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… [Read full story]
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