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Minister Nguyen Hong Dien chaired the Vietnam Trade and Investment Cooperation Seminar

Bộ Công thươngBộ Công thương23/05/2024


Minister of Industry and Trade Nguyen Hong Dien and Deputy Minister of Economy and Industry of Bulgaria Nikolay Pavlov co-chaired the Dialogue. The event attracted over 70 delegates including representatives of the Bulgarian Chamber of Commerce and Industry (BCCI), the Bulgarian Investment Promotion Agency and nearly 40 Bulgarian agencies and enterprises. On the Vietnamese side, there was the participation of Ambassador Extraordinary and Plenipotentiary of Vietnam to Bulgaria Do Hoang Long, representatives of the Government Office , representatives of the Ministry of Health, the Ministry of Finance of Vietnam, leaders of a number of relevant units of the Ministry of Industry and Trade, the Vietnam Trade Office in Bulgaria, and a number of Vietnamese enterprises operating in Bulgaria.

Speaking at the opening of the Seminar, Minister of Industry and Trade Nguyen Hong Dien introduced Vietnam's achievements in socio-economic development, trade and investment in recent times: Vietnam is one of the 40 countries with the largest economic scale in the world. Vietnam's annual import-export turnover has reached over 700 billion USD, and is one of the 20 countries with the largest international trade scale in the world. In particular, in 2022, the economic growth rate reached 8.03%. In the first 4 months of 2024, despite the general difficulties of the world economy, Vietnam's economic growth rate was still over 6%. Along with that, Vietnam is also one of the 15 countries with the best environment to attract foreign direct investment (FDI) and Vietnam's annual FDI attraction rate grows by an average of 5-6%/year. Cumulative FDI capital in Vietnam up to now is 469 billion USD, with over 141 countries and territories worldwide having capital invested in Vietnam.

Regarding integration, Minister Nguyen Hong Dien also said that Vietnam is an extremely open economy with 16 Free Trade Agreements and relations with nearly 70 countries and territories.

Vietnam is also a country with a large population of over 100 million people, of which 65% are of working age, diligent and have good integration ability. Vietnam has been and is the world's factory, so it is in great need of cooperation with other countries in terms of raw materials, research and innovation, training of human resources, investment and business for mutual development...

According to Minister Nguyen Hong Dien, through Vietnam, Bulgarian enterprises can access the regional market of ASEAN countries, or other international partners to which Vietnam is also a member in signed free trade agreements. Minister Nguyen Hong Dien said that investing in Vietnam is a development opportunity for Bulgarian enterprises and businessmen because the investment and business atmosphere in Vietnam is very vibrant.

In recent years, Vietnamese enterprises have begun to invest abroad, including in countries in Europe and America, in new fields such as: Information technology, electric vehicle manufacturing, milk processing and agricultural products... Therefore, Minister Nguyen Hong Dien hopes that the Bulgarian Government will create more favorable conditions for Vietnamese enterprises to access and penetrate deeper into the Bulgarian market. "The ultimate goal is for us to cooperate and develop together" - Minister Nguyen Hong Dien emphasized and said that if investing in Vietnam at this time, Bulgarian enterprises should invest in the fields of innovation and science and technology, digital transformation and green transformation...

Speaking at the seminar, Mr. Nikolay Pavlov, Deputy Minister of Economy and Industry of Bulgaria, said that Bulgaria used to have over 35,000 Vietnamese citizens studying and working. These individuals are effective bridges in economic and trade cooperation between the two countries. Priority areas of cooperation and many advantages between the two countries in the coming time are education and labor export. In addition, Deputy Minister Nikolay Pavlov also pointed out areas in which the two sides can promote cooperation such as: Agriculture, high technology, energy... Deputy Minister Nikolay Pavlov believes that the Vietnam - Bulgaria Trade and Investment Cooperation Seminar will create opportunities for businesses of the two countries to meet, exchange and learn about each other, thereby opening up new cooperation institutions that bring benefits to businesses and economies of each side.

At the Seminar, representatives of the two countries' functional agencies focused on discussing issues including: How to coordinate, effectively utilize, and maximize the potential and advantages brought about by the good diplomatic relations between the two countries and the Vietnam - EU Free Trade Agreement, exchange information on trade and investment cooperation opportunities between Vietnam and Bulgaria, contributing to strengthening and developing economic cooperation, increasing bilateral trade turnover, etc.

