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Vietnamese President Luong Cuong (R) and Bulgarian President Rumen Radev at their meeting in Hanoi on November 25, 2024 (Photo: VNA)

Vietnam, Bulgaria enjoy thriving ties through more than seven decades

Since Vietnam and Bulgaria established their diplomatic relations on February 8, 1950, the two countries have enjoyed growing traditional friendship and fruitful cooperation across various sectors.

Strong friendship foundation

Vietnam and Bulgaria share a longstanding tradition of friendship. The official state visit to Bulgaria by President Ho Chi Minh in August 1957 laid the groundwork and marked a significant moment in the history of bilateral relations.

During the most challenging and difficult years of Vietnam's struggle for national independence and nation-building, the Government and people of Bulgaria offered invaluable material and moral support. Many infrastructure projects in the fields of economy, education, and healthcare were established in Vietnam, thanks to Bulgaria’s material assistance, technical expertise, and the selfless labour of Bulgarian experts. Many Vietnamese citizens studied and worked in Bulgaria during the 1970s and 1980s, becoming leading scientists, engineers, and experts in Vietnam who have made, and continue to make, substantial contributions to the defence of the country and national construction. This is a priceless asset and a key factor in strengthening the solidarity and friendship between Vietnam and Bulgaria.

Building on this tradition, over the past more than seven decades, both countries have made continuous efforts to enhance and consolidate bilateral relations through regular exchanges of high-level delegations, the establishment of the Intergovernmental Committee and regular political consultations, the implementation of numerous agreements and cooperative programs, and mutual support at international forums.

Their positive political relationship has been marked by many high-level visits from both sides. Party General Secretary and State President To Lam had a meeting with Bulgarian President Rumen Radev during the 79th session of the United Nations General Assembly in September 2024. Speaker of the Bulgarian National Assembly Rossen Dimitrov Jeliazkov visited Vietnam in January 2024, and Bulgarian President Rumen Radev paid an official visit to Vietnam in November 2024.

In their high-level and other meetings, Bulgarian leaders always expressed their fondness and appreciation for the historical traditional ties and admiration for Vietnam’s achievements in socio-economic development and international integration. They have also expressed their willingness to serve as a bridge for expanding cooperation between Vietnam and European Union (EU) countries, as well as the Balkans region.

During the November 2024 visit by Bulgarian President Rumen Radev to Vietnam, both leaders reiterated their desire to enhance cooperation. A joint statement issued during the visit underscored their mutual commitment to expanding ties across multiple sectors, including trade, economy, science, and education, to contribute to regional and global stability and development.

The two countries also work closely together in regional and international forums, particularly in the context of the United Nations, ASEAN-EU cooperation, and the Asia-Europe Meeting (ASEM).

Bright trade-economic cooperation prospects

Bulgaria is among the EU member states that have led the ratification of the Framework Agreement on Comprehensive Partnership and Cooperation (PCA) between Vietnam and the EU, as well as promoting the signing and ratification of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA). In September 2023, the Bulgarian Parliament ratified the EU-Vietnam Investment Protection Agreement (EVIPA) with overwhelming support.

Vietnam and Bulgaria’s trade relations have shown considerable growth in recent years. Bilateral trade reached 118.7 million USD in 2020, 234.6 million USD in 2021, and 203.6 million USD in 2022, 211.5 million USD in 2023, and 263.01 million USD in 2024, cited VNA.

As of January 2025, Bulgaria has had 14 active investment projects in Vietnam, with a total registered capital of 31.32 million USD. The largest investments include a coffee processing plant in Lam Dong Province and a knitwear and garment manufacturing project in Thua Thien Hue province, each valued at 14 million USD.

The 24th meeting of the Inter-Governmental Cooperation Committee in May 2024 further explored possibilities for strengthening economic cooperation, with both sides focusing on digital and green technologies as major areas of future collaboration.

According to Vietnamese Ambassador to Bulgaria Do Hoang Long, digital transformation and green transformation have become top priorities for most countries, including Bulgaria.

In terms of development cooperation, Bulgaria has provided non-refundable aid (ODA) in the fields of education and women's empowerment to Vietnam. In 2021, the European country contributed 35,000 EUR (36,380 USD) to Hue University and the University of Agriculture and Forestry to implement a project on diversifying local lotus products combined with eco-tourism development as a poverty reduction model for rural women.

Close education, culture, and people-to-people ties

Cooperation between Vietnam and Bulgaria extends beyond politics and trade. Education and cultural exchanges have long been an important aspect of the relationship. Thousands of Vietnamese have studied and worked in Bulgaria, and many of them have become leading figures in Vietnam’s scientific, technical, and educational sectors.

