Bulgaria - Vietnam Economic Relations
The Republic
of Bulgaria and the People’s Republic of Vietnam have long lasting economic
and cultural relations. Currently over 2 600 Vietnamese live and work in
Bulgaria.
Stepping up
above the traditional friendship between those two nations, the economic
relations are based on the extensive economy potential of Vietnam and trade
liberties of Bulgaria.
The GDP of
Vietnam in 2016 is $ 212 billion, with growth of 6.21%., a local inflation - 1.9%
and an unemployment - 3.7%. In 2016 Bulgaria has 10 investment projects in
Vietnam with capital of $ 61 million. Vietnam is exporter of telephone
sets, electronic products, footwear, textiles and clothing, rice, agricultural and aquaculture production, coffee and etc. In 2016 the trade
between Bulgaria and Vietnam is at the amount of $ 217 million. The trade
relations between two countries are grown over 10 times for the last 10 years. As
of 2016, Bulgaria exported goods at the amount of $170 million and import from Vietnam
- $ 47 million.
The potential
to deepen bilateral cooperation in all spheres of agriculture and trade is
under progress with finalizing the negotiations of EVFTA (EU-Vietnam
free trade agreement). Currently, the growing trade between the two countries
will be boosted further with implication of EVFTA. The agreement includes the
elimination of nearly all tariffs (over 99%). Vietnam will liberalize tariffs
over a 10-year period and the EU will liberalize tariffs over a 7-year period. Also covers
non-tariff barriers to trade and other trade related aspects such as public
procurement, regulatory issues, competition, services, investment, intellectual
property rights, and sustainable development.
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