At the seminar (Photo: congthuong.vn)
So said Valeriu Arteni, the chargé d’affaires of the Romanian Embassy in Vietnam, during a seminar introducing the Romanian market in Hanoi on October 22
nd, marking the visit to Vietnam from October 20
th-27
th by Stefan Radu Oprea, Romanian Minister for Business Environment, Commerce and Entrepreneurship.
According to Doan Duy Khuong, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), the traditional relationship between Vietnam and Romania has lasted over half a century and has been reinforced and promoted for mutual benefit. “The two economies can support each other very well,” he said, adding that Romania is the largest market in Southern Europe with a population of 21 million, and the seventh largest nation in Europe in terms of surface area, serving as a gateway to the EU with its over 500 million consumers.
Meanwhile, Vietnam is a large market of ASEAN with over 90 million people. Its signing of various multilateral and bilateral free trade agreements (FTAs) and new-generation FTAs will open the door to connecting with over 50 major markets in the region and around the world. It is assessed as a safe destination for investors. While Vietnam is strong in agricultural products, Romania is strong at processing agricultural products. Additionally, Romania’s key products such as medicine, chemical, oil and gas and shipbuilding are Vietnam’s priorities in development and cooperation.
Vietnam News Agency quoted the figures from VCCI representative showing that from 2010-2018, bilateral trade between Vietnam and Romania grew rapidly, reaching nearly USD300 million at its annual maximum. Of this figure, about USD80-90 million was from Vietnam’s exports, mostly robusta coffee beans, computers and components, televisions and electronics, tra and basa fish, natural rubber, suitcases, footwear, and apparel and textiles.
Meanwhile, Romania exported steel sheets and billets, plastic, chemicals and pharmaceuticals into Vietnam.
Mr. Khuong, however, confirmed that the economic and commercial cooperation between Vietnam and Romania did not meet the potential, with two-way trade turnover of over USD200 million per year while Romania’s annual import-export turnover is reported at some USD63 billion and Vietnam’s at some USD400 billion.
Agreeing with Mr. Khuong, Mr. Valeriu Arteni expressed his hope that after the seminar, Vietnamese businesses would master opportunities to invest in Romania for increased cooperation, benefiting both sides./.