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Vietnam Today

Potential for Vietnam & Romania cooperation

Released at: 18:35, 13/07/2016

Potential for Vietnam & Romania cooperation

Photo: VGP

Visiting Romanian PM speaks of opportunities at Vietnam - Romania Business Forum in Hanoi.

by Hung Nguyen

Vietnam and Romania can cooperate in a range of sectors where Romania possesses skills and experience, such as automation, energy, IT, technology, agriculture and tourism, Romanian Prime Minister Dacian Ciolos told the Vietnam - Romania Business Forum held in Hanoi on July 13, during his official visit from July 11 to July 14.

Economic and trade between the two countries has developed over time. In 2015 it reached $175.6 million, increasing 16 per cent against 2014. Since 2010 Romania has become a major market for Vietnam’s seafood, importing about 12,000 tonnes annually. As at the end of 2015 Romania had three FDI projects in Vietnam, with total capital of $2.1 million.

According to Prime Minister Ciolos, however, bilateral trade remains modest compared with potential. “I am fully confident that we are able to have strong economic cooperation based on our traditional political and social links,” he said after meeting with Prime Minister Nguyen Xuan Phuc.

Given that Romania is a member of the EU, one of the largest markets for Vietnam’s exports, Prime Minister Ciolos said he fully supports Vietnam ratifying the EU-Vietnam Free Trade Agreement (EVFTA).

Vietnam and Romania have had a long relationship, celebrating 65 years of diplomatic relations in 2015. In 1992 Romania restarted granting scholarships to Vietnamese students and during the 2003-2009 period it trained numerous engineers for PetroVietnam.

There are now about 50 Vietnamese students studying in the country and some 450 Vietnamese workers working at shipyards and construction sites. There are also 600 Vietnamese-Romanians in Romania, according to official figures.

At the Vietnam - Romania Business Forum, Deputy Prime Minister Trinh Dinh Dung welcomed Romanian companies to come an invest and seek business opportunities in Vietnam, as the Vietnamese Government has created a favorable environment for foreign investors, including those from Romania. “In the future there will be more State-owned enterprises (SOEs) being equitized, which will present more opportunities for foreign investors,” Deputy PM Dung said.

Vietnam is also integrating more deeply through a number of free trade agreements, in particular the TPP, which will make it even more attractive, he added.

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