EconMin Oprea: Romania and Vietnam have complementary economies that can boost trade

The economies of Romania and Vietnam are complementary and can increase trade in many fields, from oil and gas to agriculture, Romania’s Minister of Economy, Entrepreneurship and of Tourism Radu Oprea told the Romania-Vietnam Economic Forum on Monday.

“They talk about the economic growth that Romania witnessed at a sustained pace, having one of the highest economic growths in Europe and in our region, as also Vietnam has one of the most dynamic economies, with a substantial economic growth year after year in your region. The two economies are complementary economies that can work together, that can increase trade, but that depends primarily on you. We talked at length today about oil and gas. (…) we managed to reconnect the University of Oil and Gas, the Prahova oil and gas industry, with Vietnam, with PetroVietnam, with all the refinery projects in which we were involved and where we can continue to be involved for the modernisation of this sector in Vietnam. In August, the Vietnamese market for Romanian wheat was already opened and now the market for poultry meat followed. The latest documents will be signed as it emerged at the latest joint commission meeting last year,” said Oprea.

He added that under an investment agreement initialled in 2019 between the European Union and Vietnam, 99% of the tariff lines in trade in goods with this country will be zero.

“Because we are at a chamber of commerce and industry of Romania, I want to talk about commercial and investment agreements. I believe and hope that June 30, 2019, when we signed the investment agreement with Vietnam in Hanoi, was a step, a solid basis for these investments to be made in Vietnam. (…) moving forward, tariff lines will be zero, 99% of them, that is, customs duties, will be lifted. These are opportunities that governments create, I am at your disposal today and I would like to issue you a challenge, especially since we are at the Chamber of Commerce and Industry of Romania (CCIR): make the most of these opportunities that the governments of Romania and the Vietnam are making available to the business community, starting with the trade agreement between the European Union and Vietnam, continuing with the investment agreement, with all the documents that were signed today, with the removal of all barriers to trade.”

On Monday, CCIR organized the Romania – Vietnam Economic Forum, an event attended by Romanian Prime Minister Marcel Ciolacu and the Prime Minister of Vietnam, Pham Minh Chinh.

Official statistics published on the website of the Romanian Ministry of Foreign Affairs (MAE) show that on June 30, 2021, growth in Romania’s trade with Vietnam intensified reaching USD 152.4 million (+19.7%), y-o-y.

Romanian exports increased by 90%, up to USD 38.1 million, and imports advanced 6.6% to USD 114.3 million.