Ample opportunities for Vietnam – Bulgaria economic, trade cooperation

In his opening remarks, Vo Van Hoan, vice chairman of the Ho Chi Minh City People’s Committee, stated that Vietnam and Bulgaria share a traditional friendship built on mutual trust and support over the past 70 years. Bulgaria is not only a reliable partner but also a long-standing friend that has accompanied Vietnam throughout its socio-economic development journey.

Currently, Bulgaria is recognized as a country with strong capabilities in areas such as information technology, organic agriculture, pharmaceuticals, and renewable energy. These are fields of great interest to Vietnam, particularly Ho Chi Minh City, which seek to learn from and cooperate with Bulgaria, he said.

The forum provides an opportunity for businesses from both sides to share information, exchange ideas, and explore potential cooperation opportunities, he said, adding, Ho Chi Minh City is committed to creating the most favourable conditions for Bulgarian businesses to invest and operate in the city.

Effective cooperation between businesses from both countries will help strengthen bilateral economic relations and contribute to the sustainable development of both sides, emphasized the official.

Speaking at the forum, Bulgarian President Rumen Radev expressed his deep admiration for Vietnam’s socio-economic development achievements, particularly the dynamic growth of Ho Chi Minh City.

Bulgaria values every opportunity to cooperate with Vietnam, not only as an economic and trade partner but also as a companion in development, he said.

According to the President, Bulgaria serves as a bridge between Asia and Europe, acting as a gateway for Asian goods to enter the EU market. Similarly, Ho Chi Minh City holds a strategic position as Vietnam’s gateway and trade hub to the region and the wider world.

This creates significant potential for cooperation in freight transportation between the two sides, said Radev, adding Bulgarian businesses also excel in areas such as information technology, automation, and pharmaceuticals.

Notably, Bulgaria has successfully transitioned from raw material processing industries to high-tech manufacturing and automation. Electronic products now account for the largest share of the country’s total exports, at 12% of its GDP.

The automotive manufacturing industry in Bulgaria is also highly developed, with numerous research and development centers from leading European car manufacturers, a sector that suits Vietnam’s current development priorities. In addition, Bulgaria is among economies advancing in the aerospace industry.

Both Bulgaria and Vietnam recognize that economic development requires a solid foundation while simultaneously ensuring national defense, food security, and climate change adaptation. Bulgaria is well-positioned to support and cooperate with Vietnam on projects to enhance agricultural processing capacity and ensure food security, said Radev.

According to the President, Bulgaria, with an area one-third the size of Vietnam but a population of only 6.5 million, has a low population density, making it an attractive destination for foreign investment in agriculture and food production to meet domestic demands and export to other markets.

This is an intriguing suggestion for Vietnamese businesses interested in agriculture and food processing investments, suggested Radev.

Providing additional information about Bulgaria’s investment environment, Krasimir Yakimov, Deputy Minister of Innovation and Growth of Bulgaria, highlighted the country’s strategic location, intersected by five international road corridors, making it easier for foreign businesses to access 1.3 billion consumers across Europe and the Middle East.

Beyond its expertise in developing processing and manufacturing industries, Bulgaria places a strong emphasis on creating a favourable and attractive business environment. This includes reducing administrative and regulatory burdens and supporting investors in connecting with businesses and government organizations. The operational costs for businesses in Bulgaria are highly competitive, thanks to a stable energy supply and low office rental and utility costs, he introduced.

This serves as a significant incentive for Vietnamese businesses to choose Bulgaria as a destination for startups or to expand their production and business operations, he suggested.