Processing farm produce for export (Source: VNA) Hanoi (VNA) – Economic,trade, and investment ties between Vietnam and Romania remain modest and haveyet to match their full potential, as heard at a seminar introducing the Romanianmarket in Hanoi on October 22.
This limited relationship isattributable to the lack of cooperation agreements on banking, customs, andtourism, as well as the limited marketing of businesses on both sides.
Vice Chairman of the VietnamChamber of Commerce and Industry (VCCI) Doan Duy Khuong lauded the Romanian Governmentand businesses for their efforts so far in promoting economic ties between thetwo nations.
From 2010-2018, bilateral tradebetween Vietnam and Romania grew rapidly, reaching nearly 300 million USD at itsannual maximum. Of this figure, about 80-90 million USD was from Vietnam’sexports, mostly in robusta coffee beans, computers and components, televisionsand electronics, tra and basa fish, natural rubber, suitcases, footwear, and appareland textiles.
Meanwhile, the European country exportedsteel sheets and billets, plastic, chemicals and pharmaceuticals into Vietnam.
Khuong said Romania is thelargest market in Southern Europe with a population of 21 million and the seventhlargest nation in Europe in terms of surface area, serving as a gateway to theEU with its over 500 million consumers.
Lying in a location convenientfor maritime transportation and in the hub of three European economiccorridors, Romania holds strengths in oil and gas, petrochemicals,construction, healthcare, and farm produce processing. The country is also amember of many global multilateral economic cooperation institutions.
He said Vietnam’s signing ofvarious free trade agreements (FTAs) and new-generation FTAs will open the doorto connecting with major markets in the region and around the world.
Vietnam also has politicalstability and an improved workforce quality, Khuong said, adding that it willcontinue to seek measures to promote socio-economic ties and people-to-peopleexchanges with Romania.
Romanian Minister for BusinessEnvironment, Commerce and Entrepreneurship Stefan Radu Oprea said there remainsroom to lift the bilateral partnership and hoped that there will be manyopportunities for the two governments to balance out the trade deficit.
Vice President and Secretary Generalof the Vietnam-Romania Friendship Association Bui Trong Dinh said that as ofthe late 2017, Romania poured 1.2 million USD into two projects in Vietnam, ranking93rd out of 125 countries and territories investing in the country. At the sametime, there are 216 Vietnamese companies working in Romania with a totalregistered capital of nearly 2.1 million EUR.
Several Vietnamese firms areconducting surveys to decide on investing in construction and labour in theEuropean country.
In order to improve theefficiency of bilateral economic ties, Dinh suggested stepping up negotiationsfor the signing of cooperation agreements on banking, tourism and, customs, whilerevising agreements on investment encouragement and protection, as well asdouble taxation avoidance, and realising an agreement on maritimetransportation signed from 1994-1995.
Dinh stressed the need to holdtrade promotion seminars, making it easier for enterprises to learn about eachother’s market and popularise products.–VNA
This limited relationship isattributable to the lack of cooperation agreements on banking, customs, andtourism, as well as the limited marketing of businesses on both sides.
Vice Chairman of the VietnamChamber of Commerce and Industry (VCCI) Doan Duy Khuong lauded the Romanian Governmentand businesses for their efforts so far in promoting economic ties between thetwo nations.
From 2010-2018, bilateral tradebetween Vietnam and Romania grew rapidly, reaching nearly 300 million USD at itsannual maximum. Of this figure, about 80-90 million USD was from Vietnam’sexports, mostly in robusta coffee beans, computers and components, televisionsand electronics, tra and basa fish, natural rubber, suitcases, footwear, and appareland textiles.
Meanwhile, the European country exportedsteel sheets and billets, plastic, chemicals and pharmaceuticals into Vietnam.
Khuong said Romania is thelargest market in Southern Europe with a population of 21 million and the seventhlargest nation in Europe in terms of surface area, serving as a gateway to theEU with its over 500 million consumers.
Lying in a location convenientfor maritime transportation and in the hub of three European economiccorridors, Romania holds strengths in oil and gas, petrochemicals,construction, healthcare, and farm produce processing. The country is also amember of many global multilateral economic cooperation institutions.
He said Vietnam’s signing ofvarious free trade agreements (FTAs) and new-generation FTAs will open the doorto connecting with major markets in the region and around the world.
Vietnam also has politicalstability and an improved workforce quality, Khuong said, adding that it willcontinue to seek measures to promote socio-economic ties and people-to-peopleexchanges with Romania.
Romanian Minister for BusinessEnvironment, Commerce and Entrepreneurship Stefan Radu Oprea said there remainsroom to lift the bilateral partnership and hoped that there will be manyopportunities for the two governments to balance out the trade deficit.
Vice President and Secretary Generalof the Vietnam-Romania Friendship Association Bui Trong Dinh said that as ofthe late 2017, Romania poured 1.2 million USD into two projects in Vietnam, ranking93rd out of 125 countries and territories investing in the country. At the sametime, there are 216 Vietnamese companies working in Romania with a totalregistered capital of nearly 2.1 million EUR.
Several Vietnamese firms areconducting surveys to decide on investing in construction and labour in theEuropean country.
In order to improve theefficiency of bilateral economic ties, Dinh suggested stepping up negotiationsfor the signing of cooperation agreements on banking, tourism and, customs, whilerevising agreements on investment encouragement and protection, as well asdouble taxation avoidance, and realising an agreement on maritimetransportation signed from 1994-1995.
Dinh stressed the need to holdtrade promotion seminars, making it easier for enterprises to learn about eachother’s market and popularise products.–VNA
VNA
