Bulgaria ready to help Vietnam achieve EU market penetration

Update: 20-09-2018 | 11:48:45

The Minister for the Economy of Bulgaria Emil Karanikolov has affirmed his nation's readiness to create the optimal conditions for Vietnamese businesses to penetrate the EU market at a Vietnam-Bulgaria Business Forum in Hanoi on September 18.

Minister for the Economy of Bulgaria Emil Karanikolov

The forum takes place under the framework of a working visit to Vietnam by Bulgarian government and business delegation to Vietnam, headed by Minister for the Economy of Bulgaria Emil Karanikolov, from September 17-21.

In his speech at the forum, Minister Emil Karanikolov affirmed that Vietnam is not only a traditional trade partner but is also a leading partner of Bulgaria in South East Asia.

Bulgaria is willing to provide support for the concrete initiatives of businesses from both sides, and is seeking to strengthen the exchanges and cooperation between businesses in order to boost trade and investment ties.

The Bulgarian Minister of Economy emphasized that Bulgaria is ready to assist Vietnamese enterprises in investing in a range of fields including information technology, agriculture, services, transport and tourism, in accordance with the Bulgarian Investment Encouragement Act, adding that Bulgaria will offer the best possible conditions for Vietnamese companies to operate in industrial parks and hi-tech zones of Bulgaria.

Located in the strategic gateway linking the European market to Mediterranean, Near Eastern and Asian nations, Bulgaria will facilitate Vietnamese businesses’ operations in opening warehouses and boosting export activities in Bulgaria making it easier for them to gain access to the EU market, Karanikolov said.

Bulgaria is considered to be one of the EU’s attractive trade and investment destinations with low tariffs and operating costs. Mr Karanikolov expressed his hope that Vietnamese companies can take full advantage of these opportunities to do business in Bulgaria.

Minister of Industry and Trade Cao Quoc Hung

Minister of Industry and Trade Cao Quoc Hung said that up to the end of 2017, total trade turnover between the two nations reached US$109.16 million, with Vietnam’s exports to Bulgaria making up US$38.36 million.

In the first eight months of 2018, two-way trade has reached more than US$55 million, with Vietnam’s exports to Bulgaria accounting for US$21.6 million.

Bulgaria ranks 65th out of the 129 nations and territories investing in Vietnam with 9 valid FDI projects capitalized at US$30.99 million, but the results of trade and investment cooperation remain below the potential of both sides, said Minister Hung.

The Minister attributed the still low trade volume to inadequate market information, a failure to trade to each other’s strengths and a lack of understanding between partners. He requested that businesses of both nations pay greater attention to fully tap their potential by sharing information to boost trade promotion activities and devise proper business strategies.

Vietnam Chamber of Commerce and Industry (VCCI) Vice President Doan Duy Khuong said Vietnam and Bulgaria have plenty of opportunities for stronger economic cooperation in fields such as agriculture, health, bio technology, IT, education and training.

He underscored the importance of connectivity between the two governments and business communities to seize the opportunities present and overcome challenges in the context of a fluctuating business climate.

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Bulgaria ready to help Vietnam achieve EU market penetration

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