Vietnam, Hungary seek ways to boost investment, trade

Deputy Minister of Industry and Trade Tran Tuan Anh said the participation and exchange of the businesses brings new opportunities for bilateral investment and trade. This also demonstrates the huge economic potential between the two countries.

Statistics show that over the years, the cooperation between the two countries has achieved significant progress, with bilateral turnover growth at 10% per year, reaching US$150 million in 2013. Vietnam’s main exports are computers, electronic components, textiles, transport, plastics and wood products. Imported goods from Hungary are mostly machinery, pharmacy and fodder.

By December 2013, Hungary had invested in 13 projects in Vietnam worth US$50 million, ranking 53rd out of 101 foreign investors.

Anh added that the figures are still not commensurate with the potential and cannot meet the demand of the two sides. Therefore, in the future, two sides should promote stronger trade and investment activities, especially in the field of strengths of the two sides such as science and technology, education and training.

The Ministry of Industry and Trade of Vietnam is ready to support and create favourable conditions for foreign businesses, especially Hungarian, to invest in Vietnam and cooperate in the fields of trade and industry, on the principle of mutual benefit.

Pham Thi Thu Hang, General Secretary of the Vietnam Chamber of Commerce and Industry (VCCI), said Hungary is a country with a strategic location in Central Europe, stable political environment, developed telecommunications infrastructure, convenient transportation, skilled workforce and advanced education system.

With the competitive mechanism of tax and investment, Hungary is an attractive destination for investors and businesses to cooperate in its strong areas such as the automotive industry, electronics, medical, pharmaceutical, industrial processing, environmental protection, clean water, research and development, ICT, and transport. 

Hungary attaches special importance to the development of trade and economic relations with traditional friendly countries including Vietnam, a developing country having an important role in ASEAN. Hungarian enterprises are interested in Vietnamese market and there are many big Hungarian enterprises present in Vietnam such as Gedeon Richter, EGIS and Thesys Group, etc.

Hungarian Ambassador to Vietnam Eszter Torda also said that along with the meeting of the Joint Committee, the matters discussed at the forum will contribute to the legal framework for the development and expansion of economic cooperation between the two countries.

Farago Pete from the Department of Investment and Development of Hungary said Hungary has a stable political environment, convenient transportation, attractive tax and investment mechanisms, etc. Hungary has only about 10 million people but 1.6 million businesses, mostly small and medium enterprises. So, the Hungarian government focused on strengthening and improving the enterprise positions for the development and exports. The Hungarian enterprises are interested in the Vietnam market and willing to cooperate with Vietnam businesses for mutual benefit.