(VOVWORLD) - Hungarian Prime Minister Orban Vicktor is on a three-day official visit to Vietnam to boost bilateral cooperation. A number of cooperative agreements on trade and investment will be signed and ways to boost bilateral ties will be discussed during the visit.
 Hungarian Prime Minister Orban Vicktor pays an official visit to Vietnam
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Hungary and Vietnam established bilateral ties 67 years ago. Hungary considers Vietnam a strategic partner in Southeast Asia. Over the past years, the two countries have strengthened cooperation in various fields on the basis of mutual benefit and respect.
Bright spot in bilateral trade
In recent years, Vietnam and Hungary have increased trade exchanges. They have maintained regular meetings of the Joint Committee for Economic Cooperation and organized seminars and visits to promote trade.
According to the Vietnam General Department of Customs, Hungary-Vietnam trade was valued at 270 million USD last year, 37% more than previous year. Vietnam exports to Hungary garments, textiles, electronics and motor vehicles and imports pharmaceuticals, public transportation means, and manufactured goods.
By the end of last year, Hungary had 15 FDI projects in Vietnam with a total registered capital of more than 50 million USD, ranking 55th among 105 countries and territories directly investing in Vietnam. Hungary’s projects cover manufacturing, communications, and real estate. Last January, the two sides signed a Framework Agreement on Financial Cooperation worth 60 million euros to help Can Tho city build an oncology hospital. This January, the two countries signed a framework agreement on credit cooperation worth 440 million USD for projects on water management, pharmaceuticals, health care, IT, agriculture, security, and national defense. Hungary set up a representative office in Ho Chi Minh City to further bilateral economic cooperation.
Setting new goals for further cooperation
The Hungarian Prime Minister’s visit is intended to boost bilateral political and economic cooperation in the coming years.
The Prime Minister is accompanied by 70 business representatives. The two countries will organize a business forum to promote cooperation in agricultural technology, pharmaceuticals, medical facilities, machinery, water management, environmental protection and renewable energy. Within the framework of its policy “Opening to the south”, the Hungarian government wants to develop a long-term cooperation with Vietnam, especially after the Vietnam-EU Free Trade Agreement takes effect.
There are more than 4,000 Vietnamese people living in Hungary, in addition to Vietnamese who studied in Hungary and are fluent in Hungarian. These are also favorable conditions for better bilateral cooperation.