Vietnam-Hungary economic ties have large room to grow
There is still large room for the economic and trade ties between Vietnam and Hungary to grow, as bilateral trade stood at only 354.3 million USD in 2017.
Vietnam and Hungary have been enjoying sound relations in various fields (Infographics: VNA)
Hanoi (VNA) – There is still large room for the economic andtrade ties between Vietnam and Hungary to grow, as bilateral trade stood atonly 354.3 million USD in 2017.
The figure reached 348 million USD for the first seven months of 2018, a113.15 percent increase year on year, but it is still far below the potentialof both countries, according to commercial counsellor at the Vietnamese Embassyin Hungary Pham Van Cong.
Vietnam’s main exports to Hungary included computers, electronic goodsand parts, transport vehicles and spare parts, garments and footwear.
Meanwhile, Hungary sells to Vietnam pharmaceuticals and public transportvehicles.
Representatives from the Vietnam Chamber of Commerce and Industry (VCCI)said the Hungarian market has high requirements for product quality.
Le Tien Truong, Director General of the Vietnam National Textile andGarment Group (Vinatex) said in order to export products to Hungary, firms mustsatisfy many rules like those required by other European countries.
In terms of investment, VCCI statistics showed Hungarian investors arerunning 17 projects in Vietnam with total capital of nearly 64 million USD.
Recently, Hungary has provided Vietnam with a preferential credit packageof 500 million EUR. As part of the package, a project to build the Can Thotumour hospital worth 60 million EUR was started in October last year.
Hungary has made Vietnam a priority in its provision of officialdevelopment assistance (ODA), with total commitment for Vietnam reaching 535million EUR.
The upcoming official visit by General Secretary of the Communist Partyof Vietnam Nguyen Phu Trong to Hungary from September 8 is expected to helpbolster bilateral partnership across the fields, especially in trade andinvestment. -VNA
A delegation of the Supreme People’s Court of Vietnam has paid a working visit to Hungary during which they held talks with Hungarian agencies, agreeing to step up cooperation in specialised training and applying IT in legal procedures.
Vietnam and Hungary’s investment partnership has yet to match the two countries’ sound political and economic relations and potential, stated Nguyen Van Binh, head of the Communist Party of Vietnam (CPV) Central Committee’s Economic Commission.
The Ho Chi Minh City Union of Friendship Organisations and the municipal chapter of the Vietnam-Hungary Friendship Association (VHFA) held a gathering on August 20 to celebrate the National Day of Hungary (August 20).
General Secretary of the Communist Party of Vietnam (CPV)’s Central Committee Nguyen Phu Trong will pay an official visit to Hungary from September 8-11 at the invitation of Hungarian Prime Minister Viktor Orban.
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Vietnam and Hungary have been enjoying sound relations in various fields (Infographics: VNA) 
