In recent years, Vietnam and Bulgaria have made significant progress in economic cooperation, but it is not yet up to par as expected as annual two-way trade turnover remains below US$100 million, says Nguyen Tuan Hai, a representative from the Vietnam Chamber of Commerce and Industry.
Plenty of opportunity for cooperation
According to the Ministry of Industry and Trade, Vietnam mainly exports rice, cashew nuts, coffee, pepper, frozen seafood, rubber products, leather, garment, footwear, computers and electronic components and imports pharmaceuticals, pesticides, wheat, animal food, materials and additives for animal food processing, manufacturing machinery and equipment, and construction materials.
Bulgaria has 7 projects worth US$30 million in Vietnam.
Svetla Zapryanova from the Belgium Ministry of Economy and Energy says the volume of trade exchange between the two countries has not matched their potential. “We are determined to lift bilateral trade ties to higher level,” Zapryanova affirms.
Bulgaria considers Vietnam as a bridge to its business penetration into Southeast Asian markets and it is ready to help Vietnamese businesses enter European markets, Zapryanova adds.
Currently, many Bulgarian businesses are willing to cooperate and share experience with Vietnamese partners in the fields of energy, health care, education and cosmetics.
Bulgarian Ambassador to Vietnam Evgueni Stoytchex says the two sides should join efforts to promote and diversify bilateral trade activities. One of the best ways is to turn Bulgaria into a destination for Vietnamese exports to Balkan and the EU through Varna, Burga and Danube ports as well as industrial zones.
Potential areas
Foreign direct investment (FDI) is an important factor behind effective economic cooperation between the two countries. So the two sides should increase their investment cooperation in the potential areas of energy, pharmacy and garment.
Bulgarian companies are keen to invest in construction, irrigation and other infrastructure projects in Vietnam.
Ambassador Stoytchex says his Government is looking forward to more foreign investment in joint ventures to raise the competitiveness of Bulgarian exports.
A MoIT representative says Vietnam’s trade exchange with Bulgaria is still at a low level as compared with other Central and Eastern European countries as Bulgaria has a small population of 7.3 million.
To raise bilateral trade turnover, the two countries should give priority to areas of their strength, such as electric power, renewable energy, clean energy, energy security, transport infrastructure, information technology, biotechnology transfer, post-harvest processing and tourism.
They should also join efforts to conduct market research through trade promotion programs, business forums, fairs and seminars, says Zapryanova.
(seafood.vasep.com.vn) The Report on Vietnam Pangasius Sector 2015–2024, produced and released by the Vietnam Association of Seafood Exporters and Producers (VASEP) in January 2025, is expected to provide enterprises, importers, and government agencies with a comprehensive overview of key developments in Vietnam's pangasius production and export over the past decade. In addition to highlighting achievements, the report identifies existing challenges and analyzes future opportunities and threats for the pangasius industry.
(vasep.com.vn) Overcoming two years of fluctuation in both export markets and domestic production, Vietnam's pangasius industry has demonstrated resilience, adaptability, and a strong determination to seize opportunities and boost exports to various markets. As a result, in 2024, pangasius exports reached USD 2 billion, a 9% increase compared to 2023. This achievement is a source of pride for Vietnam's aquaculture and agriculture sectors.
(seafood.vasep.com) Speaking at a conference to implement the 2025 plan of the Ministry of Agriculture and Rural Development, Prime Minister Pham Minh Chinh urged the agricultural sector to strive for a total export turnover of agricultural, forestry, and fishery products reaching $70 billion by 2025.
With robust production and processing infrastructure, combined with continuous market development efforts, Vietnam’s seafood exports are poised for 10–15% growth in 2025.
In 2025, seafood exports are expected to continue to grow better and could reach 11 billion USD as in 2022. However, this is also the year the seafood industry will face challenges, including increased competition from other countries, trade wars and market barriers...
(seafood.vasep.com.vn) On the afternoon of December 25, at Toan Thinh Conference Center (Soc Trang City), the Soc Trang Fisheries Sub-department, under the Department of Agriculture and Rural Development of Soc Trang, held a conference to review the 2024 aquaculture activities and outline the brackish water shrimp farming plan for 2025. The event was attended by Ms. Quach Thi Thanh Binh, Deputy Director of the Department of Agriculture and Rural Development of Soc Trang.
The Mekong Delta province of Soc Trang aims to achieve export value of over 1.9 billion USD in 2025 by boosting production and processing of key products such as seafood, high-quality rice, fruits, and garments.
The UK-Vietnam Free Trade Agreement has significantly boosted Vietnamese seafood exports, with shrimp and pangasius leading the charge in the UK market.
(seafood.vasep.com.vn) In November 2024, Vietnam's tuna exports failed to maintain the rapid growth momentum seen earlier. Export value during the month increased by nearly 4% year-on-year, reaching approximately USD 82 million. Cumulatively, the export value for the first 11 months of 2024 totaled USD 903 million, a 17% increase compared to the same period in 2023. However, at this growth rate, the total export turnover for 2024 is estimated to only reach around USD 1 billion.
(seafood.vasep.com.vn) On the evening of December 24, 2024, in Hanoi, the Central Youth Union, Viet nam Youth Federation and the Vietnam Young Entrepreneurs Association held the Vietnam Golden Star Award Ceremony 2024, with the theme "Reaching Vietnam", honoring 200 outstanding enterprises. Deputy Prime Minister Nguyen Hoa Binh attended.
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