Vietnam, Bulgaria look toward new height in trade volume
At Vietnam - Bulgaria trade and investment cooperation talk (Photo: VNA) |
Minister of Industry and Trade Nguyen Hong Dien stressed that in the 1950s, Bulgaria was one of the first 10 countries globally to recognise and establish diplomatic ties with Vietnam.
Today, Vietnam stands as one of the top 40 largest economies in the world, with an annual trade turnover exceeding 700 billion USD. This economic prowess positions Vietnam among the top 20 countries with the largest international trade and the top 15 for attracting foreign direct investment (FDI), with an average annual FDI growth rate of 5-6%.
Through Vietnam, Bulgarian firms can access the ASEAN market and other international partners thanks to its entry into several free trade agreements (FTAs), he said.
He noted that recently, Vietnamese enterprises have begun investing abroad, including in European and American countries, particularly in emerging sectors such as information technology, electric vehicle production, dairy and farm produce processing. Therefore, he expressed a desire for the Bulgarian Government to offer all possible support to Vietnamese businesses to access and deepen their presence in the Bulgarian market for mutual development.
If Bulgarian businesses consider investing in Vietnam at this time, they should focus on innovation, sci-tech, digital transformation and green transition, he said.
At the 24th session of the Vietnam-Bulgaria Inter-Governmental Committee, Bulgarian Deputy Minister of Economy and Industry Nikolay Pavlov affirmed Bulgaria's attractive investment environment with special incentives for Vietnamese firms. With some 350 Vietnamese workers already in Bulgaria, labour cooperation presents a promising avenue for further collaboration, along with sectors such as agriculture, modern technology and energy.
Statistics from the Vietnamese Ministry of Industry and Trade (MoIT) showed that two-way trade neared 229.2 million USD in the first 10 months of this year, marking a 30.3% year-on-year increase. Vietnam enjoyed a trade surplus of 105.3 million USD, driven by key exports such as cotton yarn, coffee bean, natural rubber, rice, cashew nut, apparel, handbags, leather and sports shoes, computer, mobile phone, electronic components, office furniture, household plastic products and raw tobacco.
To capitalise on this momentum, the ministry encouraged Vietnamese firms to actively explore the Bulgarian market, seek partners, and promote their products. The EU-Vietnam Free Trade Agreement (EVFTA) is expected to further boost Vietnam's exports and position Bulgaria as a gateway for Vietnamese goods to enter other EU markets. Connecting with major supermarket chains like Billa and Fantastico, joining high-ranking delegations, and attending trade fairs and forums are essential steps to expand market share and popularise Vietnamese products in Bulgaria in the coming years./.
See also
Vietnam’s exports to Singapore sustain growth
16:33 | 25/12/2024 Trade
Vietnam rakes in over US$1.2 billion from pepper exports by mid-December
09:19 | 25/12/2024 Trade
Vietnam-India bilateral trade likely to exceed US$15 billion this year
09:15 | 25/12/2024 Trade
Vietnamese rice export faces tough price competition
15:02 | 24/12/2024 Trade
Aquatic exports hit 10 billion USD
14:51 | 24/12/2024 Trade
2024 import-export highlights and contributions of industry and trade sector
11:44 | 24/12/2024 Trade
See more news
Kien Giang sets goals for industrial, export breakthroughs in 2025
09:07 | 24/12/2024 Trade
Vietnam's fruit, vegetable exports reach new milestone, topping 7 billion USD
15:13 | 23/12/2024 Trade
Vietnam-US trade thrives on effective mechanisms: trade counsellor
14:50 | 23/12/2024 Trade
Vietnam needs development of green products exported to UK
16:58 | 22/12/2024 Trade
Additional Vietnamese fruits given green-light to enter US and Australia
15:32 | 21/12/2024 Trade
Ha Giang Province promotes sales of local products through e-commerce
15:24 | 21/12/2024 Trade
Top three agro-forestry-fishery suppliers of Vietnam in 11 months
17:36 | 19/12/2024 Trade
Viet Nam's online export value to reach VND145.2 trillion by 2028
14:37 | 19/12/2024 Trade
E-commerce race heats up with new player entering arena
11:36 | 19/12/2024 Trade
Bac Ninh Province promotes farm produce sales through e-commerce platforms
16:24 | 18/12/2024 Trade
Ninh Binh promotes green tourism development
06:22 | 27/12/2024 Tourism
