Complementary relations

According to trade experts, Bulgaria was among the first countries in the world to establish diplomatic relations with Vietnam. The two sides have regularly maintained delegation exchanges at various levels, including high-level contacts, and have held periodic bilateral cooperation mechanisms. They have also cooperated and supported each other at multilateral forums such as the United Nations, as well as within the frameworks of ASEAN-EU strategic partnership and the Inter-Parliamentary Union.

Bilateral economic, trade, and investment cooperation has continued to expand, with both sides implementing initiatives in science and technology cooperation, focusing on biotechnology, agriculture, information and communications technology, digital transformation, artificial intelligence, and green energy.

The Ministry of Industry and Trade (MoIT) cited data from Vietnam Customs as showing that two-way trade rose nearly 2.6 times, from US$102.5 million in 2015 to US$263 million in 2024. Vietnam’s exports to Bulgaria grew almost 4.6 times during the same period, from about US$41 million to US$187 million. However, these figures still fall short of the two sides’ potential and relationship. Specifically, Vietnam’s exports to Bulgaria last year accounted for just 0.49% of Bulgaria’s total imports, while Bulgarian shipments to Vietnam represented only 0.02% of Vietnam’s total imports.

In 2024, total bilateral trade reached US$263 million, up 24.4% year-on-year, with a trade surplus of US$111 million in Vietnam’s favour. Vietnam’s exports to Bulgaria hit US$187 million, an annual increase of 32.2%.

In the first nine months of 2025, the figure stood at around US$165.9 million, down 17% year-on-year, with exports reaching US$110.4 million (down 21.7%) and imports US$55.5 million (down 5.5%).

Minister of Industry and Trade Nguyen Hong Dien said that Vietnam and Bulgaria share a long-standing traditional friendship. Today, Vietnam ranks among the world’s 40 largest economies and has signed numerous free trade agreements (FTAs) and established ties with nearly 70 countries and territories. With a population exceeding 100 million, 65% of whom are of working age, Vietnam offers a dynamic and growing market. Through Vietnam, Bulgarian businesses can access not only the ASEAN market but also other international partners that are part of Vietnam’s existing FTAs.

Bulgarian Deputy Minister of Economy and Industry Nikolay Pavlov affirmed that Bulgaria offers special incentives for Vietnamese businesses in cooperation and investment projects. He identified labour cooperation as a promising area, alongside agriculture, high technology, and energy.

Ample room for growth

Dien expressed confidence that with the advantages brought by the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA), along with the efforts by both governments, parliaments, and businesses, bilateral trade and investment will continue to thrive.

According to the MoIT, Vietnam will further strengthen cooperation with Bulgaria’s competition authorities to share information, exchange experience, and learn from each other, thereby fostering a fair, effective competitive environment and promoting trade and investment opportunities for enterprises of both countries.

With Vietnam’s increasingly open, transparent, and internationally aligned industrial and trade policies, the country has been and will continue to improve mechanisms and policies on industry and trade to create favourable conditions for foreign investors in general and those from Bulgaria in particular, to engage in production and business activities in Vietnam.

Party General Secretary To Lam to pay official visit to Bulgaria

VOV.VN - General Secretary of the Communist Party of Vietnam Central Committee To Lam and his spouse will pay an official visit to Bulgaria from October 22-24.