Opportunity to penetrate Hungarian market
(VOV) - Two-way trade between Vietnam and Hungary reached more than US$80 million in the first half of this year and will most likely continue to increase in the future.
Deputy Minister of Industry and Trade Tran Tuan Anh unveiled the figure at a Vietnam-Hungary Business Forum in Hanoi on October 29, which is being held within the framework of the fourth meeting of the Vietnam-Hungary Joint Committee.
Anh said the figure is yet to match both nations’ potential so Vietnamese businesses should grasp any available opportunities to penetrate the Hungarian market.
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A representative from the Hungarian Department of Trade and Investment said Hungary is a small country with just over 10 million people but it has a favourable political environment compared to some of its neighbouring countries. In addition, it is the main entrepôt for transferring European goods to Eastern Europe.
Hungary has more than 1.6 million businesses, most of them small and medium-sized. The Government has also created the best possible conditions for foreign businesses to operate in the country, such as reducing the amount of required investment capital in half.
Hungary’s strengths are in pharmaceuticals, light industry, telecommunications, and infrastructure construction.
At the forum, Hungarian businesses expressed their hopes that local authorities in Vietnam will help them seek cooperative opportunities for mutual development.