Telephone and component exports to EU hit US$5bil

The information was unveiled at a seminar in HCM City on December 6 to discuss cooperative opportunities in trade and investment between Hungary, the Czech Republic, Slovakia and Poland.

Nguyen Duc Thuong, Vice Head of the European Market Department under the Ministry of Industry and Trade, said that from 2000 to 2011, Vietnam-EU trade turnover has increased 5.9 times, from US$4.1 billion to US$24.3 billon.

Vietnam-EU trade turnover saw positive results despite the global economic downturn in 2011-2012, up 36.9 percent over 2010 and 16.5 percent over 2011.

Vietnam’s key export items include footwear, garments and textiles, seafood, coffee, wood products, and electronics. Other products have also maintained high growth rates, such as rubber, plastics, cashew nuts, and pepper.

At the seminar, trade officials were briefed on the Vietnamese business environment, key industries, transport network and strategic locations, as well as the role of infrastructure in their own countries, serving as a bridge for Vietnamese goods to penetrate the EU market.  

In response, they called on Vietnam’s business community to consider investment in their respective countries.

Hungarian Commercial Counsellor Lenart Istvan said that bilateral trade turnover between Vietnam and Hungary has reached US$80-90 million per annum. Both nations have also implemented cooperation programs in the import-export of food. However, Hungary has comparative advantages in pharmaceuticals, automobile manufacturing, and food packaging.

Currently, many Hungarian companies are seeking to invest and build factories in Vietnam.

Polish Commercial Counsellor Wojciech Gerwel said that Poland has a dynamic and developed economy and Vietnamese businesses have many opportunities to do business there. Poland has comparative advantages in areas such as scientific research, cosmetics, food and confectioneries.