There are still many opportunities for cooperation in oil and gas, digital transformation...
On the sidelines of the 17th meeting of the Vietnam - Romania Joint Committee, on the afternoon of November 21, in Hanoi, the Ministry of Industry and Trade of Vietnam and the Ministry of Economy, Business and Tourism of Romania jointly organized the Seminar "Promoting economic cooperation between Vietnam and Romania" with the participation of many representatives of ministries, sectors and large enterprises of the two countries.
The seminar is expected to remove difficulties and obstacles and propose specific solutions to strengthen cooperation in all fields between Vietnam and Romania; focusing on economic - trade - investment, industry, energy, science and technology, environmental protection, climate change response, labor, tourism, etc.
 |
| Seminar "Promoting economic cooperation between Vietnam and Romania" took place on the afternoon of November 21, 2023 |
Speaking at the opening of the seminar, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said that Romania is a traditional partner of Vietnam in Southeast Europe and a gateway to the market of European Union (EU) countries. Meanwhile, Vietnam is a large market with about 100 million people, ready to be a gateway for Romania to penetrate the market of ASEAN countries.
Introducing Vietnam's strengths and bright spots in attracting Romanian businesses to invest and promote business cooperation, Deputy Minister Nguyen Sinh Nhat Tan said that Vietnam has a positive and stable economic growth. GDP in 2022 reached a growth rate of 8.02%, the highest in the past 10 years. The World Bank and many economic organizations have the same opinion that Vietnam will continue to make strong progress, belonging to the group of countries with the highest growth rate in the world in the coming time.
 |
| Deputy Minister Nguyen Sinh Nhat Tan introduced Vietnam's strengths and bright spots in attracting Romanian businesses to invest. |
In addition, according to the Deputy Minister, in recent years, Vietnam's foreign trade with the world has increased sharply. In 2021, Vietnam's total import-export turnover reached 680 billion USD, an impressive growth rate of 19% in the context of the Covid-19 pandemic having a profound impact on the world economy. In 2022, Vietnam's total export turnover of goods reached 731 billion USD, an increase of 9.4% compared to 2021.
Notably, Vietnam is currently among the top 20 countries attracting the most FDI in the world. In the Southeast Asian region, during the period 2015-2022, Vietnam always ranked 3rd/10 in the ranking of countries attracting the most FDI inflows in the bloc. Along with that, the system of policies and laws related to economic development management, trade and investment in Vietnam is currently quite complete and is gradually being improved.
According to statistics, there are currently more than 12 main Laws related to economics, trade and investment including: Enterprise Law, Investment Law, Commercial Law, Foreign Trade Management Law, Bidding Law, Real Estate Business Law, Securities Law, Transfer Instruments Law, Electronic Transaction Law, Technology Transfer Law, Competition Law, Commercial Arbitration Law... and many legal documents detailing and guiding the above laws issued by the Government, Prime Minister, and Ministries to facilitate foreign enterprises to invest and do business in Vietnam.
In addition, according to the Deputy Minister, Vietnam is an attractive investment destination because Vietnam has signed and implemented 16 Free Trade Agreements (FTAs) and is in the process of negotiating 3 other Free Trade Agreements, thereby establishing free trade relations with many of the world's leading trade partners.
" Thanks to these agreements, Vietnam has a large commodity market, and Vietnamese export goods enjoy tax incentives, including many groups of goods with a tax rate of 0% ," Deputy Minister Nguyen Sinh Nhat Tan emphasized.
 |
| Minister Stefan-Radu Oprea affirmed that Vietnam and Romania have great opportunities and potential for cooperation in all fields. |
Emphasizing the potential for cooperation between the two countries, Romanian Minister of Economy, Entrepreneurship and Tourism Stefan-Radu Oprea also said that the Dialogue and the 17th Meeting of the Vietnam - Romania Joint Committee are opportunities for the business communities of the two countries to exchange and seek investment and business cooperation opportunities, thereby promoting bilateral cooperation between Vietnam and Romania.
Minister Stefan-Radu Oprea affirmed that Vietnam and Romania have great opportunities and potential for cooperation in all fields, especially in economics, trade, investment, and education. In addition, opportunities for cooperation in traditional fields such as oil and gas or in new fields such as digital transformation, renewable energy, etc. are still open.
Continue to facilitate trade for import and export goods
Although the potential for cooperation between the two countries is still very large, according to Deputy Minister Nguyen Sinh Nhat Tan, in recent times, trade and economic cooperation between the two countries has not been as expected. In the period 2019 - 2022, bilateral trade between the two countries increased more than 1.6 times from 261 million USD to 425 million USD. Of which, Vietnam's exports to Romania increased 1.66 times from nearly 194 million USD in 2019 to 322.4 million USD in 2022; Vietnam's imports from Romania increased 1.52 times from 67.5 million USD to 102.6 million USD.
" However, the above figures are not commensurate with the potential and relations of the two countries " - the Deputy Minister commented and said that Vietnam's export turnover to Romania in 2022 only corresponds to 0.24% of Romania's imports, while Romania's exports to Vietnam only account for 0.03% of Vietnam's imports.
The Deputy Minister analyzed that the first and most important reason is that information about the markets of both sides is still limited. The business communities of both sides still lack information about each other, the understanding of the two countries' businesses about each other's markets and business cultures is still relatively sketchy, leading to ineffective cooperation; negotiations and bargaining take a lot of time and are carried out many times.
Along with that, geographical distance is a big barrier to understanding and penetrating each other's markets. High transportation costs and time consuming make it difficult for goods from each country to access each other's markets. On the other hand, non-tariff barriers are also a challenge in promoting trade cooperation between the two sides.
" These issues are being gradually resolved by state management agencies on both sides and trade between the two countries will have more favorable conditions " - Deputy Minister Nguyen Sinh Nhat Tan expected and clearly stated that in the coming time, connecting trade, sharing market information and facilitating trade for import and export goods... will be the areas that the two countries focus on implementing.
 |
| Mr. Ta Hoang Linh proposed solutions to help businesses of Vietnam and Romania exploit each other's strengths. |
Offering solutions to help businesses of the two countries exploit each other's strengths, Mr. Ta Hoang Linh - Director of the European - American Market Department (Ministry of Industry and Trade) proposed: The two sides need to promote information activities, market research; identify potential aspects in which both sides have strengths as well as the ability to compete to boost exports...
" The Ministry of Industry and Trade is always ready to create the most favorable conditions for the business communities of the two countries to have opportunities to exchange and connect trade through trade promotion activities, exhibitions... helping businesses of both sides penetrate deeper into each other's markets " - Director Ta Hoang Linh committed and said that in the near future, the Ministry of Industry and Trade is expected to organize a large-scale business delegation to visit and work in Romania to exchange and expand cooperation opportunities for the following industries: Textiles, footwear, seafood, household goods...
Within the framework of the Seminar "Promoting economic cooperation between Vietnam and Romania", the business communities of Vietnam and Romania had direct trade meetings to exchange and seek investment cooperation opportunities in areas of strength such as: Trade, electric cars, oil and gas, electricity, construction, aviation, tourism...
Source link
Comment (0)