site.btaUPDATED President Radev Says Bulgaria, Vietnam Should Use Their Strategic Geographical Locations to Their Advantage

President Rumen Radev Thursday said that Bulgaria and Vietnam should use their strategic geographical locations to their advantage. He was speaking at the opening of a business forum in Sofia dedicated to exploring opportunities for bilateral cooperation.

"Vietnam being in Southeast Asia, and Bulgaria in Southeast Europe and serving as an entry point for all goods and services entering from Asia into Europe," the head of State specified.

Radev highlighted the strong historical ties between the two countries and their long-standing friendship marked by mutual respect and support.

"It was Bulgaria that stood by the Vietnamese people during one of the most challenging periods in their history. We are proud that decades ago, over 30,000 Vietnamese nationals were trained, educated, professionally qualified, and given job opportunities in our country. Today, they form a bridge between our peoples. That cannot be measured in numbers," the President said.

Trade between the two countries is growing but remains far from reaching its full potential, he noted.

"Vietnam has made impressive progress in recent decades. The reforms you are implementing are reflected in rapid socio-economic development and steady, high, and sustainable growth. We cannot see such figures in Europe - no European country achieves 7–8% growth," Radev said.

The head of State noted that Bulgaria had positioned itself as an innovation hub in Southeast Europe. "Bulgaria offers a number of competitive advantages in innovation, artificial intelligence, high technology, and high-tech manufacturing with high added value," he added.

Bulgaria has a rapidly developing automotive sector, with over 350 companies employing more than 80,000 people, contributing 12% of this country’s GDP. There is no European car manufactured in Europe that does not include parts, components, systems, or software produced in Bulgaria, Radev said.

Bulgaria is home to one of the fastest-growing space companies in the world that manufactures satellites and a wide range of communication systems for satellite navigation, with its products rapidly expanding globally, the President added.

Thursday's event, organized by the Bulgarian Small and Medium Enterprises Promotion Agency in partnership with Vietnam's Foreign Investment Agency, aims to encourage contacts and present prospects for cooperation and partnership between Bulgarian and Vietnamese companies.

General Secretary of the Communist Party of Vietnam, To Lam, is on an official visit to Bulgaria at the invitation of President Rumen Radev. The visit is taking place in the context of the 75th anniversary of the establishment of diplomatic relations between the two countries and is part of the Vietnamese leader's European tour.