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Head of State: Bulgaria and Vietnam Should Deepen Their Economic Cooperation beyond Trade towards Promoting Mutual Investments and Joint Production

President Rumen Radev and General Secretary of the Central Committee of the Communist Party of Vietnam To Lam open a Bulgarian-Vietnamese Business Forum

The intensive ties at the highest political level and the dialogue at all levels between Bulgaria and Vietnam are a prerequisite for deepening business relations between the two countries. This was stated by Head of State Rumen Radev today at a business forum dedicated to the opportunities for cooperation between Bulgaria and Vietnam. The event, organised by the Executive Agency for the Promotion of Small and Medium-sized Enterprises (BSMEPA), in partnership with the Foreign Investment Agency of Vietnam (FIA), was opened by the Bulgarian President and the General Secretary of the Central Committee of the Communist Party of Vietnam, To Lam, who is on an official visit to our country at the invitation of Rumen Radev. The delegation led by the Vietnamese leader includes ministers, as well as representatives of Vietnamese business.
 
In his address, the President noted that Bulgarian-Vietnamese relations are based on historical and friendly ties that go beyond trade and economic relations. He added that decades ago, over 30,000 Vietnamese citizens received education, professional qualifications and employment opportunities in our country. Today, they are a strong bridge between our peoples, said Radev. He also pointed to the joint declaration announced earlier today on elevating bilateral relations to the level of strategic partnership between the Republic of Bulgaria and the Socialist Republic of Vietnam, which crowns the joint efforts of the two countries over the past decades to expand and deepen their cooperation. This forum will achieve success because it has a sound and moral, and ??? a normative basis, he said. The exchange of goods between our countries is developing upward, but it is far from the potential we have, the Head of State added.
 
The President noted to the business representatives the advantages that Bulgaria has for attracting foreign investments. Our country has established itself as an innovation centre in Southeast Europe and offers a number of competitive advantages in innovation, artificial intelligence, high technologies, and high-tech production with high benefit.
 
Radev emphasised connectivity as a prerequisite for success in economic relations between Bulgaria and Vietnam. Therefore, according to the president, the two countries should take advantage of their strategic geographical location - Vietnam in Southeast Asia, Bulgaria in Southeast Europe, and jointly develop projects in infrastructure, transport, logistics, and digital infrastructure. As evidence of the potential in the field of transport and logistics, the president gave the example of the border crossing between Bulgaria and Turkey, which is already the busiest land border crossing in the world after overtaking the one between the USA and Mexico. As another direction for upgrading cooperation, Radev highlighted the automotive sector, which in our country is experiencing rapid development with over 350 companies, over 80,000 employees and forming 12% of GDP.
 
Bulgaria is developing and establishing a successful ecosystem of start-ups, innovations and information technologies, the president also said. He noted the established Institute for Computer Science, Artificial Intelligence and Technologies (INSAIT), which is the first of its kind in Eastern Europe and attracts leading international professors and scientists, invites and opens its doors to talented students from all over the world. Rumen Radev also pointed out the project won by our country to build one of the six new artificial intelligence factories of the European Union with funding of EUR 90 million. As another rapidly developing area, he highlighted the production of satellites and communication systems and systems for their management. The head of state also noted cybersecurity as a potential for cooperation.
 
Bulgaria and Vietnam have excellent traditions in the defence industry and the ambition to build on them, Rumen Radev pointed out. In this regard, he mentioned our country's leading position among manufacturers of ammunition and light weapons in the European Union and NATO. Among other areas with potential for cooperation, the president pointed out biotechnology, pharmaceuticals and industry, the scope of which our country is expanding. Rumen Radev also pointed to the potential for cooperation beyond trade and towards joint production and mutual investments, so that the two countries can enter the markets of third countries with common products.
 
In his welcome address to the participants of the business forum, the General Secretary of the Central Committee of the Communist Party of Vietnam, To Lam, highlighted the key importance of trade and economic relations and mutual investments. According to him, the declaration announced earlier today on elevating bilateral relations to the level of strategic partnership opens a new chapter in bilateral relations. The Vietnamese leader noted Bulgaria's progress in science, high technology and innovation, which are reflected in production processes. To Lam also focused on cooperation in defence and security and emphasised the importance of cultural exchange between Bulgaria and Vietnam, drawing attention to Vietnamese students studying in Bulgaria, as well as the large community of Vietnamese citizens who speak Bulgarian. He also stressed the need to develop transport connectivity not only by strengthening port connections, but also by establishing direct air routes and developing railway connections. According to him, cooperation between Bulgaria and Vietnam is the basis for relations between our country and the ASEAN countries.
 
Over 60 Vietnamese and over 100 Bulgarian representatives of companies in areas including pharmaceutical industry, high-tech manufacturing and information and communication technologies, clean energy, agriculture, food and beverage industry, digital infrastructure, aviation, telecommunications, transport, etc., took part in the forum, which presented partnership opportunities and prospects for cooperation. During the event, in the presence of Rumen Radev and To Lam, memoranda of understanding were exchanged.