Ştefan Radu Oprea, Minister for Business Environment, Commerce and Entrepreneurship, is promoting Romania as a profitable business destination during an official visit to the Socialist Republic of Vietnam on 22-23 October at the invitation of his counterpart, Tran Tuan Anh, the Vietnamese Minister of Industry and Trade.
Today, Minister Oprea met Industry and Trade Minister Tran Tuan Anh, his deputy, Co-Chairman of the Intergovernmental Economic Cooperation Committee, Hoang Quoc Vuong, and the Vice-President of the Vietnam Chamber of Commerce and Industry, Doan Duy Khuong.
One of the bilateral talks conclusions was that there is a need for pragmatic actions to increase the volume of trade and attract investment in areas of common interest for the two economies.
“We provide foreign entrepreneurs with all information they need to identify investment projects in Romania. I invite Vietnamese companies interested in the Romanian business market to contact InvestRomania’s specialized departments that will accompany them throughout the implementation of the investment. Also, Vietnamese investors can benefit from a series of measures that regulate the public-private partnership regime and the facilities the Romanian government offers for involving in the selected strategic projects”, Minister Radu Oprea said.
One of the important topics on the agenda was to organize, as soon as possible, the next session of the Romanian-Vietnamese Intergovernmental Intergovernmental Commission, to be held in Bucharest in the first part of 2019.
“The work of the Joint Commission represents an opportunity for the Vietnamese business to develop trade relations and identify new cooperation projects with Romania. Achieving a volume of bilateral trade of $ 500 million is a feasible goal”, said Tran Tuan Anh, the Vietnam Socialist Republic Minister of Industry and Commerce.
During the talks, Vietnamese officials insisted on the importance the Hanoi government attaches give to EU Council Romanian presidency, particularly through the finalization of the EU-VIETNAM Free Trade Agreement.
In this context, the Romanian Minister stressed that “it is necessary to involve the Vietnamese authorities in the implementation of this agreement in its spirit of trade liberalization”.
Today’s discussions reached other areas of collaboration, as well, such as tourism, the continuation of the Romanian Government’s scholarships granting for Vietnamese students in the next period, and also the exchange of skilled labor.
The Romanian official has also attended the Business Forum organized in the margins of the visit, attended by more than 70 Vietnamese businesspeople, many of whom have graduated from universities in Romania.
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As part of the Vietnamese-Romanian collaboration, priority areas for the Vietnamese party are energy, oil and gas, new competitive areas, especially in the Industry 4.0 area, robotics and IT.
For the Romanian party, increasing exports is a priority, highlighting the competitiveness of domestic products in areas such as: equipment and spare parts for the petroleum, gas and petrochemical industry, power equipment and components, equipment and spare parts for metallurgy, equipment and know-how in mining, various machine tools, steel products (including pipes for the petroleum and natural gas industry), electrical and electronic equipment, automotive components, building materials, furniture, food, etc.
On 31.08.2018, bilateral trade volume was USD 145.66 million, of which USD 34.57 million was Romanian exports and USD 113.19 million of Romanian imports.
According to National Trade Register Office data, on September 30, 2018, the number of companies with Romanian-Vietnamese mixed capital in Romania amounted to 952, with a share capital of USD 4.96 million. The share in the total number of companies with foreign investment in Romania is of 0.41%.
Ministry for the Business Environment,
Commerce and Entrepreneurship