In recent years, the establishment of a Vietnamese Language Department at Sofia University has provided a platform for Bulgarian students to study the language, promoting greater cultural exchange. Both countries have signed several agreements to encourage cultural cooperation, including a Cultural Cooperation program for the 2024-2026 period.

Vietnam also regularly participates in Bulgarian cultural events, such as the Rose Festival and the Slavic Writing Day in Hanoi. Conversely, Bulgaria hosts cultural performances showcasing Vietnam’s rich heritage, further strengthening the bond between the two peoples.

The Vietnamese community in Bulgaria, now numbering over 1,000, serves as a bridge for cultural and economic exchange, integrating well into Bulgarian society while contributing to the ongoing friendship.

Ambassador Long underlined that the close bond between the two peoples is truly the most valuable asset in their traditional friendship.

Vietnamese economy projected to grow by 6.7% in 2025: Standard Chartered

Standard Chartered has forecast positive growth for the Vietnamese economy at 6.7% this year, although it remains cautious, according to the bank’s latest macro-economic update made available on February 7.

The report outlines that growth is expected to stay moderate at 7.5% year on year in the first half of 2025 and at 6.1% in the second half of the year. The growth will primarily be driven by increased business activity coupled with sustained foreign investment.

The national economy expanded 7.09%, well above the Government’s 6.5% target, supported by accommodative monetary policy and strong retail sales. However, recent data shows a moderation, particularly in the property sector, which continues to struggle despite early signs of a growth recovery.

Inflation rose to 3.6% y/y in January, up from 2.9%, marking the sixth straight month of below 4%. Increases in prices of transportation and food during the New Year and Lunar New Year holidays can be seen as the main factors which drove the pace of inflation in January, according to the General Statistics Office (GSO).

Iinflationary pressures could intensify in the year ahead, driven by rising costs in health care, housing, construction materials, and food. The central bank may face challenges if inflation picks up in the second quarter of the year, which in turn could complicate economic recovery efforts.

Standard Chartered’s economists point out that CPI inflation is expected to continue to rise on an annual basis over the coming years.

Other key January macro indicators highlighted a moderation in domestic and external data, although electronics exports continued to improve. A large trade surplus with the US could attract increased scrutiny under the new US administration, according to VOV.

Photo: VOV

While the external position stays solid, certain risks persist, as for example seen in the monthly trade surplus that has narrowed recently. In addition, proposed rule changes may disqualify minimally processed imported goods from carrying the “Made in Vietnam” label, which in turn could affect supply chains.

Moreover, the relocation of global production to Vietnam may also raise concerns about overcapacity and pricing pressures.

Vietnam managed its VND currency, limiting short-term foreign exchange (FX) volatility. Despite a historical fiscal deficit averaging ~2% of GDP over the past two decades, the fundamentals of the Vietnamese economy are strong. The central bank may therefore need to accumulate FX reserves in a bid to prevent excessive VND appreciation.

Experts emphasize that tourism is anticipated to be a key driver of growth, supported by increased international arrivals, especially the return of Chinese tourists.

Meanwhile, credit growth is forecast to be at 16.0% this year, exceeding the 15.1% rate in 2024. Lower US interest rates may help to reduce capital outflows, but the country’s low import cover remains a challenge.

“The government’s focus for stronger economic growth may support low interest rates in the near term. However, we anticipate rate normalization in the second quarter of the year, with the State Bank of Vietnam (SBV) expected to hike rates by 50bps in the second quarter,” said Tim Leelahaphan, senior economist for Thailand and Vietnam of Standard Chartered Bank.

“With inflation dynamics, Fed policies, and the performance of the VND playing a key role, the SBV’s monetary policy decisions will be crucial in maintaining economic stability and growth in 2025. Ensuring sustainable growth will require diversifying the economy and increasing preparedness for natural disasters,” he added.

Vietnam always fosters friendship, cooperation with Cambodia: Ambassador

Vietnam always values and gives high priority to strengthening its solidarity and comprehensive cooperation with Cambodia, said newly-appointed Vietnamese Ambassador Nguyen Minh Vu.

At the reception, King Sihamoni expressed his belief that Vu, with his extensive experience and strong determination, would have a successful tenure, fulfilling his duties and making active contributions to the Vietnam-Cambodia relationship.

Expressing pleasure at witnessing the growing bilateral friendship and cooperation across politics, diplomacy, national defence-security, economy, trade, tourism, and people-to-people exchange, he reaffirmed Cambodia's profound gratitude for Vietnam's invaluable assistance during its struggle for independence, particularly in thwarting the Pol Pot genocidal regime.

