Romania eyes doubling trade with Vietnam to $1bn, inks 19 bilateral cooperative deals

Romania eyes doubling trade with Vietnam to $1bn, inks 19 bilateral cooperative deals

Vietnamese Prime Minister Pham Minh Chinh (L) and his Romanian counterpart Ion-Marcel Ciolacu co-chair a press conference announcing the results of their talks in Bucharest, January 22, 2024. Photo: Nhat Bac / Tuoi Tre

Romania wishes to boost the two-way trade with Vietnam to US$1 billion, over twice that last year, while strengthening ties in other fields, Prime Minister Ion-Marcel Ciolacu said in a talk with Vietnamese PM Pham Minh Chinh on Monday, after which they witnessed the signing of 19 cooperative agreements were signed. 

The talks took place after Prime Minister Ciolacu hosted a welcome ceremony for PM Chinh, who and his spouse and their entourage arrived in Bucharest last Saturday for an official visit, according to Tuoi Tre (Youth) newspaper reporters from the Romanian capital city.

PM Ciolacu attributed great significance to PM Chinh’s visit, which came as the two countries are set to mark the 75th anniversary of bilateral diplomatic ties next year.

The fact that Chinh was a former student and diplomat in Romania is a pride to the European country, and his visit served a strong message for the importance of the relationship between the two nations, Ciolacu said.

The host affirmed that Vietnam is one of the top important partners of Romania in Asia-Pacific, and expressed his wish to boost two-way trade to $1 billion in the years to come.

According to the Vietnamese Ministry of Industry and Trade, the bilateral trade between both sides experienced a robust increase, surging from $261.4 million in 2019 to $431 million in 2023, marking a 1.65-fold rise.

He and PM Chinh agreed to further promote bilateral cooperation mechanisms, especially the Intergovernmental Committee on Economic Cooperation between Vietnam and Romania, and continue to fully implement the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA).

With its undeniable advantages, including a strategic geographical location with access to the entire European continent, Romania wants to become a main partner in bringing Vietnamese goods into the European market, the Romanian leader said.

He also promised to encourage large Romanian enterprises in the fields of gas, electricity, and others to develop partnerships with Vietnamese companies.

Ciolacu identified agriculture and the pharmaceutical industry as two areas of strategic cooperation and suggested launching pilot aquaculture projects, in which Vietnam has great experience.

He thanked Vietnam for gifting Romania with 10,000 doses of African swine fever vaccine, produced by Vietnam, and expressed a desire to join hands with Vietnam in making African swine fever vaccines in Romania to supply itself and the broader European market.

PM Chinh expressed his joy to visit the beautiful, friendly, hospitable country of Romania, where he once studied, worked and had many beautiful memories and deep attachments.

<em>Romanian Prime Minister Ion-Marcel Ciolacu (R) and his Vietnamese counterpart Pham Minh Chinh witness the signing of one of 19 cooperative documents following their talks in Bucharest, January 22, 2024. Photo</em>: Vietnam News Agency

Romanian Prime Minister Ion-Marcel Ciolacu (R) and his Vietnamese counterpart Pham Minh Chinh witness the signing of one of 19 cooperative documents following their talks in Bucharest, January 22, 2024. Photo: Vietnam News Agency

He was thankful for the warm welcome that the Romanian side gave to the Vietnamese delegation, affirming that this visit conveyed a strong message to strengthen political trust and a desire to beef up the traditionally friendly and cooperative relationship between the two countries.

Vietnam is ready to serve as a gateway for Romanian goods to access the Vietnamese and ASEAN markets, Chinh said.

He suggested Romania urge other EU member states to ratify the EVIPA, and push for the European Commission (EC) to remove the IUU fishing “yellow card” warning on Vietnamese seafood products.

The two PMs pledged to expand collaboration in new fields, including information technology, creative innovation, the digital transformation, green transition, and circular economy, while promoting cooperation in traditional areas, including education and training, sci-tech, defense and security, labor, culture, sports and tourism, among others.

On behalf of the Party, State and people of Vietnam, the Vietnamese government chief expressed gratitude to Romania for its valuable support and assistance over the past 75 years, always standing by Vietnam in difficult times.

He extended high appreciation for Romania for being the first EU member country to provide 300,000 vaccine doses and various medical supplies for Vietnam to combat the COVID-19 pandemic.

The PM also thanked the Romanian government for creating favorable conditions for the Vietnamese community in Romania to integrate deeply into the local society and act as a bridge for cooperation and friendship between the two nations.

They agreed to continue strengthening contact and exchange of delegations at all levels to enhance political trust and mutual understanding as a foundation for promoting and deepening bilateral comprehensive cooperation.

Regarding multilateral cooperation, the two sides agreed to continue to coordinate closely and effectively at the United Nations, ASEM, ASEAN, and the EU to jointly address regional and global challenges.

In discussing regional and global issues, both host and guest supported the resolution of disputes by peaceful means in accordance with international law.

After the talk, the two leaders witnessed the signing of 19 cooperative agreements between the two countries’ ministries, agencies and localities in the fields of economics, culture, labor, and education and training.

On this occasion, universities from both sides signed many agreements to further promote educational cooperation between the two countries

The two PMs also co-hosted a press briefing to announce the results of their talks.

Source: Tuoi Tre News