She made the statement during the Vietnam-Romania Business Forum held in Ho Chi Minh City on June 15.
Oana Bizgan said that Romania has encouraged domestic and foreign investment to shift towards high-tech industries in the country, while suggesting Vietnam’s enterprises seek opportunities to invest in potential sectors such as technology, electronics, electrical engineering, ICT, agriculture, and oil and gas.
She added that Romania is an attractive investment destination, with a favourable gateway position to penetrate the EU market.
Currently, Romania has more than 130 direct flights to EU countries. A completed infrastructure, high-speed internet, and reasonable cost of fuel are among the competitive advantages of the country’s economic development.
Compared to other countries in the EU, Romania has lower labour costs but a highly skilled workforce, as well as a competitive tax system with various incentives.
Two-way trade turnover between Vietnam and Romania increased from US$ million during 1995-1999 to over US$150 million during 2010-2015. In particular, 2015 was the second consecutive year the two-way trade turnover reached over US$150 million, hitting US$175.6 million.
Vietnam mainly exports coffee, seafood, garments and footwear, electronic products, and computers to Romania and imports wheat, machinery parts, chemicals, and iron and steel materials from the European country.
Director of the Vietnam Chamber of Commerce and Industry (VCCI)-Ho Chi Minh City branch Vo Tan Thanh noted that trade between the two countries has not yet reached its full potential, adding that Vietnam and Romania have great potential for co-operation in various fields to complement each other.
He urged the business community of the two countries to make further efforts to promote the available potential through a number of specific measures such as strengthening trade promotion, establishing direct partnerships, enhancing marketing, and promoting each other's products.
At the same time, Vietnam and Romania need to study the possibility of establishing joint ventures on the basis of each party's strengths, ensuring product supply to the two markets.
