Vietnam, Hungary Strive to Raise Two-way Trade to US$2 Billion

Vietnam and Hungary have agreed to double efforts to soon raise the two-way trade to US$2 billion.

Prime Minister Pham Minh Chinh (R) shakes hands with visiting Hungarian President Sulyok Tamas, Ha Noi, May 29, 2025

The agreement was reached by Vietnamese Prime Minister Pham Minh Chinh and visiting Hungarian President Sulyok Tamas during their meeting in Ha Noi on May 29.

Pham underlined the significance of Sulyok's visit, noting that it holds special importance as the two countries are celebrating the 75th founding anniversary of diplomatic relations (1950 – 2025), and Viet Nam is marking the 80th anniversary of its National Day.

The two leaders agreed to continue implementing the agreements between the two countries effectively, promoting cooperation in traditional areas such as trade and investment, science and technology, education and training, national defense and security, medicine and pharmacy, culture and tourism, and people-to-people exchange.

They also pledged to expand collaboration to areas where both sides have strengths and needs such as digital transformation, artificial intelligence, agriculture, pharmaceuticals, and labor.

Pham briefed the guest on Viet Nam's socio-economic achievements, noting that the country's GDP hit US$473 billion in 2024, with per capita income approaching the world's upper-middle-income threshold, and its happiness index rising by 11 places in 2024 and a further eight places this year.

In reply, President Sulyok said that Vietnam remains one of Hungary's most important partners in ASEAN, voicing his support for Prime Minister Pham's proposal on key measures to deepen bilateral ties.

The Hungarian President also pledged to call on other European Union (EU) countries to soon ratify the EU-Viet Nam Investment Protection Agreement (EVIPA) and urge the European Commission (EC) to soon remove the "yellow card" against Viet Nam's seafood exports.

Source: VGP