site.btaBulgaria Prioritizes Development of Economic Ties with Vietnam, Says Deputy Economy Minister Barbalov

Deputy Minister of Economy and Industry Doncho Barbalov said here on Thursday that the economic and trade ties between Bulgaria and Vietnam are developing in a positive direction, but there is untapped potential that both countries should strive to use. He was addressing a Bulgarian-Vietnamese Economic Cooperation Forum, organized by the Bulgarian Chamber of Commerce and Industry (BCCI) and the Embassy of the Socialist Republic of Vietnam on the occasion of 75 years since the establishment of diplomatic relations.  

Barbalov expressed hope that Thursday's event will become a platform for deepening bilateral partnerships and for new business projects in key sectors for both economies. "The development of economic relations with Vietnam is an important priority for Bulgaria, taking into account the context of Bulgaria's EU and Schengen membership and expected eurozone membership," Deputy Minister Barbalov said, adding that all these are preconditions for Bulgaria to become a gateway to the 500-million-strong market of the united EU.

He acknowledged the existence of dynamics in the economic relations between the two countries, attaching importance to the EU's trade agreement with Vietnam signed in 2020, the free trade agreement between Bulgaria and Vietnam signed in 2023 and the 2024 meeting of the bilateral economic commission. 

The trade turnover between Bulgaria and Vietnam in 2024 reached USD 292 million, which is an increase of 33.5% compared to 2023. It also grew in the first months of 2025, with an increase of 29% compared to the same period of 2024. "The percentage increase in turnover is high, but as a base we are at a relatively low level. So there is a very serious potential for the development of economic ties between the two countries," Deputy Minister Barbalov said.