(VOVworld) – Vietnam and Hungary have signed a bilateral framework agreement on a 440-million-euro credit in Hanoi on Wednesday.

Deputy Prime Minister and Foreign Minister Pham Binh Minh and Balogh Csaba, Hungary's Minister of State for Foreign Affairs and Trade (Photo: VNA).

Deputy Prime Minister and Foreign Minister Pham Binh Minh, at a reception for Balogh Csaba, Hungary's Minister of State for Foreign Affairs and Trade, called the agreement an important landmark.

Mr. Minh praised the two governments’ efforts to finalize the agreement ahead of the official visit to Vietnam by Hungarian Prime Minister Viktor Orban slated for April.

Within this framework, the two sides will implement cooperation projects in areas of Hungary’s strength and Vietnam’s demand, including water resources management, wastewater treatment, information technology, cyber security, and health care.

Mr. Minh said bilateral trade remains low and hasn’t matched the two countries’ potential or expectations, and called for new cooperation programs in preparation for the seventh session of their joint committee on economic cooperation, scheduled for March in Hungary.