Agricultural, rural tourism provides opportunities for “take-off”
06:15 | 27/12/2024 Tourism
Air tickets from HCMC fully booked for Tet holiday
17:31 | 26/12/2024 Society
Cheap capital returns to banks
16:20 | 26/12/2024 Economy
PV GAS sets many records, exceeds 2024 production, business plan
16:57 | 25/12/2024 Vietnamese Brands
Multimedia
Glorious tradition of the Vietnam People's Army
08:30 | 22/12/2024 Infographic
Total FDI registered in Vietnam hits 31.4 billion USD in January-November
09:02 | 17/12/2024 Infographic
First 11 months of 2024: Import-export turnover increases 15.4%
10:55 | 16/12/2024 Infographic
11-month agro-forestry-fishery exports exceed yearly target
19:55 | 15/12/2024 Infographic
Hanoi achieves or exceeds 23/24 socio-economic targets for 2024
08:57 | 13/12/2024 Infographic
Amended Electricity Law proves MoIT’s institutional improvement success
17:06 | 23/12/2024 Policy
Ministry proposes extending agricultural land tax exemption through 2030
15:06 | 23/12/2024 Policy
Gov't targets to gradually make English second language at schools by 2030
15:45 | 21/12/2024 Policy
Nine newly-adopted laws made public
16:42 | 20/12/2024 Policy
Industry sector asked to urgently restart Ninh Thuan nuclear power project
14:35 | 24/12/2024 Energy
Success story behind 500kV Circuit-3 transmission line project
16:43 | 23/12/2024 Energy
Ministry proposes incentives for renewable energy projects
16:17 | 20/12/2024 Energy
The Era of Advancement for Vietnam Industrial Park
17:15 | 19/12/2024 Industry
Vietnam increasingly attractive to foreign investors
14:17 | 24/12/2024 Investment
Nghe An Southeast Economic Zone aims to attract 1 billion USD in FDI in 2025
12:33 | 21/12/2024 Investment
Boeing aims to expand investment and cooperation in Vietnam’s defense sector
17:00 | 19/12/2024 Investment
Can Tho attracts non-state investment
10:21 | 17/12/2024 Investment
Banking sector: Capital flows with no congestion
15:35 | 25/12/2024 Finance-Banking
Cashless payment requires biometric data updating from January 1, 2025
10:30 | 24/12/2024 Finance-Banking
Year-end surge in property bond issuance amid financial challenges
09:39 | 20/12/2024 Finance-Banking
Vietcombank named most valuable brand in Vietnam
16:43 | 18/12/2024 Finance-Banking
Sowing millions of seeds to green Vietnam’s shared home
15:08 | 24/12/2024 Environment
Dong Thap revives red-crowned crane population
14:29 | 24/12/2024 Environment
Vietnam likely to face continued turbulent weather systems in 2025
14:26 | 19/12/2024 Environment
Nature-based projects help Mekong Delta fight climate change
16:31 | 18/12/2024 Environment
Innovative startup ecosystem witnesses strong development
09:21 | 25/12/2024 Science - Technology
Top 10 science and technology highlights in Vietnam in 2024 announced
15:10 | 24/12/2024 Science - Technology
Contracts worth 286.3 million USD inked at Vietnam Int’l Defence Expo 2024
17:02 | 22/12/2024 Science - Technology
Vietnam can partner with UK in developing nuclear power: Expert
12:43 | 21/12/2024 Science - Technology
Air tickets from HCMC fully booked for Tet holiday
17:31 | 26/12/2024 Society
Bac Ninh Province focuses on year-end market stabilization
16:21 | 25/12/2024 Society
Vietnam aims to reduce greenhouse gas emissions in agriculture production
08:57 | 25/12/2024 Society
Metro Line 1 serves 150,000 passengers on opening day
15:35 | 24/12/2024 Society
PV GAS sets many records, exceeds 2024 production, business plan
16:57 | 25/12/2024 Vietnamese Brands
“PV GAS - Green Energy Journey” marathon: Act for health, act for the environment
06:00 | 25/12/2024 Vietnamese Brands
PV GAS reviews maintenance and repair of gas facilities in 2024
15:27 | 24/12/2024 Vietnamese Brands
Vietnamese products make waves at Malaysia’s halal festival
15:06 | 24/12/2024 Vietnamese Brands
“City Tet Fest - Thu Duc 2025” New Year Festival to be held soon
16:33 | 25/12/2024 Culture
“Xen Dong” ceremony of Thai ethnic people recognised as national intangible cultural heritage
16:24 | 24/12/2024 Culture
Fireworks to light up sky over Hanoi on New Year celebration
15:13 | 23/12/2024 Culture
Vietnam’s high-end fashion targets Chinese market
10:04 | 22/12/2024 Culture
Ninh Binh promotes green tourism development
06:22 | 27/12/2024 Tourism
Agricultural, rural tourism provides opportunities for “take-off”
06:15 | 27/12/2024 Tourism
Son La rural tourism promoted
10:54 | 25/12/2024 Tourism
Vietnam aims to welcome 22-23 million international visitors in 2025
14:56 | 24/12/2024 Tourism