Minister Nguyen Hong Dien meets with Bulgarian Minister of Economy and Industry Peter Dilov on the sidelines of General Secretary To Lam’s official visit to Bulgaria

Attending the meeting were representatives from Vietnam’s Ministry of Industry and Trade, including the Department of Foreign Market Development, the Ministry’s Office, the Electricity and Renewable Energy Authority, and the Vietnam Trade Office in Bulgaria. On the Bulgarian side, the meeting was attended by the Deputy Minister and senior officials from various departments under the Ministry of Economy and Industry.

At the beginning of the meeting, Minister Peter Dilov extended a warm welcome to Minister Nguyen Hong Dien and the delegation from the Ministry of Industry and Trade of Vietnam, expressing his delight at receiving them during General Secretary To Lam’s official visit to Bulgaria.

Minister Peter Dilov emphasized that Vietnam and Bulgaria share a long-standing friendship and noted that 2025 marks the 75th anniversary of diplomatic relations between the two countries. As a member of the European Union (EU), Bulgaria stands ready to support Vietnam in strengthening its economic and trade cooperation with the EU as a whole and continues to regard Vietnam as one of its key partners in Southeast Asia and across the broader Asian region.

Regarding trade, bilateral exchanges have continued to make encouraging progress. According to Bulgarian statistics, the two-way trade turnover reached USD 292 million in 2024, up 33.5% compared to 2023. In the first half of 2025, total trade amounted to USD 144.5 million, marking a year-on-year increase of 14.9%. Although imports from Vietnam remain high, Bulgaria hopes to rebalance trade by increasing exports of its traditional products such as agricultural goods and food, essential oils, cosmetics, wine, mineral water, and pharmaceuticals, as well as higher value-added products including electronic components, medical equipment, and electrical devices. The EVFTA and EVIPA agreements continue to play a pivotal role in facilitating the expansion of trade and investment between Bulgaria and Vietnam, as well as within the overall EU–Vietnam partnership framework.

Minister Peter Dilov noted that Bulgaria is entering a new phase of economic and institutional development. Following its accession to the Schengen Area, the country’s forthcoming entry into the Eurozone and its ongoing accession process to the OECD are expected to further enhance national stability, improve market accessibility, and strengthen Bulgaria’s attractiveness to investors and trade partners. The information and communications technology (ICT) industry remains one of Bulgaria’s fastest-growing sectors, generating approximately 5 billion euros in 2024, nearly 5% of national GDP, with more than 85% of revenue derived from exports. Bulgaria also maintains a strong competitive position in engineering, electronics, pharmaceuticals, and high-tech manufacturing, offering substantial opportunities for deeper cooperation with Vietnam.

The Bulgarian side welcomed Vietnamese enterprises to explore investment opportunities in potential areas such as high-tech manufacturing and services, ICT, electronics and electrical engineering, automobile production, agriculture and food processing, and tourism.

In his remarks, Minister Nguyen Hong Dien expressed his deep appreciation to Minister Peter Dilov and his colleagues at the Ministry of Economy and Industry of Bulgaria for their warm reception and thoughtful arrangements. Minister Nguyen Hong Dien affirmed that the visit of Vietnam’s high-level delegation would play a crucial role in advancing bilateral cooperation between the two countries. In particular, during this visit, the two sides announced the establishment of a Strategic Partnership. With the upgraded relationship, the effective implementation of the EU-Vietnam Free Trade Agreement (EVFTA), the upcoming ratification of the EU–Vietnam Investment Protection Agreement (EVIPA), and the active operation of the Intergovernmental Committee on Economic, Trade, Scientific, and Technical Cooperation between Vietnam and Bulgaria will form a solid foundation and strong driving force to further deepen cooperation in the coming years.

At present, the economic and trade relations between the two countries remain below their potential. Therefore, during the meeting, Minister Nguyen Hong Dien proposed that Bulgaria give special attention to and encourage businesses from both sides to explore investment and cooperation in several mutually beneficial strategic sectors as follows:

First, cooperation in information technology and digital transformation.

Bulgaria has notable strengths in information technology, particularly in software development, cybersecurity, and artificial intelligence (with companies such as Chaos Group). Vietnam could invite Bulgarian enterprises to establish research and development centers in Vietnam to take advantage of its young, dynamic, and cost-effective IT workforce. Conversely, Vietnamese companies such as FPT could partner with Bulgarian firms to deliver software services to the Eastern European market.

Second, enhancing cooperation in pharmaceuticals and medical technology transfer.

Bulgaria possesses a well-developed pharmaceutical industry (with leading companies such as Sopharma). The two sides could collaborate in producing generic medicines or vaccines in Vietnam using Bulgarian technology, while exporting Vietnamese pharmaceutical products to Eastern Europe through Bulgaria’s distribution networks.

Both sides could also promote joint ventures in the manufacturing of medical devices—such as diagnostic imaging equipment—in Vietnam, for example by investing in Hoa Lac Hi-Tech Park to benefit from tax incentives and other supportive policies.

Third, collaboration in developing high-tech agriculture.

Bulgaria has extensive experience in high-tech agriculture, particularly in the cultivation and processing of roses and medicinal herbs. Vietnam, with its vast agricultural land and abundant labor force, could learn from Bulgaria’s expertise in smart irrigation systems and high-quality crop varieties to improve productivity in regions such as the Mekong Delta and Central Highlands. Businesses from both countries could complement each other’s strengths and jointly expand into markets that have free trade agreements with Vietnam, including Southeast Asia, the Middle East, Africa, and Europe.

Fourth, leveraging each other’s strategic geographical advantages to access regional markets.

Both sides should encourage enterprises to expand cooperation in logistics. Vietnamese corporations such as Viettel or Vingroup could establish distribution centers in Bulgaria, utilizing the country’s strategic location as a gateway to Eastern Europe and the Balkans. Conversely, Bulgaria could use Hai Phong Port as a transit hub for its goods entering the ASEAN market.

Fifth, cooperation in cross-border e-commerce.

The two sides could jointly develop e-commerce platforms connecting Vietnamese small and medium-sized enterprises with Bulgarian consumers, while taking advantage of existing platforms such as Shopee or Lazada to distribute Bulgarian products to Vietnamese customers.

On this occasion, Minister Nguyen Hong Dien extended an invitation and a warm welcome to Minister Peter Dilov, the Deputy Minister, and other colleagues from the Bulgarian Ministry of Economy and Industry to visit Vietnam at the earliest opportunity. Both sides agreed to continue close coordination in organizing the 25th Session of the Intergovernmental Committee on Economic, Trade, Scientific, and Technical Cooperation between Vietnam and Bulgaria, to be held in Vietnam in 2026. Minister Peter Dilov expressed his appreciation and gladly accepted the invitation.