(VEN) – Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Bulgarian Minister of Economy and Industry Petko Nikolov co-chaired the 24th session of the Vietnam-Bulgaria Intergovernmental Committee, which took place in the capital city of Sofia, Bulgaria on May 14.
On the Vietnamese side, the session was attended by Ambassador Extraordinary and Plenipotentiary of Vietnam to Bulgaria Do Hoang Long, representatives from the Government Office, the Ministries of Finance, Health, National Defense, and leaders of units under the Ministry of Industry and Trade.
Bulgarian attendees included representatives from the Ministries of Economy and Industry, Tourism, Transport and Communications, Foreign Affairs, Agriculture and Food, e-Government, Health, Justice, the Investment Agency, and the National Agency for Management of Industrial Zones of Bulgaria.
Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Bulgarian Minister of Economy and Industry Petko Nikolov co-chair the 24th session of the Vietnam-Bulgaria Inter-Governmental Committee for Economic, Scientific and Technical Cooperation. |
The 24th session of the Vietnam-Bulgaria Intergovernmental Committee on Economic, Scientific and Technical Cooperation was held nine years after the 23rd session in 2015, due to many objective reasons. Both sides believe this 24th session plays an extremely important role in opening up cooperation opportunities in the fields of trade, investment, economy, transportation, as well as many other areas of mutual interest.
In his opening speech, Bulgarian Minister of Economy and Industry Petko Nikolov said that political and diplomatic relations between Vietnam and Bulgaria have developed with bright prospects for the future. The Intergovernmental Committee on Economic, Scientific and Technical Cooperation between Vietnam and Bulgaria, as well as free trade agreements with both countries being members, will provide an important basis for Vietnam and Bulgaria to promote comprehensive cooperation and achieve greater goals set by the governments and people of the two countries.
According to Bulgarian Minister of Economy and Industry Petko Nikolov, the 24th session of the Vietnam-Bulgaria Inter-Governmental Committee will be an important basis for Vietnam and Bulgaria to promote comprehensive cooperation. |
At the session, the two sides reviewed the recent implementation of bilateral cooperation activities. In the context of expanded political and diplomatic relations, bilateral trade doubled from US$102.5 million in 2015 to US$211.4 million in 2023. The EU-Vietnam Free Trade Agreement (EVFTA), which took effect on August 1, 2020, has provided a driving force for trade between Vietnam and the EU in general, and between Vietnam and Bulgaria in particular.
However, the two sides also frankly stated that despite positive results in recent years, bilateral economic and trade cooperation has not yet matched the potential, demand, as well as the excellent cooperative relationship between the two countries over the past nearly 75 years. For Vietnam, the Bulgarian market with 6.5 million consumers is a gateway to the vast European market. Vietnam is also ready to become a gateway for Bulgarian enterprises to the ASEAN market and the ones that Vietnam has signed free trade agreements with.
For Vietnam, Minister Nguyen Hong Dien says, Bulgaria is not only a 6.5 million-strong market, but also a gateway to the large European market. |
In addition to traditional areas, both parties actively explored new ones of mutual interest, including industry, energy, agriculture, transportation, defense, science, education, information technology, communications, healthcare, culture, sports, training, and the supply of high-quality human resources. Notably, numerous novel cooperation initiatives aligned with international trends were unveiled. These initiatives aimed to enhance national competitiveness, foster connectivity with the global supply chain, and embrace digital economy, digital transformation, and e-Government initiatives. By expanding the scope of cooperation, both countries aim to bolster their respective economic scales while also contributing to the balancing of trade between them.
Both parties expressed a keen interest in bolstering tourism in the forthcoming period, given the captivating natural landscapes and rich, enduring cultures that both nations offer as attractive tourist destinations. To this end, the two countries committed to actively implementing the Culture Cooperation Program between the Ministry of Culture, Sports, and Tourism of the Socialist Republic of Vietnam and the Ministry of Culture of the Republic of Bulgaria for the 2024-2026 period. Additionally, they are considering organizing cultural and artistic events to commemorate the 75th anniversary of diplomatic relations establishment between the two countries in 2025.
Furthermore, both sides agreed to uphold their strong traditional relations, intensify exchanges at regional and international forums, and regularly conduct official visits to deepen comprehensive cooperation across all sectors.
At the end of the session, Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Bulgarian Minister of Economy and Industry Petko Nikolov sign the Minutes of the 24th session of the Vietnam-Bulgaria Intergovernmental Committee for Economic, Scientific and Technical Cooperation. |
During the session, Minister Nguyen Hong Dien proposed that both sides align their cooperation efforts based on each other’s potential advantages and respective expectations as follows:
Firstly, the Parties commit to identifying key areas of cooperation and drafting a memorandum of understanding to serve as a foundation for implementation in the near future.
Secondly, the two sides have agreed to hold regular consultations at both technical and ministerial leadership levels to formulate appropriate policy responses and foster development cooperation.
Thirdly, efforts will be made to facilitate and encourage businesses from both sides to engage in trade, explore investment opportunities, and establish collaborative ventures.
Fourthly, technical-level discussions will focus on finding solutions to balance bilateral trade and increase trade volume to align with the strong political and diplomatic ties between the two countries.
Lastly, preparations will commence for the upcoming visit of the President of Bulgaria to Vietnam, with the aim of advising leaders from both nations on crafting high-level agreements to enhance bilateral cooperation more closely and effectively.
Concluding the meeting, Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Bulgarian Minister of Economy and Industry Petko Nikolov jointly signed the minutes of the 24th session of the Vietnam-Bulgaria Inter-Governmental Committee for Economic, Scientific and Technical Cooperation, witnessed by representatives from the ministries of both countries and Bulgaria’s press agencies.
Within the Intergovernmental Committee framework, on the morning of May 14, 2024, a trade and investment cooperation discussion between Vietnam and Bulgaria took place, attracting the participation from prominent Bulgarian enterprises. During the event, agencies and businesses from both nations took the chance to meet and explore business and investment cooperation opportunities, leveraging the benefits derived from the preferential provisions of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA).
Nguồn: congthuong.vn