Vietnam - Bulgaria: Traditional Partners

Vietnam and Bulgaria have long good multifaceted cooperation, especially during the American war. The relationship between the two countries was cooled down in the 1990s as the Bulgaria changed its political regimes. However, the traditional bilateral relationship was gradually stored in the past 10 years. A series of important agreements like Trade and Economic Agreement, Investment Encouragement and Protection Agreement, Double Tax Avoidance Agreement and cooperative agreements in maritime, post, telecommunication, culture, science and education have been signed to facilitate the trade and investment activities for business communities of the two nations.

 

“The Republic of Bulgaria is a traditional partner of Vietnam and the two nations have the demand for mutual goods,” Le Danh Vinh, Vietnamese Deputy Trade Minister said. According to statistics, the Vietnam-Bulgaria two-way trade revenues were some US$20 million. In 2006 alone, the turnover was US$28.9 million, up nearly 30 per cent against 2005, including US$21.6 million from Vietnamese export of coal (US$8.3 million), coffee (US$7.6 million), garment and textile (US$2.8 million) and other products like footwear and handicrafts. In the year, Vietnam spent US$7.4 million on imports from Bulgaria including steel, chemicals, pharmaceuticals and pesticides.

 

Mr Vu Tien Loc, Chairman of Vietnam Chamber of Commerce and Industry (VCCI), emphasised that although the economic and trade ties have been improved, they failed to satisfy expectations, potentialities and advantages of the two countries. The integration and development processes of each country will generate business opportunities and tighten the close ties between their business communities. In addition, each country will act as a bridge for the other to link with third countries. Vietnam will be a bridge for Bulgarian goods to reach ASEAN nations and Bulgaria, in turn, is a transit for Vietnamese goods to the EU market.

 

To boost the bilateral economic cooperation relation, Mr Angel Martin, said the two nations need to intensify information exchange to explore the market and tighten the confidence of the two business communities. “We can move forward to set up joint ventures, especially we will build a suitable shipping plan to facilitate goods exchange between the two nations,” Angel Martin stressed. He said the Bulgarian Government is wiling to create favourable conditions for companies of the two nations to operate, develop and grasp this chance.