ASEAN KEY DESTINATIONS
Hungary eyes business co-operation
Hungary considers Viet Nam one of its most important partners in ASEAN and seeks to boost trade with the country, a Hungary-Viet Nam Business Forum held in HCM City yesterday heard.
At the forum hosted by the Viet Nam Chamber of Commerce and Industry, Hungarian business executives said expanding ties with Viet Nam plays an important role in the implementation of their government's policy of looking East.
This would also enable Vietnamese firms to tap into the large European market, with Hungary acting as a gateway, they said.
Laszlo Parragh, president of the Hungarian Chamber of Commerce and Industry, said Viet Nam was his country's 13th biggest trade partner in Asia last year, and in fourth and sixth places among ASEAN member countries in terms of buying from Hungary and selling to it.
Hungary's exports to Viet Nam are mostly pharmaceuticals, office and data processing equipment, industrial machinery and parts, food, and electrical machinery, appliances, and instruments.
According to the VCCI, trade between the two countries is over US$100 million a year on average despite the recession.
Last year it stood at $148 million after increasing by over 22 per cent year-on-year. Viet Nam imports from Hungary shot up 38 per cent to $88 million.
Parragh said his Government would support Hungarian companies investing in Viet Nam.
As of the end of last month Hungary had invested nearly $51 million in 13 projects in Viet Nam.
Talking about co-operation between the two countries, Vo Tan Thanh, director of the VCCI's HCM City office, said "growth in bilateral trade is stable but remains below potential."
The two countries have agreed to boost co-operation in fields like agriculture, pharmaceuticals, and energy, he added.
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