Today, Monday, April 15, 2019, during the official visit of Prime Minister Nguyen Xuan Phuc to Romania, Mr. Tran Trong Hieu, President of IDJ Group and Mr. Sorin Grama – Popovici, Director of G&P signed an official agreement of cooperation between IDJ Group and G&P company of Romania under the witness of Vietnamese Prime Minister and Romanian Deputy Prime Minister, Mr. Viorel Stefan in Bucharest – Romania capital.
Mr. Tran Trong Hieu, chairman of IDJ Group (on the right) and Mr. Sorin Grama – Popovici, Director of G&P (on the left) signed an agreement of cooperation with the presence of Vietnamese Prime Minister and Deputy Prime Minister of Romania
Under this agreement, the two sides will promote investment opportunities in the two countries in the field of real estate and education and a number of other cooperation categories.
Since 1990, Romania has been implementing market-oriented economic reforms, facing many difficulties in the first 10 years, such as inflation and unemployment. Since 2000, the economy has continued to grow well, GDP in 2008 increased by 8%. Since the end of 2008, Romania has been severely affected by the world economic crisis: its unemployment nearly doubled (8.2%), its budget is highly deficit and it is forced to apply austerity policy and ask for the assistance (20 billion euros) of the International Monetary Fund (IMF), the World Bank (WB) and the EU. In 2009, the economy of Romania decreased by nearly 8%, 1.2% in 2010, but since 2011 it started to grow again (mainly due to exports).
Romania self-supplies half of its domestic demand for oil and two-thirds for gas. It has great potential for agriculture, but much of its land is abandoned (0.8 million hectares) and due to its inactiveness in irrigation, it has had to import food for years (before 1989, Romania exported about 10 million tons of food each year). Key agricultural products include wheat, corn, barley, sugar beet, sunflower seeds, potatoes, grapes, eggs, lamb… Major industrial products include electrical equipment, textiles, leather shoes, machinery, cars, mining products, furniture, construction materials, steel, aluminum, chemicals, processed food, gas, petrochemical products, pharmaceuticals, wine…
Large economic groups: Romgaz (gas), SNP Petrom and Rompetrol (petrochemical), ElectroPutere (electric equipment, locomotives), Olchim (chemical), Dacia (car), Artic (refrigeration , household items), Sidex Galati (steel), Alro Slatina (aluminum), Sicomed (pharmacy), Romsilva (wood-forest), Mobexpert (household furniture) …
Romania is one of the European countries that has provided economic support to Vietnam since the years of war. According to both leaders of the two countries, economic, trade and investment relations between the two countries are below potential.
The leaders of the two countries are committed to promoting bilateral trade and investment to a new level from 2019 onwards. Cooperation between IDJ and G&P is one of the motivating factors of this program.
IDJ delivers news from Bucharest, Romania.
