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 US$354.3 million in 2017.
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The figure reached US$348 million for the first seven months of 2018, a 113.15% increase year on year, but it is still far below the potential of both countries, according to commercial counsellor at the Vietnamese Embassy in Hungary Pham Van Cong.
Vietnam’s main exports to Hungary included computers, electronic goods and parts, transport vehicles and spare parts, garments and footwear.
Meanwhile, Hungary sells to Vietnam pharmaceuticals and public transport vehicles.
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 and Garment Group (Vinatex) said in order to export products to Hungary, firms must satisfy many rules like those required by other European countries.
In terms of investment, VCCI statistics showed Hungarian investors are running 17 projects in Vietnam with total capital of nearly US$64 million.
Recently, Hungary has provided Vietnam with a preferential credit package of EUR500 million. As part of the package, a project to build the Can Tho tumour hospital worth EUR60 million was started in October last year.
Hungary has made Vietnam a priority in its provision of official development assistance (ODA), with total commitment for Vietnam reaching EUR535 million.
The upcoming official visit by General Secretary of the Communist Party of Vietnam Nguyen Phu Trong to Hungary from September 8 is expected to help bolster bilateral partnership across the fields, especially in trade and investment.
