Vietnamese Prime Minister Pham Minh Chinh and his Romanian counterpart Ion-Marcel Ciolacu set the goals of tightening trade relations and creating optimal conditions for investors from the two countries to do business in each other’s markets.

The top Romanian official made the statement when he and PM Chinh were attending the Vietnam-Romania Business Forum held in the Romanian capital of Bucharest on Monday, at which participants were briefed on the investment potential, opportunities, business climate, economic growth strategies, and policy regimes in the two nations.

The two PMs set a goal to double bilateral trade by 2030 by calling on more Vietnamese and Romanian businesses to expand their investment in each other’s markets.

PM Ion-Marcel Ciolacu said that Romania wants to cooperate with Vietnam in industries such as IT, pharmaceuticals, agriculture, and food.

He also hoped that more Romanian products of high quality would be offered to the Vietnamese market.

He underlined the urgent need to establish collaboration among operators of Vietnamese and Romanian ports, expressing his hope that further trade and investment events would take place in port cities of the two countries.

Vietnamese Prime Minister Pham Minh Chinh (L, 2nd) shakes hands with his Romanian counterpart Ion-Marcel Ciolacu (R, 2nd) at the Vietnam-Romania Business Forum held in Bucharest, Romania, January 22, 2024. Photo: Nhat Bac / Tuoi Tre

Addressing the business forum, PM Chinh elaborated on Vietnam’s three breakthrough strategies in terms of institutions, human resources, and infrastructure, which would pave the way for businesses to cut input costs and enhance their competitiveness to achieve sustainable business growth in Vietnam.

PM Chinh also affirmed that Vietnam always strives for the goal of being an independent and self-reliant economy to ensure investor confidence grows further.

The Southeast Asian country prioritizes cooperation in the fields of the digital economy, green economy, circular economy, and knowledge-based economy.

The solid political foundation between Vietnam and Romania will help facilitate their economic, trade, and investment cooperation ties, PM Chinh said.

The Vietnamese government leader suggested that businesses from the two countries make the most of the EU-Vietnam Free Trade Agreement and EU-Vietnam Investment Protection Agreement to boost their collaboration, particularly in such sectors as mechanical engineering, specialized machinery, medical equipment, pharmaceuticals, telecommunications, renewable energy, and automobile manufacturing.

The Vietnamese government pledges support for international investors, including the Romanian ones to set up and do business in the long run in Vietnam, PM added.

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