Last updated: Friday, February 15, 2019


Prospect of New Economic Cooperation Model

Posted: Wednesday, October 03, 2018

“Bulgaria always sees Vietnam as an important partner in ASEAN and in Asia as well. We hope that Vietnam will be an 'opening path' for Bulgaria's merchandise to enter the ASEAN market easily, and Bulgaria will be a useful bridge for Vietnamese products to penetrate and successfully conquer the huge EU market of 500 million people,” said Mr Emil Karanikolov, Economy Minister of Bulgaria, at the “Vietnam - Bulgaria Business Forum”. The forum was jointly organised by Vietnam Chamber of Commerce and Industry, Ho Chi Minh City Branch (VCCI – HCM) and the Bulgarian SME Promotion Agency.

Delivering the opening remarks to the forum, Mr Vo Tan Thanh, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) and Director of VCCI - HCM, said that Vietnam and Bulgaria have strengthened their cooperation in all fields in recent years, heading for a strategic partnership where the focus is promoting a new economic cooperation model, as well as trade and investment cooperation between the two countries. So far, the bilateral economic and trade cooperation has positively progressed. In 2017, the two-way bilateral trade value reached US$109 million. Bulgaria mainly exported pharmaceuticals, foodstuffs, wheat, livestock feeds, machines and mechanical equipment worth US$71 million to Vietnam. Vietnam exported US$38 million worth of rice, cashew nuts, coffee, pepper, seafood, leather-ware, apparel, footwear, computers and parts, and electronic components. Bulgaria invested US$58 million in 11 projects in Vietnam, mainly engaged in processing and manufacturing, science and technology, waste oil to industrial and civil oil treatment.

Especially, with the “new economic cooperation model” agreed by the two countries’ leaders, based on their potential and strengths, Vietnam could export some commodities to Bulgaria for processing at the latter’s ports and forwarding to EU and Balkan markets. Confirming that this is a feasible and effective cooperation idea, Mr Thanh also hoped that the two nations’ leaders will have positive moves to soon realise the new economic cooperation model in the coming time, thus creating a motive force for comprehensive cooperation in economy, trade, science and technology and raising the bilateral cooperation to a new high.

Minister Emil Karanikolov said, Bulgaria is considered one of the most attractive trade and investment destinations in the European Union (EU). Its economic growth is ranked 12th in the EU. Geographically, Bulgaria is the strategic gateway connecting the EU market to Mediterranean countries, the region Near East and Asia. Therefore, the country is ready to provide best conditions for Vietnamese companies to open warehouses and export outlets in Bulgaria to bring their products to all over the EU market. For its part, Bulgaria wants Vietnam to be the gateway to Bulgarian goods to make inroads into the ASEAN market. “The appeal of the Bulgarian business and investment environment lies in abundant and professional workforce, preferential tax rates, and low operating costs in the EU. Hence, I hope that Vietnamese businesses and investors will focus their eyes on Bulgaria and make full use of available advantages when investing in this market,” he added.

My Chau

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