Econ
Enhancing Vietnam-Romania economic cooperation
On July 12, Vietnam-Romania Business Forum was held in Hanoi with the aim to enhance bilateral connection and economic cooperation.
Deputy Prime Minister Trinh Dinh Dung made speech at the forum
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Speaking at the forum, Deputy Prime Minister Trinh Dinh Dung said the two countries share a long-term cooperation, with Romania helping Vietnam train thousands of engineers in the sectors of gas and oil, construction, mechanics and agriculture, among others.
Bilateral trade revenue hit 150 million USD in 2014, approximately two third of which was from Vietnamese exports. The revenue increased to 170 million USD in 2015, with Vietnam exporting goods worth around 102 million USD to Romania.
These figures still fell short of cooperative potential between the sides, Dung underscored, adding that both governments should work to stimulate their affiliations as well as connections among the two countries’ agencies and business communities.
Participating in the forum, visiting Romanian Prime Minister Dacian Ciolos said his country holds strengths in oil-refining and agricultural processing and is willing to transfer technologies to and invest in Vietnam.
According to the Vietnam Chamber of Commerce and Industry (VCCI), Romania has strongly assisted Vietnam in terms of education. Vietnamese expatriates in the country have a population of approximately 600 people, mostly involved in the garment business at the Dragon shopping centre in Bucharest.
Romania is calling for more Vietnamese investment in multiple fields, said Oana Bizgan, Counsellor for the Minister of Economy, Commerce and Business Environment Relations of Romania.
Romania welcomes domestic and foreign investments and encourages enterprises to shift towards high-tech industries, Bizgan said, suggesting investors from Vietnam search for business opportunities in electronics, electrics, telecommunications and information technology, agriculture, and gas & petroleum.
As the Eastern gate of Europe, Romania is regarded as an appealing destination for foreign investors. It has advantages over other EU countries in terms of labour cost and preferential tariff policies. Vietnam mainly shipped coffee, seafood, clothing, footwear, electronics products and computers to Romania and imported wheat flour, machines and chemicals from the partner.
