Hungary sees Vietnam as strategic partner
With its foreign policy of “Look East”, Hungary sees Vietnam as a strategic diplomatic partner in the Asian region.
Peter Szijjarto, State Secretary for Foreign Affairs and External Economic Relations, made the statement at a Hungary-Vietnam Business Forum held in HCM City on November 1.
Szijjarto noted that two-way trade increased from US$70 million in 2010 to US$82 million last year. Hungary exported US$48-50 million worth of goods and Vietnam, more than US$30 million.
However, he added that it has yet to match the two countries’ trade potential.
“Bilateral trade is expected to rise to a three-digit figure in the near future”, Szijjarto said.
Apart from traditional markets, Hungary has to seek new partners, and Asian countries are target destinations,” he added.
With its steady economic growth, Vietnam has emerged as leading market in Southeast Asia.
Despite the global economic recession, a steady GDP growth rate of more than 5 percent for the last decade has made the country attractive to Hungarian businesses looking to expand their operation in Asia.
At the forum, Peter Farago, chief advisor to the chairperson of the Hungarian Investment and Trade Agency, said the agency supports, Hungarian companies in establishing partnership overseas, including those from Vietnam.
Hungary’s small-and-medium-sized enterprises are eager to set up joint ventures with their Vietnamese counterparts, especially in software development and information communications.
Hungary is the gateway to the European Union of 450 million consumers. The World Bank’s “Doing Business Survey” ranks Hungary as one of the most business-friendly countries in its region.
Le Huong Giang, an official from the Ministry of Planning and Investment, said Vietnam has encourages foreign investment in human resources, infrastructure, hi-tech, health and education.
According to the United Nations Conference on Trade and Development, Vietnam was ranked as one of the top-eight-priority-host economies for FDI in the conference’s World Investment Prospects Survey for the 2010-12 period.
Currently, the number of Hungary’s FDI projects remains modest, but Giang said she expected to see more investment in Vietnam in the future.
The forum was organized by the Ministry of Industry and Trade’s Trade Promotion Agency, the Hungarian Embassy and the Hungarian Investment and Trade Agency.