Vietnam, Romania set sights on US$500 million trade target

VOV.VN - Both nations have agreed that bilateral trade and economic ties boast great potential for lifting their bilateral trade to US$500 million in the near future, instead of US$200 million at present.

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Prime Minister Nguyen Xuan Phuc and Romanian Minister for Business Environment, Commerce, and Entrepreneurship Stefan Radu Oprea (L)(Photo: VGP).
On October 23, Prime Minister Nguyen Xuan Phuc hosted a reception for Romanian Minister for Business Environment, Commerce, and Entrepreneurship Stefan Radu Oprea in Hanoi, during which the latter congratulated Vietnam on Party General Secretary Nguyen Phu Trong’s election as State President.

The Romanian Minister briefed PM Phuc on the outcomes of his working sessions with the Party Central Committee’s Commission for Economic Affairs, the Ministry of Industry and Trade, and relevant agencies on measures to promote cooperation ties between the two nations.

Oprea said he and the Ministry of Industry and Trade were of the same mind about huge potential for stronger bilateral trade and economic ties towards targeting US$500 million in bilateral trade in the time to come.

The Romanian delegation has worked with relevant Vietnamese agencies to step up cooperation in agriculture, information technology, Industry 4.0 technology, tourism, and investment, as well as between small- and medium-sized enterprises (SMEs).

Romania pledges to augment affiliation with Vietnam in fields of its strength and Vietnam’s demand, such as developing expressway infrastructure, research infrastructure, and hospitals, Oprea said, adding that his nation desires to beef up labour collaboration with the Southeast Asian nation and expects to receive Vietnamese workers.

Romania will hold the presidency of the European Union (EU) Council in the first half of next year, which is seen as a good chance to intensify Vietnam’s cooperation with the EU and Romania, including in the early signing of the EU-Vietnam Free Trade Agreement (EVFTA), he said.

For his part, the Vietnamese government leader hailed the two countries’ cooperation over recent years, emphasizing that Vietnam has signed and will sign 16 new-generation free trade agreements, thereby opening up plenty of major opportunities for stronger linkages between Vietnamese and Romanian businesses.

Regarding Romania’s advantages in manufacturing industries, PM Phuc said Vietnam is a potential market with a population of about 100 million, thus facilitating Romanian businesses’ investment in a wide range of fields, from seaports and tourism, to oil and gas, and infrastructure.

The PM also echoed his guest’s view that bilateral trade remains modest at a mere US$200 million. He said he hopes the two sides will elevate their trade to more than US$500 million in the not too distant future.

PM Phuc also asked the Vietnam-Romania Intergovernmental Committee to come up with specific measures to boost bilateral relations across multiple fields by removing barriers in terms of tax and investment procedures, and organizing a host of business forums to foster partnership between their businesses.

The cabinet leader congratulated Romania on holding the EU Council presidency in the first half of next year and voiced his hope that the EU will accelerate the early signing and ratification of the EVFTA and the Investment Protection Agreement (IPA).

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PM Phuc receives French lawyer William Bourdon (Photo: VGP).

The same day, PM Phuc gave a reception to Mr William Bourdon, a French lawyer, during which Phuc praised the positive cooperation in the spirit of humanirty between Bourdon and Mrs Tran To Nga, a victim of Agent Orange (AO), and the Vietnam Association for Victims of Agent Orange/Dioxin (VAVA).