The Viet Nam-Bulgaria Trade Promotion and Investment Centre opened in Ha Noi on Saturday, 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 would help leading businesses of Viet Nam and Bulgaria implement joint economic projects in the two countries.

Bulgaria is expected to be an attractive destination for investment and doing business thanks to its favourable business environment and low tax level. The Bulgarian government’s policy is to build and maintain stable macro economy and finance, boosting economic growth, in addition to improving administrative environment and keeping the lowest tax level in the EU.

Bulgaria also encourages investment in solutions to increase access to finance for small- and medium-sized enterprises, reforming vocational training and education and enhancing interaction between university education and businesses.

Charge d’Affaires Marinela Petkova of the Bulgarian Embassy to Viet Nam said Bulgaria was striving to develop production innovations with high added value, improving the business environment and the potential for technology development.

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, she said.

The trade turnover between the two sides in 2017 was US$109.16 million, of which Bulgaria’s exports to Viet Nam were valued at $71 million, mainly medicine, plant protection medicine and feed. Meanwhile, Viet Nam exports products such as rice, cashew, coffee, pepper, frozen seafood and products made of rubber and leather, clothes, computer and devices. — VNS