The signing ceremony was held at the witness of Vietnamese Minister of Industry and Trade , Mr. Tran Tuan Anh and Bulgarian Minister of Economy, Mr. Bojidar Loukarsky, representatives of the Bulgarian Embassy to Vietnam, Bulgarian and Vietnamese officials as well as business men.
According to the memorandum of the cooperation, as government banks, the two sides will cooperate to support trading activities between enterprises of the two countries, especially SME enterprises, enterprises operating in the fields of agricultural and agro-industrial development, promoting exports and imports of goods and services between the two countries.
At the Vietnam Bulgarian Business Forum, according to Vietnamese Minister of Industry and Trade Mr. Tran Tuan Anh, Vietnam - Bulgaria has the high potential of bilateral trade and investment. Mr. Anh noted that export and import product between the two countries are variable. Vietnam’s major export goods to Bulgaria are coffee, garment and textiles, seafood, pepper and cashew while importing pharmaceuticals, chemicals, pesticides, wheat, and machinery. However, despite rapid growth in recent years, the trade exchange has been modest and yet to match the potential about $ 100 million per year.
MoC signature between the two banks will be one of the initiatives to promote trade activities of the enterprises of the two countries, thus contributing to strengthen the friendly relations between the two countries.
Bulgarian Development Bank (BDB) is a credit institution – joint-stock company with 99.99% state holding and it is established in 1999 under the name of Encouragement Bank. The priorities in the activity of BDB are in conformity with the economic policy of the Government of Republic of Bulgaria. One of the key priorities of BDB is to promote small and medium sized enterprises’ development of industrial and agricultural goods and services of Bulgarian origin and to contribute to diversification of the country's exports./.