Vietnam – Romania trade ties, still behind their potential

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Despite witnessing significant increases over past years, Vietnam – Romania trade ties still lag behind their potential and expectation from the two nations, Deputy Prime Minister Trinh Dinh Dung said, attending Vietnam – Romania Business Forum held in Ha Noi, quoted by vietnambreakingnews.com.

According to him, Vietnam 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.

In his turn, Romanian Prime Minister 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 Vietnam 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 Vietnam in establishing centres on supplying components in machinery engineering, and electronics, as well as providing raw materials in textile and garment sector.

Vietnam’s trade with Romania reached USD 57.4 million in the past five months of this year, up 5.6 percent year-on-year, said the General Department of Customs. The trade reached USD 176 million in 2015, with USD 100 million from Vietnamese exports.

 

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