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Dinh Vu


Last updated: Friday, September 21, 2018


Vietnam, Hungary Fostering Multifaceted Cooperation

Posted: Tuesday, October 03, 2017

More than 50 Hungarian companies engaged in agricultural services, agricultural mechanical engineering, agricultural product processing, agricultural waste treatment, workshop dismantling, heavy industry, light industry, healthcare, information technology, banking, architecture, construction, home appliance production, general business and trading, and others had a direct meeting with Vietnamese businesses at the Vietnam - Hungary Business Forum.

The forum was hosted by the Vietnam Chamber of Commerce and Industry (VCCI) in cooperation with the Hungary Trade House and the Embassy of Hungary in Hanoi on the occasion of the Vietnam official visit by Hungarian Prime Minister Orbán Viktor. This was a good opportunity for both sides to update latest information on investment incentive policies and cooperation opportunities in many potential fields.

Vietnam’s Deputy Prime Minister Vu Duc Dam said Vietnam and Hungary have a very good traditional relationship and the two governments necessarily further promote trade and investment ties with concrete and practical solutions.

He affirmed that Vietnam not only encourages big enterprises to exchange in traditional trades but also stimulates small and micro enterprises and new fields. The Government of Vietnam is committed to creating the most favourable conditions for Hungarian businesses to develop trade and investment relations with Vietnam.

Data showed that bilateral trade has grown significantly for the past two decades, reaching US$266 million in 2016, up 35.7 per cent from 2015. Of the sum, Vietnam’s exports to Hungary valued US$93 million, an increase of 41 per cent. In the first four months of 2017, the value reached US$104.4 million, 8.3 per cent higher than the corresponding period of 2016.

Vietnam’s exports to Hungary included computers, electronic components, transportation vehicles and spare parts, apparels and footwear.

Addressing to the forum, Hungarian Prime Minister Orbán Viktor affirmed that Vietnam and Hungary have 47 years of diplomatic relations and it is right to choose Vietnam as a strategic partner. The good bilateral traditional friendship is the foundation for the two countries to improve their trade and investment in the coming time. In fact, the two-way trade turnover has grown at a very high rate of 30 - 40 per cent a year. Nevertheless, the scale does not match their potential.

He added that Vietnamese companies can cooperate with Hungarian companies in some industries that the latter is strong at like healthcare, information technology, traffic organisation, population management, State operation mechanism, security, food hygiene and safety, and especially food and agriculture that Hungary has led the world for decades.

He said that Hungarian companies look for cooperation from Vietnamese companies and pledged that the Hungarian government always protects investors, including Vietnamese, with low tax rates and many incentives.

At the forum, Prime Minister Orbán Viktor and Deputy Prime Minister Vu Duc Dam witnessed the signing of many cooperation agreements on water management and SME support between the two countries.

Currently, Hungary regards Vietnam as a priority partner in its ODA policy with a total amount of preferential loans of up to EUR535 million, including EUR440 million under the “Financial Cooperation Framework Agreement” signed January 2017.

Hungary is also helping Vietnam to build Can Tho Cancer Hospital with the preferential loans from Hungary. The country also focuses on promoting cooperation in education, culture, tourism, labour, health, agriculture, natural resources, environment, security and defence. And, the Hungarian government has increased its scholarships for Vietnamese students to 200 a year.

Quynh Chi

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