He believed that under the leadership of the Party, National Assembly and Government of Vietnam, the fraternal Vietnamese people will continue to achieve even greater successes in the future, VNA reported.

At the reception (Photo: VNA)

Ambassador Vu committed to making every effort in his new role to deepen the bilateral relationship, ensuring it becomes more substantive and effective, aligning with the vision of both nations’ leaders and the aspirations of their people.

He further voiced his belief that under the sound reign of King Sihamoni and the effective leadership of the Senate, National Assembly, and Government, the Cambodian people would continue to enjoy peace and stability, and achieve even greater successes in their journey to build a prosperous nation with growing stature on the global stage.

As a gesture of goodwill, he also extended an invitation from the high-ranking Vietnamese leaders to King Sihamoni and Queen Mother Norodom Monineath to visit Vietnam soon in the near future.

In response, King Sihamoni, showed his heartfelt thanks to the Vietnamese leaders and wished the Vietnamese people continued success in their efforts to build and develop a prosperous and thriving nation.

PM pushes for stronger cooperation between Vietnam and Thailand

The Government of Vietnam always supports and facilitates Ambassador Urawadee Sriphiromya’s efforts to further promote the growing Enhanced Strategic Partnership between Vietnam and Thailand, Prime Minister Pham Minh Chinh told the newly accredited diplomat.

Receiving the ambassador in Hanoi on February 7, Chinh expected that Urawadee would help foster visit exchanges, among other activities, to mark the 50th anniversary of bilateral diplomatic relations in 2026. He expressed a desire to welcome the Prime Minister of Thailand for an official visit to Vietnam in 2025.

The PM urged both countries to maintain the effectiveness of existing bilateral mechanisms and to prioritize implementing the Three Connections Strategy on a mutually beneficial basis. He emphasized the need to strengthen tourism cooperation, infrastructure connectivity, and security and defense cooperation, including combating terrorist and subversive organizations and ensuring that neither country’s territory is used by individuals or groups against the other, cited VOV.

Prime Minister Pham Minh Chinh (R) receives newly accredited Ambassador Urawadee Sriph of Thailand in Hanoi on February 7.

He appreciated the Thai Embassy’s coordination in organizing the “Meet Thailand” conferences in Lao Cai in August 2024 and in Da Nang a month later to connect businesses from both countries. He requested the Ambassador to continue promoting trade, investment, economic ties, and local partnerships between the two countries.

On this occasion, the PM thanked the Government of Thailand for facilitating the preservation and development of President Ho Chi Minh’s relic sites and museums, as well as the Vietnam Town in Thailand. He also appreciated the government of Thailand supporting the integration and stable lives of the Vietnamese-Thai community, practically contributing to Thailand’s development and bilateral relations.

Urawadee for her part conveyed greetings from Thai leaders to the Vietnamese PM, and affirmed her commitment to promoting high-level visits between the two countries’ leaders in 2025. She pledged to do her utmost to strengthen the friendly relations and Enhanced Strategic Partnership during her term.

The Thai Ambassador also agreed that both sides should continue to enhance cooperation within ASEAN and at regional organizations where both are members, including the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS).

Uruguayan media: Vietnam boasts a rich and diverse culture

Vietnam's rich and diverse culture is vividly reflected in its cuisine, architecture, arts, and music. This is a unique blend of tradition and modernity, Diario LaR reported.

The article highlights that throughout its history, Vietnam has undergone significant social and cultural transformations, shaped by globalization, colonial influences, and wartime experiences, all contributing to the country's cultural diversity.

The Uruguayan newspaper praises Vietnam's rapid economic growth in recent decades, which has significantly influenced the nation's urbanization.

Cities like Hanoi and Ho Chi Minh City have seen rapid population growth due to rural-to-urban migration driven by job and education opportunities, cited VGP.

A ritual during the Down-to-the-Field Festival in Lao Cai. Photo: VNA

According to Diario LaR, education plays a fundamental role in Vietnam's social transformation.

The Vietnamese government has invested in expanding public education and improving access to higher education, fostering a skilled workforce, enhancing social mobility, and promoting women's empowerment.

Notably, Vietnam has made remarkable progress in advancing gender equality in recent decades.

Women now hold increasingly prominent roles in society, actively participating in the workforce, as well as in political and cultural spheres.

Amid cultural shifts, many traditions and customs are preserved, while Vietnam also integrates influences from various cultures, creating a distinctive cultural fusion.

Globalization has significantly impacted Vietnamese culture, introducing new technologies, fashion trends, and modern lifestyles. Yet, Vietnamese youth manage to blend these global influences with their deep-rooted traditional values.

Vietnam's social development and cultural changes reflect the resilience and creativity of its people throughout history, Diario LaR emphasized.

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