Vietnam and Bulgaria: Elevating Bilateral Trade Relations

	Ample Room Remains For Vietnam-Bulgaria Cooperation
	Culture and Education Is Foundation of Vietnam - Bulgaria Friendship

After 74 years of diplomatic relations, Vietnam and Bulgaria have consistently cultivated and developed a robust relationship across all sectors, with the economy serving as a key pillar of cooperation.

Vietnam-Bulgaria Trade and Investment Cooperation Dialogue on May 14 in Bulgaria. Photo: VNP

Notably, Bulgaria has been a frontrunner among EU member states in ratifying the Vietnam-EU Partnership and Cooperation Framework Agreement (PCA), in promoting the signing and ratification of the Vietnam-EU Free Trade Agreement (EVFTA) and the Vietnam-EU Investment Protection Agreement (EVIPA).

Therefore, President Rumen Radev's state visit to Vietnam, on the 75th anniversary of diplomatic relations between the two countries, will provide a significant impetus for elevating the bilateral relationship to new heights.

Complementary relationships

Minister Nguyen Hong Dien emphasized that Vietnam and Bulgaria share a long-standing traditional relationship. Since the 1950s, Bulgaria has been among the first ten countries globally to recognize and establish diplomatic relations with Vietnam. Over the decades, the two nations have consistently supported each other in their respective development journeys.

Today, Vietnam ranks among the world's 40 largest economies. Notably, its annual import-export turnover has exceeded US$700 billion, making it one of the top 20 nations with the largest international trade volumes. Moreover, Vietnam is among the top 15 countries globally with the most favorable environments for attracting foreign direct investment (FDI), achieving an average annual FDI growth rate of 5-6%.

As a global manufacturing hub, Vietnam is increasingly reliant on international cooperation for innovation, workforce training, and joint business ventures. Through partnerships with Vietnam, Bulgarian businesses can gain access to ASEAN markets and other international partners where Vietnam holds membership through numerous free trade agreements (FTAs).

At the 24th Session of the Vietnam-Bulgaria Intergovernmental Committee, Bulgarian Deputy Minister of Economy and Industry Nikolay Pavlov affirmed that Bulgaria is one of the most attractive investment environments for Vietnamese businesses. He emphasized that Bulgaria consistently provides special incentives for Vietnamese enterprises during their collaboration and investment processes.

According to Deputy Minister Pavlov, approximately 350 Vietnamese workers are currently living and working in Bulgaria. With Bulgarian enterprises seeking to expand their business operations but facing a shortage of available labor, labor cooperation presents a significant potential area for bilateral collaboration. Additionally, both sides can strengthen cooperation in other fields, including agriculture, high technology, and energy.

Statistics from Vietnam’s Ministry of Industry and Trade indicate that in the first 10 months of this year, bilateral trade between Vietnam and Bulgaria reached approximately US$229.2 million, marking a 30.3% increase compared to the same period last year. Of this, Vietnam’s exports totaled US$167.25 million, up 37.8%, while imports stood at US$61.95 million, rising 13.5%. Vietnam’s trade surplus with Bulgaria for the 10-month period amounted to US$105.3 million.

Vu Ba Phu, director general of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade. Photo: VNA

Significant potential for growth

Vu Ba Phu, director general of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, highlighted the high complementarity of goods traded between Vietnam and Bulgaria, emphasizing the substantial untapped potential in their economic relationship. However, he noted that enhancing trade, import-export activities, and investment requires the proactive role of agencies involved in trade and investment.

According to Vu Ba Phu, the Ministry of Industry and Trade of Vietnam has provided close guidance to its agencies to focus on promoting trade and investment with EU markets, including Bulgaria, through diverse channels and methods. The Vietnam Trade Office in Bulgaria plays a crucial role in monitoring the market, identifying bilateral trade and investment opportunities, and supporting businesses from both countries in connecting, exchanging information, and finding partners. Additionally, the European-American Market Department under the Ministry of Industry and Trade oversees policies and EU market developments, including those related to Bulgaria.

To further strengthen Vietnam-Bulgaria bilateral relations, the Ministry of Industry and Trade recommends that Vietnamese enterprises research the Bulgarian market, seek partnerships, and enhance product promotion efforts. Companies are encouraged to leverage the advantages provided by the EU-Vietnam Free Trade Agreement (EVFTA) to boost exports of Vietnam’s key products to Bulgaria, which could serve as a gateway for Vietnamese goods to penetrate other EU markets.

Furthermore, businesses should collaborate with the Ministry of Industry and Trade and the Vietnam Trade Office in Bulgaria to introduce Vietnamese goods into supermarket chains in Bulgaria. Vietnamese products align well with Bulgarian market preferences in terms of price and quality, making this a viable avenue for market expansion.

Vietnam-Bulgaria Friendship Association Bolsters Bilateral Relations During the 2018-2024 term, the Vietnam-Bulgaria Friendship Association has implemented many people-to-people exchange activities, cultural exchange, education, trade and investment connection, strengthening the relations between ...

Activities to Foster Vietnam-Bulgaria Friendship The Vietnam-Bulgaria Friendship Association is implementing many activities to preserve and develop the friendship between the two countries, including regular exchanges and meetings with people ...