Vietnam and Bulgaria agreed to take steps toward pushing bilateral trade to US$500 million in the coming time during talks between Vietnamese State President Luong Cuong and his Bulgarian counterpart Rumen Radev on Monday.

The talks took place in Hanoi following a welcoming ceremony hosted by the Vietnamese leader for President Radev and his spouse, who are on a five-day official visit at President Cuong's invitation.

Cuong told Radev that Vietnam always wishes to further cooperation with Bulgaria.

He views Bulgaria as one of the Southeast Asian country's prioritized partners.

President Radev remarked that Vietnam, with its impressive economic progress and growing political influence, has emerged as a key player in the region's development.

He added that Vietnam is a key Southeast Asian partner to Bulgaria and expressed his wish to promote cooperation in all fields between them.

The two leaders discussed major orientations and specific measures extensively to strengthen cooperation and elevate bilateral relations in the coming time.

Regarding trade and investment as a crucial pillar of their bilateral relations, both sides agreed to implement effective measures to enhance market access for each other's goods, with the aim of boosting two-way trade to $500 million in the near future, more than double the 2023 figure of $211.3 million.

Their trade reached $229.2 million in the first ten months of 2024, equal to 108 percent of the turnover of 2023, according to official figures.

The two presidents pledged to step up the execution of existing cooperation mechanisms as well as encourage relevant agencies and businesses to continue to effectively implement the EU-Vietnam Free Trade Agreement.

They also shared the need to beef up investment cooperation in areas where Bulgaria excels, such as information technology and supporting industries.

President Radev is accompanied by representatives of many large Bulgarian enterprises which he hopes will set up cooperative agreements in trade and investment with their Vietnamese partners.

The Vietnamese leader thanked Bulgaria for being one of the first EU member states to ratify the EU-Vietnam Investment Protection Agreement, suggesting that Sofia has a voice in urging the remaining EU countries to follow suit.

He also urged Bulgaria to support Hanoi's efforts to have the European Commission remove the illegal, unreported, and unregulated fishing ‘yellow card’ warning against Vietnamese seafood exports.

Agreeing with his host’s proposals, President Radev stated that Bulgaria, given its strategic geographical position, is ready to serve as a gateway for Vietnam to access the EU market.

He concurred that both sides need to expand cooperation in traditional areas such as defense, security, education, training, science, technology, agriculture, culture, sports, tourism, and people-to-people exchange while fostering collaboration in new spheres such as digital transformation, information technology, mineral processing, and environmental protection.

The two sides agreed to facilitate the issuance of entry visas to citizens of both countries as well as further expand multifaceted cooperation between localities of the two nations.

Regarding politics and diplomacy, both countries consented to continue enhancing contacts and exchanges of delegations at all levels through various channels.

President Radev invited his Vietnamese counterpart to visit Bulgaria, a request which President Cuong gladly accepted.

Following their talks, the two leaders issued a joint statement and co-hosted a press briefing.

They also witnessed the signing and exchange of cooperative agreements in areas such as economics, trade, education, and local collaboration.

Vietnam and Bulgaria established diplomatic relations in February 1950 and are looking forward to celebrating 75 years of their ties in 2025.

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