The delegation of Bulgarian enterprises operating mainly in the fields of pharmaceuticals, cosmetics, biotechnology, laboratory equipment, organic products, services, trade, import and export of raw materials for cosmetic products, recently visited and attended the "Vietnam-Bulgaria Business Matching" programme, organised by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the Embassy of Bulgaria in Hanoi. On this occasion, Dr Doan Duy Khuong, VCCI Vice President, hosted a reception with the Ambassador of Bulgaria to Vietnam.
This meeting aimed to continue to create opportunities for Vietnam’s and Bulgaria’s businesses to meet, learn about marketing opportunities, have a direct exchange, initiate business cooperation and investment proposal and build plans to cooperate effectively and successfully.
Vietnam and Bulgaria established diplomatic relations in 1950. From 1950 to 1989 the bilateral relations developed well. In 1990 when Bulgaria changed its institution, the bilateral ties were temporarily stalled. Since 1993, the relations have been gradually restored. The current government in Bulgaria continues to maintain and develop the traditional relations with Vietnam.
At the meeting, Dr Khuong said that with more than 60-year long tradition of friendship, the diplomatic relations and bilateral cooperation between Vietnam and Bulgaria already have good development. With many advantages and similarities, Vietnam and Bulgaria are rated as two dynamic markets in Asia and the EU, having many opportunities to cooperate both in width and depth.
However, the foreign trade turnover between the two countries is still low compared to the potential and needs of the two countries. In the first 9 months of 2013, total trade turnover between Vietnam and Bulgaria reached US$48.9 million, up 10.5 percent from the same period last year. The products imported are mainly machinery, equipment and spare parts, coffee, marine products, textile products, rubber products.
As of December 2012, Bulgaria had 7 valid direct investment projects in Vietnam, totalling nearly US$30 million. The highlight is the US$14 million garment project by Industrial Leasing Ltd. - Bulgaria which has been carried out since 2010. Currently Bulgaria is ranked 54th out of 92 countries and territories investing in Vietnam.
Ms Svetla Zapryanova, Head of Bulgaria Delegation, Deputy Head of Department at the Bulgarian Small and Medium Enterprises Promotion Agency, said that Vietnam was an important partner of Bulgaria. In recent years, the attraction of billions of USD from foreign investment has proven that Vietnam has an attractive investment and business environment. However, to fully exploit the potential of trade cooperation, the two countries need to implement solutions in sync such as complete mechanisms and policies, remove barriers to administrative procedures and improve the effectiveness of promoting trade and investment programmes.
So far, Vietnam has about 3,500 graduates from universities of Bulgaria and over 1,000 Vietnamese people are now living in Bulgaria.
Quynh Anh
Vietnamese
