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Room to develop Vietnam-Hungary bilateral relationship PDF Print
Monday, 02 October 2017 16:55

VIETRADE – There remains room forVietnam andHungary to accelerate bilateral economic relationship. Beside to trade and investment, energy, high-tech agriculture and information technology are promising sectors for two-way co-operation.


Hungarian Prime Minister Viktor Orbán spoke to the press on September 25 during his official trip toVietnamthatHungaryalways prioritizes its relationship withVietnamand hopes to boost comprehensive ties with the Southeast Asian country. 


The Prime Minister and his Vietnamese counterpart Nguyen Xuan Phuc agreed to foster increase bilateral trade and investment with focus on facilitating two countries’ businesses to network and penetrating into each other’s market. 

The Hungarian government always protects investors, including Vietnamese companies, with low tax rates and many incentives, Prime Minister Viktor Orbán said, calling for more investment interest from Vietnamese businesses. 


The Prime Minister also suggested Vietnamese companies to seek co-operation with Hungarian companies in the fields of Hungary’s strength such as health-care, pharmaceutical, information technology, agriculture and food.


During a Vietnam-Hungary Business Forum held inHanoion September 25, Jamniczky Zsolt, a representative of E.ON Company,Hungary’s leading energy provider, said his company wants to study the Vietnamese market to invest in energy and energy equipment, especially solar power.


Other Hungarian firms at the event also expressed interest in varied investments inVietnam, ranging from bio-fungicides for agriculture to transmission lines protection.


Statistics showed out that two-way trade between the two nations reached US$266 million in 2016, surging 35.7% from 2015.


During the previous year,Vietnamexported US$93 million worth of goods toHungary, up 41% year on year with main items including textiles and garments, footwear, computers, electronic components, transportation vehicles and spare parts.


Meanwhile, the country’s main imports fromHungaryincluded pharmaceutical products, machinery, spare parts, chemicals and animal feed.


In the first four months of this year, bilateral trade experienced a positive yearly rise of 8.3% to US$104.4 million.Vietnam’s export toHungarystood at nearly US$50.6 million in the period, up 102% and its import topped US$53.8 million, up 69%. 


Computers, electronics and components made up a lion share of four-month export turnover at 40.7% or equivalent to nearly US$20.6 million. Automobiles and accessories accounted for 3.9%, reaching nearly US$2 million. It was followed by textile and garment at over US$1 million and footwear at US$0.3 million.

In terms of investment,Hungaryhas invested US$51 million in 15 projects inViet Nam, ranking 55th among 105 countries and territories with investment in the country.Hungary’s projects cover manufacturing, communications and real estate.


Beside to a framework agreement on financial cooperation worth 60 million euros to help southern Can Tho city to build oncology hospital, the two countries also inked an another framework agreement on credit co-operation worth US$440 million for projects on water management, pharmaceuticals, health care, IT and agriculture.


Hungaryalso set up a representative office inHo Chi Minh Cityto further bilateral economic co-ordination.


According to trade experts, the Hungarian Prime Minister’s visit will open up a new page for bilateral economic relation in the coming years./.

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