Prime Minister Nguyen Xuan Phuc (middle) chairs the Vietnam - Romania business forum in April (Photo: VNA) Bucharest (VNA) – The Vietnam – Romania JointCommittee on Economic Cooperation convened its 16th session inBucharest, Romania on October 4 under the chair of Vietnamese Minister ofIndustry and Trade Nguyen Tuan Anh and Romanian Minister for BusinessEnvironment, Commerce and Entrepreneurship StefaniRadu Oprea.
This is the firstministerial-level meeting of the committee.
Speaking at the event, Minister Anh said the Vietnam visitby Romanian Prime Minister Dacian Ciolos in July 2016 and Romania visit by PMNguyen Xuan Phuc in April 2019 reflect the resolve of the two countries’ leaders’ to push forward thesubstantial and effective development of bilateral ties.
He thanked the government of Romania, which held the presidencyof the European Union in the first six months of this year, and Minister Oprea inparticular for supporting the signing of the EU – Vietnam Free Trade Agreement (EVFTA)and the EU – Vietnam Investment Protection Agreement (EVIPA).
The meeting looked back at the economic-trade relationsbetween the two countries since the committee’s previous meeting in June 2016.
According to the General Department of Vietnam Customs,two-way trade between Vietnam and Romania reached 218.3 million USD last year,up 6.08 percent from 2017. Vietnam’s exports to Romania rose annually by 22.7percent to 146.8 million USD and the European country’s exports to Vietnam hit71.5 million USD, down 17 percent.
In the first eight months of this year, the two-way tradeincreased by 21.2 percent year-on-year to 174.6 million USD. Of the figure,133.98 million USD was the value of Vietnam’s exports to Romania, up 39.6percent and the remaining was Vietnam’s imports, down 15.5 percent.
As of August 20, 2019, Romania invested in two projectsworth 1.2 million USD in the manufacturing and processing industry in Vietnam,ranking 92nd out of 132 countries and territories investing in thecountry. Meanwhile, Vietnam poured 600,000 USD in a project in Romania.
A number of cooperation agreements on energy, industry,agriculture and labour have also been signed over the past years, but specificplans are needed for their implementation.
The Romanian side expressed interest in receiving Vietnameseworkers specialised in mechanical engineering, welding, construction,shipbuilding, hospitality and high-tech.
Both sides highlighted the need to further trade promotionactivities, in order to boost Vietnam’s exports of apparel, footwear, farmproduce, seafood and electronics as well as Romania’s shipments of meatproducts, honey, wheat, corn and wine, among others.
Minister Oprea accepted an invitation from the Vietnameseside to lead a Romanian business delegation to the Vietnam Expo 2020 as theguest of honour.
The two sides agreed to establish a joint working group to researchand propose solution to develop bilateral economic and trade ties.
The Vietnamese side pledged to support Romanian investmentin oil and gas exploitation, petrochemicals refining, shipbuilding, powertransmission and mechanical engineering, and the sharing of experience amongeconomic policymakers during economic transformation, administrative reform andpublic finance, and business restructuring.
On the occasion, a sci-tech cooperation programme betweenthe Vietnamese Ministry of Science and Technology and the Romanian Ministry ofResearch and Innovation was also signed.
In the morning the same day, the two ministers attended theVietnam – Romania business forum, and witnessed the signing of two cooperationagreements between Vietnam’s Foreign Investment Agency and Romania’s Chamber ofCommerce and Industry, and between the Hoa Binh Construction Group and the BTDConstruction & Ambient Romania on developing construction projects in Romaniaand the southeast of Europe./.
This is the firstministerial-level meeting of the committee.
Speaking at the event, Minister Anh said the Vietnam visitby Romanian Prime Minister Dacian Ciolos in July 2016 and Romania visit by PMNguyen Xuan Phuc in April 2019 reflect the resolve of the two countries’ leaders’ to push forward thesubstantial and effective development of bilateral ties.
He thanked the government of Romania, which held the presidencyof the European Union in the first six months of this year, and Minister Oprea inparticular for supporting the signing of the EU – Vietnam Free Trade Agreement (EVFTA)and the EU – Vietnam Investment Protection Agreement (EVIPA).
The meeting looked back at the economic-trade relationsbetween the two countries since the committee’s previous meeting in June 2016.
According to the General Department of Vietnam Customs,two-way trade between Vietnam and Romania reached 218.3 million USD last year,up 6.08 percent from 2017. Vietnam’s exports to Romania rose annually by 22.7percent to 146.8 million USD and the European country’s exports to Vietnam hit71.5 million USD, down 17 percent.
In the first eight months of this year, the two-way tradeincreased by 21.2 percent year-on-year to 174.6 million USD. Of the figure,133.98 million USD was the value of Vietnam’s exports to Romania, up 39.6percent and the remaining was Vietnam’s imports, down 15.5 percent.
As of August 20, 2019, Romania invested in two projectsworth 1.2 million USD in the manufacturing and processing industry in Vietnam,ranking 92nd out of 132 countries and territories investing in thecountry. Meanwhile, Vietnam poured 600,000 USD in a project in Romania.
A number of cooperation agreements on energy, industry,agriculture and labour have also been signed over the past years, but specificplans are needed for their implementation.
The Romanian side expressed interest in receiving Vietnameseworkers specialised in mechanical engineering, welding, construction,shipbuilding, hospitality and high-tech.
Both sides highlighted the need to further trade promotionactivities, in order to boost Vietnam’s exports of apparel, footwear, farmproduce, seafood and electronics as well as Romania’s shipments of meatproducts, honey, wheat, corn and wine, among others.
Minister Oprea accepted an invitation from the Vietnameseside to lead a Romanian business delegation to the Vietnam Expo 2020 as theguest of honour.
The two sides agreed to establish a joint working group to researchand propose solution to develop bilateral economic and trade ties.
The Vietnamese side pledged to support Romanian investmentin oil and gas exploitation, petrochemicals refining, shipbuilding, powertransmission and mechanical engineering, and the sharing of experience amongeconomic policymakers during economic transformation, administrative reform andpublic finance, and business restructuring.
On the occasion, a sci-tech cooperation programme betweenthe Vietnamese Ministry of Science and Technology and the Romanian Ministry ofResearch and Innovation was also signed.
In the morning the same day, the two ministers attended theVietnam – Romania business forum, and witnessed the signing of two cooperationagreements between Vietnam’s Foreign Investment Agency and Romania’s Chamber ofCommerce and Industry, and between the Hoa Binh Construction Group and the BTDConstruction & Ambient Romania on developing construction projects in Romaniaand the southeast of Europe./.
VNA
