Vietnam, Bulgaria foster cooperation in new areas
Minister of Industry and Trade Nguyen Hong Dien has proposed that Vietnam and Bulgaria enhance discussions to boost cooperation in agriculture, chemicals and pharmaceuticals while exploring joint development in foundational industries like materials, manufacturing and processing, and renewable energy.
Dien made the proposal while hosting a reception for Bulgarian Minister of Economy and Industry Bogdan Bogdanov on the sidelines of the World Trade Organisation (WTO)’s 13th Ministerial Conference in the United Arab Emirates (UAE), reported the Vietnamese Ministry of Industry and Trade.
Noting the positive impact of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA), along with the concerted efforts of the two countries’ legislatures, governments and businesses, he expressed his belief that bilateral trade and investment will keep growing robustly.
To further boost trade and investment ties, Dien highlighted the importance of maintaining the effective implementation of the Inter-Governmental Committee for Economic, Scientific and Technical Cooperation mechanism, aimed at addressing obstacles and identifying new cooperation goals and areas.
In his view, both sides should collaborate to develop breakthrough sectors aligned with international trends such as green technology, renewable energy, digital economy and e-commerce.
Bogdanov, for his part, wants to advance cooperation with Vietnam across various sectors, particularly in economy, trade and investment, with the aim of lifting two-way trade and create favourable conditions for firms to invest in each other's market, especially in agriculture, pharmaceuticals, mining, energy, and others.
He vowed to work closely with the Vietnamese Ministry of Industry and Trade and relevant domestic agencies to promote exchanges on collaborative contents of mutual interest, and successfully hold the 24th session of the Inter-Governmental Committee for Economic, Scientific and Technical Cooperation in the capital city of Sofia, Bulgaria, later this year.
In 2023, two-way trade hit US$211.4 million, up 3.7% year on year. While Vietnam's exports to Bulgaria saw a slight annual decline of 0.4%, reaching US$140.5 million, imports rose by 13% year-on-year, totaling US$70.9 million.
