Bulgaria vows to support HCM City’s businesses

Friday, 2018-09-21 16:27:31
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Bulgarian Minister of Economy Emil Karanikolov expresses his country’s willingness to support Vietnamese enterprises investing in the Balkan nation.
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NDO – Bulgaria is willing to support Vietnamese enterprises in general, and businesses in Ho Chi Minh City in particular, to invest in various fields in the Balkan nation.

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The statement was made by Bulgarian Minister of Economy Emil Karanikolov at the Vietnam-Bulgaria Business Forum, held in HCM City on September 21.

Hosted by the Vietnam Chamber of Commerce and Industry branch in HCM City (VCCI HCMC), the event was held on the occasion of an ongoing visit by the Bulgarian Governmental mission and businesses to Vietnam, led by Minister Karanikolov.

Speaking at the forum, Minister Karanikolov affirmed that Vietnam is both a traditional and an important partner of Bulgaria in Southeast Asia. Regarding HCM City, the guest stated that the southern economic hub is the most advanced region in terms of ​​socio-economic development in Vietnam, which strongly attracts foreign investment.

The visiting minister also expressed his willingness to support enterprises from HCM City to invest in areas such as IT, agriculture, services, transport and tourism in accordance with the Investment Promotion Act of Bulgaria.

More than 20 businesses from Bulgaria and HCM City discuss cooperation opportunities at the forum.

In particular, Bulgaria will create favourable conditions for Vietnamese enterprises to participate in the industrial parks and high-tech zones in the European country, Minister Karanikolov added.

Vo Tan Thanh, Director of VCCI HCMC, said that Vietnam and Bulgaria have developed close ties over many years. By 2017, the total trade turnover between the two countries reached over US$109 million, of which Vietnam's exports to Bulgaria accounted for US$38.36 million. In the first eight months of 2018, two-way trade turnover reached over US$55 million, with Vietnam's exports to Bulgaria hitting US$21.6 million.

Bulgaria has 11 FDI projects in Vietnam with a total registered capital of US$58 million, covering the fields of processing and manufacturing, information and communication, science and technology, and services. In particular, Bulgaria also invested in projects related to treating waste oil to process it into industrial oil and oil for civil use.

The forum attracted more than 20 Bulgarian businesses and a large number of businesses in HCM City to exchange experience and seek cooperation opportunities.