Vietnam, Romania strengthen cooperation in trade, automotive manufacturing
Deputy Minister of Industry and Trade Nguyen Hoang Long met with President of Romania's Prahova Chamber of Commerce and Industry Aurelian Nicolae Gogulescu in Hanoi on October 14, during which they discussed strengthening economic and trade cooperation.
Gogulescu highlighted the chamber's long-term collaboration with Vietnam, dating back to 2001, particularly in the oil and gas sector, and education-training.
They acknowledged positive developments in the bilateral trade on the basis of the EU-Vietnam Free Trade Agreement (EVFTA). However, they said, the outcomes have yet to match the potential of both sides.
The two sides agreed to step up cooperation in the areas where they have strengths, such as automobile manufacturing, education-training in the oil and gas sector, high-tech agriculture, and IT.
Vietnam and Romania planned to organise the 18th meeting of their Joint Commission on Economic Cooperation in Romania in 2025 as part of activities celebrating the 75th anniversary of the bilateral diplomatic relations.
Trade between the two countries grew by 37.5% in the first eight months of 2024 to over US$350 million, according to the Vietnamese Ministry of Industry and Trade.
From 2019 to 2023, the bilateral trade rose more than 1.65-fold, but it represented only 0.06% of Vietnam’s total trade and 0.2% of Romania’s.
