Bilateral trade relations between Viet Nam and Romania still falls short of potential, a business conference heard yesterday in the capital.— VNA/VNS Photo

HA NOI (Biz Hub) —  Bilateral trade relations between Viet Nam and Romania still falls short of potential, a business conference heard yesterday in the capital.

Nguyen Quang Vinh, the deputy general secretary of the Viet Nam Chamber of Commerce and Industry (VCCI), blamed the unsatisfactory performance on inadequate information about each nation's enterprises, as well as on difficulties in customs and payment which firms from the two nations encounter.

The two governments plan new practical measures to increase future two-way trade, Vinh told the Viet Nam-Romania Business Forum.

Vlad Vasiliu, the Romanian State Secretary of the Ministry of Economy, Trade and Business Environment, said businesses from his country want investment opportunities in electronics, electrics, telecommunications, information technology, agriculture, gas and petroleum in Viet Nam.

Romania wants more Vietnamese investments in multiple fields, according to Oana Bizgan, Counsellor for the Minister of Economy, Commerce and Business Environment Relations of Romania. Bizgan's commented at a similar business forum on Wednesday in HCM City.

Romania welcomes domestic and foreign investments and encourages enterprises to shift towards high-tech industries, Bizgan said. As the Eastern gateway to Europe, Romania is an appealing destination for foreign investors. Its advantages over other EU countries include lower labour costs and preferential tariff policies, she said.

Two-way trade between the countries reached US$170 million in 2015, with approximately $102 million from Vietnamese exports.

Trade reached a modest $46 million over the past four months. Viet Nam shipped mainly coffee, seafood, clothing, footwear, electronics and computers to Romania and imported wheat flour, machines and chemicals from the partner.

Bilateral trade has not yet reached its full potential, so business communities should hold more joint trade promotion events and co-operate to complement each other, suggested Vo Tan Thanh, director of VCCI's HCM City branch. —  VNS