Deputy Prime Minister Trịnh Đình Dũng delivered this statement during the Việt Nam – Romania Business Forum held yesterday in the capital.

 

Despite witnessing significant increases over past years, trade ties between Việt Nam and Romania still lagged behind their potential and expectation from the two nations, he said.

 

In his speech at the forum, Prime Minister of Romania Dacian Ciolos outlined oil and gas, shipping, technology, agriculture and tourism as promising sectors for bilateral co-operation in the time to come.

 

Hoàng Quang Phòng, vice chairman of Việt Nam Chamber of Commerce and Industry (VCCI) blamed the unsatisfactory trade relations on inadequate information about each nation’s enterprises, significant transport costs due to geographic distance as well as on difficulties in customs and payment which firms from the two nations encounter.

 

The two countries were enjoying huge opportunities to effectively exploit each other’s potential in order to speed up the forging of commercial ties, Phòng told the conference.

 

Meanwhile, deputy head of the Ministry of Industry and Trade’s European Market Department Nguyễn Khánh Ngọc called on Romanian support in developing domestic suppliers of parts. For example, Romania could assist Việt Nam in establishing centres on supplying components in machinery engineering, and electronics, as well as providing raw materials in textile and garment sector. 

 

Việt Nam’s trade with Romania reached US$176 million in 2015, with more than $100 million from Vietnamese exports, according to statistics from the General Department of Customs.

 

The trade reached $57.4 million in the past five months of this year, up 5.6 per cent year-on-year. Of the sum, Việt Nam exported $38.7 worth of goods to Romania including coffee, seafood, clothing, footwear, and electronics products while it spent $18.7 million in importing wheat flour, machines and chemicals from the partner.

 

As of April, Romania had three projects, worth $2.1 million, in Việt Nam. In return, Việt Nam ranked 70th among foreign investors in Romania with 257 projects capitalised at $4.4 million.