Vietnam - Romania trade turnover has steady growth, although the value remains small. According to the General Department of Vietnam Customs, the two-way trade revenue increased rapidly from 2012 to 2014, reaching US$150 million in 2014.
Vietnam and Romania have time-honoured relations. Since 1990, the two countries have signed a lot of documents to lay a legal framework for cooperation in the new period. Particularly, the two sides can cooperate in many aspects as their markets are complementary. Romania is strong at oil and gas, petrochemical, architecture, construction, medicine, agricultural processing while it needs to import tropical products and consumer goods from Vietnam. The two countries have also established the Vietnam - Romania Intergovernmental Committee on Economic and Commercial Cooperation and organised many meetings.
Currently, Vietnam’s main exports to the Romania are green Robusta coffee, steel, frozen seafood, apparels, footwear, electronic devices and computers. Some Vietnamese products have secured strong footholds in the Romanian market. Meanwhile, Vietnam imports electronic products, steel, plastics and chemicals from Romania.
Notably, the bilateral trade value reached US$150 million for the first time in 2014, up 28.5 percent over 2013 (with US$117 million), of which Vietnam earned US$100 million, up 40 percent, and Romania took US$52 million, up 10 percent. The value was expected to climb to US$165 million in 2015, up 10 percent year on year.
In fact, the value is too modest in relation to the two countries’ potential, relations and expectations. Vietnam’s shipments to Romania now must be undertaken by intermediaries.
In 2012, Romania invested two projects with US$1.4 million in Vietnam. This was a good start for promoting the economic ties and strengthening the diplomatic relations.
According to statistics, the Vietnamese community in Romania has about 600 people, most of whom live on garment business in "Dragon" Trade Centre in Bucharest. In 1995, the two countries signed a cooperation agreement on culture, science, education and sport under which Romania granted 10 scholarships for undergraduate and graduate students a year. In 2006, the Romanian Government established a doctoral scholarship programme for Francophone countries, including Vietnam.
The Chamber of Commerce and Industry of Romania (CCIR) also signed a cooperation agreement with the Vietnam Chamber of Commerce and Industry (VCCI) on coordination in organising business delegations to each other’s markets. This agreement created a foundation for supporting the business community and promoting economic development.
According to experts, to boost trade, businesses of the two countries must proactively access markets, establish direct partnerships, build the trust of partners, strengthen marketing, and study business cooperation opportunities.
Anh Mai
Vietnamese