Mr. Vu Ba Phu, Director of the Department of Trade Promotion, said that the total trade turnover between Vietnam and Bulgaria in the period from 2019-2023 has nearly doubled from 108.2 million USD to 211.4 million USD, but the annual growth rate is relatively low. Vietnam's main exports to Bulgaria include cotton yarn, coffee beans, natural rubber, rice, cashew nuts, clothing, handbags, leather shoes, sports shoes, computers, mobile phones, electronic components, office furniture, household plastic products, raw tobacco, etc. Vietnam's main imports from Bulgaria include: scrap iron, kaolin, chemicals, plant growth stimulants, wheat, dried fruits, alarm equipment, sunflower seeds, vegetable oil, spirits, wine, pharmaceuticals, veterinary drugs, pesticides, raw fabrics and accessories. Bulgarian investors are encouraged to cooperate and invest in Vietnam in priority areas such as Innovation, Energy Transition, Basic Industries (chemicals, mechanics, metals, etc.) and Research and Training Cooperation.

It can be seen that the goods exchanged between the two countries are highly complementary and there is still a lot of room for exploitation. To increase import-export turnover and investment between the two countries, Mr. Vu Ba Phu said that the role of agencies related to trade and investment is extremely important. In recent times, the Ministry of Industry and Trade of Vietnam has closely directed the agencies under the Ministry to focus on and focus on trade and investment promotion activities in the field of industry and trade with the EU market, including Bulgaria, through a variety of channels and forms of trade promotion. With Bulgaria, the Trade Promotion Agency has signed 02 memorandums of understanding (MoU) with 02 organizations: the Bulgarian Chamber of Commerce and Industry (BCCI) and the Bulgarian Small and Medium Enterprise Promotion Agency (Bulgarian Ministry of Economy). In addition, to increase import-export turnover between the two countries, Bulgarian enterprises can seek support from the Vietnamese Embassy (Trade Office) in Bulgaria, the competent agencies of the Ministry of Industry and Trade of Vietnam... Bulgarian enterprises and investors are also encouraged to participate in major international fairs organized annually by the Ministry of Industry and Trade such as VIATT (Textile and Garment Fair at the end of February every year), Vietnam Expo (April every year), Vietnam Sourcing (June every year), Vietnam Foodexpo (food, annually). As the focal agency for trade and investment support, the Trade Promotion Agency is always ready to support the connection of organizations, enterprises and investors of the two countries.

Sharing at the seminar, Mr. Phung Manh Ngoc, Director of the Department of Chemicals, Ministry of Industry and Trade, expressed his wish to receive attention and investment cooperation with developed countries, including Bulgaria, with the orientation of attracting investment in green industry and using new energy. Mr. Phan Dang Phong, Director of the Institute of Mechanical Research, Ministry of Industry and Trade, suggested cooperation prospects between the two sides in designing, manufacturing, and supplying equipment for the fields of: energy, agriculture, food production, light industry, mechanics - automation, scientific and technological cooperation, information technology, education and training. Mr. Nguyen The Thinh, Director of the Department of Traditional Medicine Management, Ministry of Health, proposed to establish a Vietnamese Acupuncture Center in Bulgaria with the aim of introducing to the neighboring country the high technology of Vietnamese acupuncture, promoting health care for people in the Republic of Bulgaria as well as the Vietnamese community living and working in Bulgaria...

At the seminar, Minister of Industry and Trade Nguyen Hong Dien directly responded to the concerns and questions of many Bulgarian organizations and enterprises about Vietnam's business and investment conditions in fields such as energy, transportation, education and training, aviation services, logistics, labor cooperation, etc.

The large participation of nearly 40 large Bulgarian enterprises and corporations with lively discussions demonstrated the special interest of Bulgarian enterprises and investors in goods, services and the investment and business environment of Vietnam. This is an important premise, together with the cooperation commitment of the 24th Vietnam - Bulgaria Intergovernmental Joint Committee Meeting, which will open up opportunities and prospects to increase the value of trade and investment exchanges between Vietnam and Bulgaria in the coming time.



Source: https://moit.gov.vn/tin-tuc/hoat-dong/bo-truong-nguyen-hong-dien-chu-tri-toa-dam-hop-tac-thuong-mai-va-dau-tu-viet-nam-bulgaria.html

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