Forum at BCCI presented business opportunities between Bulgarian and Vietnamese companies

Bulgarian-Vietnamese Economic Cooperation Forum was held at the Bulgarian Chamber of Commerce and Industry on the occasion of the 75th anniversary of the establishment of diplomatic relations between the two countries. The event was initiated by the Embassy of the Socialist Republic of Vietnam in Sofia.

BCCI President Mr. Tsvetan Simeonov opened the forum, which was attended by more than 160 companies on site and online. There is still great leeway for development and expansion of cooperation, Mr. Simeonov said. Among the identified areas for development, according to the information he provided, are tourism, as well as exports from Bulgaria to Vietnam of agricultural processing machinery and cosmetics.

He assured the Vietnamese participants present that they had a good partner in BCCI.

Nguyen Thi Minh Nguyễt, Ambassador of the Socialist Republic of Vietnam in Sofia, said that relations between Vietnam and Bulgaria are constantly developing and are built on mutual trust. The focus was on promoting bilateral relations and addressing the challenges to economic growth. The talks also touched on specific projects and initiatives to strengthen cooperation between the two countries.

All preconditions to deepen, develop and exploit the trade and economic potential in the relations between Bulgaria and Vietnam are in place. This message was contained in the address that Deputy Foreign Minister Nikolay Pavlov gave at the forum. Vietnam is a traditional and important partner in the Southeast Asian region. Our country values the long-standing bilateral ties of friendship, trust and mutual respect, Deputy Minister Pavlov said.

Nikolay Pavlov appreciated as traditionally good the political dialogue at the highest level between the two countries and added that it had gained new dynamics in recent years.

Deputy Minister of Economy and Industry Doncho Barbalov said that the economic and trade ties between Bulgaria and Vietnam were developing in a positive direction, but there was untapped potential that the two countries should strive to exploit. Deepening Bulgaria's economic ties with Vietnam is a priority for the country, Barbalov further said in his speech.

Bulgaria's commodity turnover with Vietnam in 2024 reached 292 million USD, an increase of 33.5 % compared to 2023. It is also rising in the first months of 2025, with an increase of 29 % compared to the same period of 2024.

Nguyen Tan Hai, Head of the Trade Section at the Vietnamese Embassy, spoke about the investment opportunities between the two countries, emphasizing that the Bulgarian market is very favourable for Vietnamese business, especially after our country's accession to Schengen area. Mr.Hai showed data related to exports between Vietnam and Bulgaria for 2024, pointing out that Bulgaria exported most grain products (USD 25 million turnover), medicines (USD 15 million turnover) and inorganic chemicals (USD 10.2 million turnover) to Vietnam. On the other hand, Vietnam exported mainly furniture, spices, iron and steel. There are potential commodities that would be interesting to import to the European market, especially tropical fruits such as mango, passion fruit, pineapple.

The event was also attended by Julian Balchev, Secretary General of the Bulgarian Investment Agency (BIA), who said that there is great potential for Vietnamese investment in Bulgaria. As an advantage, he highlighted Bulgaria's tax system, which is considered the simplest and most competitive in the EU. He also added that Bulgaria has a tax preference that stimulates research and development.    

The forum also discussed opportunities for cooperation in the field of arbitration proceedings, contacts between tour operators from Bulgaria and Vietnam to promote tourism opportunities in the two countries, import of labour and working conditions.

An exhibition of Vietnamese food products was organised during the event.