Bulgaria has opened a trade promotion and investment centre in the Vietnamese capital Hanoi, with the aim of improving conditions for Vietnamese businesses to boost investment and exports to Bulgaria as well as accessing other EU markets.
According to the centre’s deputy chairman, Nguyen The Hung, the centre will help also allow leading Vietnamese and Bulgarian companies to implement joint economic projects.
Bulgaria is increasingly viewed as an attractive destination for Vietnamese investment thanks to its favourable business environment and low tax levels: the country has the lowest tax rates in the European Union.
“Bulgaria is striving to develop production innovations with high added value, improving the business environment and the potential for technological development,” said the country’s charge d’affaires Marinela Petkova.
“These efforts are capable of attracting Vietnamese investment and creating opportunities for co-operation in a number of areas such as information and communication technology, electronics and electrical engineering, machine manufacturing and food.”
Trade between the two countries in 2017 was 109.16 million US dollars, of which Bulgaria’s exports to Vietnam were valued at 71 million US dollars, mainly medicine. Vietnamese exports to Bulgaria included rice, cashew nuts, coffee, pepper, frozen seafood, clothes and consumer electronic devices.