulgaria Joint Government Committee, said: This Vietnam - Bulgaria Business Forum is a good chance for enterprises of the two nations to seek and expand cooperation.

 

According statistics, in 2006, Vietnam earned US$48 million from exports to Bulgaria and spent US$40.6 million on imports from the European nation. The trade surplus was US$7.4 million. In 2007, the total import export turnover was US$46.2 million, in which export earnings were US$35.9 million and import expenditure was US$10.3 million. In the first nine months of 2008, the two-way trade revenue amounted to US$68.3 million, in which Vietnam’s export earnings were US$56.3 million and import spending was US$12 million. Companies of both nations agreed that the result was well below the potentiality.

 

Vietnam’s key exports to Bulgaria are coal, coffee beans, tea, rice, cashew nuts, pepper, timbers and woodworks, potteries, rattan and bamboo products, natural rubber, footwear, apparel, seafood, vegetables and foodstuff. Vietnam’s imports from Bulgaria are mainly wheat, medicines, pesticide, clothing, metal cutters, mechanical tools, scrap steel, processed food, wine, chemicals, computers and electronic products.

 

Associate Professor and Doctor of Economics Le Danh Vinh, Deputy Minister of Industry and Trade and Co-chairman of Vietnam - Bulgaria Joint Government Committee, said: Vietnam hoped to tightly cooperate with Bulgaria on multilateral forums and increase shuttle visits at ministerial, local and company levels. The two countries will examine previous agreements and continue negotiations on new ones and intensify cooperation. He affirmed that the Vietnamese Ministry of Industry and Trade pledged to support and create favourable conditions for expansion of industrial and commercial cooperation of Bulgarian enterprises.

 

To boost the two-way economic and trade ties, according to Mr Vinh, Vietnam and Bulgaria need to enhance information exchange through various channels. At the same time, they need to exchange information about trade policies, trade, investment and tourism promotion activities, trade fairs, exhibitions and exported goods lists to increase export to their partner markets.”

 

Besides, according to Mr Vinh, enterprises of the two countries should more actively take part in trade fairs, exhibitions and business seminars. Vietnam will encourage their enterprises to open representative offices, branches or companies in Bulgaria or vice versa. After the forum, attending companies will continue keep their relations and exchange information about goods and market for mutual benefits.