At the event (Source: VNA) HCM City (VNA) – Vietnam andBulgaria hold much potential for cooperation in multiple sectors, particularlytrade and investment, as heard at the Vietnam-Bulgaria Business Forum in Ho ChiMinh City on September 21.
The event was hosted by the Vietnam Chamber ofCommerce and Industry (VCCI) in partnership with the Bulgarian Small and MediumEnterprises Promotion Agency.
Vietnam and Bulgaria have forged a strong bondover nearly seven decades, said VCCI Vice President Vo Tan Thanh. The twocountries have seen remarkable progress in economics, trade, and cooperationbetween their localities in recent years, he added.
However, the results of the cooperation aremodest and do not match both sides’ potential and expectations, he noted.
Bilateral trade between the two nations reached109 million USD in 2017. Bulgaria’s exports to Vietnam mounted to 71 millionUSD with key items including pharmaceuticals, pesticides, wheat, animal feeds,machinery, and construction equipment. Meanwhile, Vietnam shipped to Bulgaria38 million USD worth of commodities, mostly rice, cashew, coffee, frozenseafood, footwear, clothing, computers and electronic parts.
Bulgaria now operates 11 FDI projects inVietnam, worth a total of 58 million USD, mainly in the fields ofmanufacturing, processing, communications, and science-technology.
According to Thanh, to make use of theiradvantages and unlock the full potential of each side, the countries’ leadershave agreed to develop a “new model of economic cooperation” and boost two-waytrade. Under the deal, Vietnam will increase exports of its key products toBulgaria which will be processed at Bulgarian ports for exports to European countriesand the Balkan region.
Emil Karanikolov, Bulgaria's Minister ofEconomy, said Vietnam and Bulgaria complement each other in economics asVietnam is Bulgaria's key trade partner in Asia while Bulgaria acts as a transitpoint for movement of goods between Asia and Europe. In addition to trade, thetwo countries can also foster cooperation in investment in industrial parks,food processing, and mechanical engineering, he noted.
Bulgaria has adopted a number of incentives toencourage foreign enterprises to do business in the European country inbiotechnology, information technology, machinery manufacturing, andentertainment, said Stamen Yanev, Executive Director of Invest Bulgaria Agency.
As a result, the government of Bulgaria has putin place a special program to provide support for foreign investors in terms ofcompleting investment procedures, accessing funds, and labour supply. Foreigninvestors are also entitled to preferential corporate and income tax rateswhich are capped at 10 percent in Bulgaria, he added. –VNA
The event was hosted by the Vietnam Chamber ofCommerce and Industry (VCCI) in partnership with the Bulgarian Small and MediumEnterprises Promotion Agency.
Vietnam and Bulgaria have forged a strong bondover nearly seven decades, said VCCI Vice President Vo Tan Thanh. The twocountries have seen remarkable progress in economics, trade, and cooperationbetween their localities in recent years, he added.
However, the results of the cooperation aremodest and do not match both sides’ potential and expectations, he noted.
Bilateral trade between the two nations reached109 million USD in 2017. Bulgaria’s exports to Vietnam mounted to 71 millionUSD with key items including pharmaceuticals, pesticides, wheat, animal feeds,machinery, and construction equipment. Meanwhile, Vietnam shipped to Bulgaria38 million USD worth of commodities, mostly rice, cashew, coffee, frozenseafood, footwear, clothing, computers and electronic parts.
Bulgaria now operates 11 FDI projects inVietnam, worth a total of 58 million USD, mainly in the fields ofmanufacturing, processing, communications, and science-technology.
According to Thanh, to make use of theiradvantages and unlock the full potential of each side, the countries’ leadershave agreed to develop a “new model of economic cooperation” and boost two-waytrade. Under the deal, Vietnam will increase exports of its key products toBulgaria which will be processed at Bulgarian ports for exports to European countriesand the Balkan region.
Emil Karanikolov, Bulgaria's Minister ofEconomy, said Vietnam and Bulgaria complement each other in economics asVietnam is Bulgaria's key trade partner in Asia while Bulgaria acts as a transitpoint for movement of goods between Asia and Europe. In addition to trade, thetwo countries can also foster cooperation in investment in industrial parks,food processing, and mechanical engineering, he noted.
Bulgaria has adopted a number of incentives toencourage foreign enterprises to do business in the European country inbiotechnology, information technology, machinery manufacturing, andentertainment, said Stamen Yanev, Executive Director of Invest Bulgaria Agency.
As a result, the government of Bulgaria has putin place a special program to provide support for foreign investors in terms ofcompleting investment procedures, accessing funds, and labour supply. Foreigninvestors are also entitled to preferential corporate and income tax rateswhich are capped at 10 percent in Bulgaria, he added. –VNA
VNA
