VN, Romania to boost two-way trade

Wednesday, Jul 13, 2016 09:28

Deputy Prime Minister Trinh Dinh Dung delivered speech at the Viet Nam – Romania Business Forum held yesterday in Ha Noi. — VNA/VNS Photo Lan Phuong
HA NOI (Biz Hub) — Viet Nam and Romania should foster bilateral relations and accelerate exchanges of high level delegations and business communities in order to draw up new practical measures to increase future two-way trade.

Deputy Prime Minister Trinh Dinh Dung delivered this statement during the Viet Nam – Romania Business Forum held yesterday in the capital. Despite witnessing significant increases over past years, trade ties between Viet Nam and Romania still lag behind their potential and expectation from the two nations, he said.

In his speech at the forum, Prime Minister of Romania Dacian Ciolos outlined oil and gas, shipping, technology, agriculture and tourism as promising sectors for bilateral co-operation in the time to come.

Hoang Quang Phong, vice chairman of Viet Nam Chamber of Commerce and Industry (VCCI) blamed the unsatisfactory trade relations on inadequate information about each nation's enterprises, significant transport costs due to geographic distance as well as on difficulties in customs and payment which firms from the two nations encounter.

The two countries were enjoying huge opportunities to effectively exploit each other's potential in order to speed up the forging of commercial ties, Phong told the conference. Meanwhile, deputy head of the Ministry of Industry and Trade's European Market Department Nguyen Khanh Ngoc called on Romanian support in developing domestic suppliers of parts. For example, Romania could assist Viet Nam in establishing centres on supplying components in machinery engineering, and electronics, as well as providing raw materials in textile and garment sector.

Viet Nam's trade with Romania reached US$57.4 million in the past five months of this year, up 5.6 per cent year-on-year, said the General Department of Customs. The trade reached $176 million in 2015, with $100 million from Vietnamese exports.  — VNS

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