Over the past few years, Bilateral trade between Viet Nam and Bulgaria reached US$70-80 million annually.— File Photo

HA NOI (Biz Hub)— Bilateral trade between Viet Nam and Bulgaria has failed to match its potential, according to the Viet Nam Chamber of Commerce and Industry Vice Chairman Hoang Van Dung.

During a business conference held in Ha Noi yesterday, Dung emphasised the importance of drawing up a specific action plan with the aim of fostering trade relations between two business communities.

Over the past few years, two-way trade reached US$70-80 million annually. To date, Bulgarian companies have pumped $30 million into seven projects in Viet Nam while there are no Vietnamese companies investing in Bulgaria, Dung said, a situation he acknowledged was a trifle disappointing.

In order to capitalise on both countries' great business potential, the two sides should continue to perfect mechanisms and policies to remove all administrative barriers, according to Aleksandar Aleksandrov from the Bulgarian Embassy in Viet Nam.

Improving the efficiency of the two countries' trade and investment programmes was also necessary, he said, suggesting the establishment of joint-venture projects in several sectors such as agriculture, industry and transport would open up anew for the bilateral relationship.

Chairman of the Bulgarian Chamber of Commerce and Industry Tsevetan Simeonov confirmed that the 30 Bulgarian companies attending the Vietnamese trade event, specialising in automotives, construction, energy, food, agricultural products, hotels and tourism were willing to establish long-term partnerships with their Vietnamese counterparts. — VNS