Trade and investment ties between Viet Nam and Romania remain modest and have yet to match their full potential, experts said at a seminar introducing the Romanian market in Ha Noi on Monday.

This limited relationship is attributable to the lack of co-operation agreements on banking, customs, and tourism, as well as the limited marketing of businesses on both sides.

Vice chairman of the Viet Nam Chamber of Commerce and Industry (VCCI) Doan Duy Khuong lauded the Romanian government and businesses for their efforts so far in promoting economic ties between the two nations.

From 2010-18, bilateral trade between Viet Nam and Romania grew rapidly, reaching nearly US$300 million at its annual maximum. Of this figure, about $80-90 million was from Viet Nam’s exports, mostly in robusta coffee beans, computers and components, televisions and electronics, tra and basa fish, natural rubber, suitcases, footwear, and apparel and textiles.

Meanwhile, the European country exported steel sheets and billets, plastic, chemicals and pharmaceuticals to Viet Nam.

According to Khuong Romania is the largest market in Southern Europe with a population of 21 million and the seventh largest nation in Europe in terms of surface area, serving as a gateway to the EU with its over 500 million consumers.

Lying in a location convenient for maritime transportation and in the hub of three European economic corridors, Romania holds strengths in oil and gas, petrochemicals, construction, healthcare, and farm produce processing. The country is also a member of many global multilateral economic co-operation institutions.

He said Viet Nam’s signing of various free trade agreements (FTAs) and new-generation FTAs would open the door to major markets in the region and around the world.

Viet Nam also had political stability and an improved workforce quality, Khuong said, adding that it would continue to seek measures to promote socio-economic ties and people-to-people exchanges with Romania.

Romanian Minister for Business Environment, Commerce and Entrepreneurship Stefan Radu Oprea said there remained room to lift the bilateral partnership and hoped that there would be many opportunities for the two governments to balance out the trade deficit.

Vice President and Secretary General of the Viet Nam-Romania Friendship Association Bui Trong Dinh said that as of late 2017, Romania poured $1.2 million into two projects in Viet Nam, ranking 93rd out of 125 countries and territories investing in the country. At the same time, there are 216 Vietnamese companies working in Romania with a total registered capital of nearly 2.1 million euros.

Several Vietnamese firms are conducting surveys to decide on investing in construction and labour in the European country.

In order to improve the efficiency of bilateral economic ties, Dinh suggested stepping up negotiations for the signing of co-operation agreements on banking, tourism and, customs, while revising agreements on investment encouragement and protection, as well as double taxation avoidance, and realising an agreement on maritime transportation signed from 1994-95.

Dinh stressed the need to hold trade promotion seminars, making it easier for enterprises to learn about each other’s market and promote products. – VNS