"Vietnam, with its remarkable development, presents vast opportunities for the export- and investment-oriented Hungarian economy. This is evident in the achievement and maintenance of the record of 100 million dollars in domestic exports per year," stated Minister of Foreign Affairs and Trade Péter Szijjártó in Budapest on Thursday.
At a joint press conference with his Vietnamese counterpart, the Minister emphasized that the rapid economic growth of the Southeast Asian country has created opportunities to surpass the record of Hungarian exports to Vietnam and to maintain an annual figure of 100 million dollars, marking a significant achievement.
He highlighted that, after extensive negotiations, necessary decisions have been made to substantially increase exports of poultry products, medical equipment, and medicines. Furthermore, he mentioned that exports are poised to grow even further, as negotiations are in the final stages to permit the export of pork to Vietnam.
Additionally, he underscored the signing of a highly ambitious free trade agreement between the European Union and Vietnam, which aims to abolish 99% of tariffs by 2030.
Szijjártó announced that in the coming days, representatives of the Hungarian and Vietnamese governments will sign fourteen agreements. The most significant among these will focus on foreign policy cooperation, as both states advocate for peace and aim to assist war-torn countries in resolving their differences, he stated. "We believe in peaceful and civilized cooperation between East and West," he emphasized.
The Minister mentioned that the two countries will finalize a cooperation agreement encompassing fields such as culture and water management, among others. This agreement aims to enhance the export of domestic technologies. Additionally, there are plans to intensify collaborative efforts against international crime, which could significantly contribute to the security of both nations, he emphasized.
The Minister also revealed that ten agreements will be signed between Hungarian and Vietnamese universities as part of the cooperation agreement, which already includes more than 900 Vietnamese students studying in Hungarian higher education institutions.
Viktor Orbán has posted a message on social media platform X welcoming Vietnamese Prime Minister Pham Minh Chin. "Vietnam is a nation of fellow freedom fighters, a pioneer of connectivity in Asia, and our important economic partner. Welcome to Hungary, Prime Minister!" the PM wrote.
As Washington aims to decrease its trade deficit and strengthen domestic production, global value chains are facing new pressures to restructure. This change poses significant challenges for both European and Chinese producers as the flow of decade-long input and final good channels is disrupted. Is this a new opportunity for the two economic zones to further strengthen their relationship thereby mitigating some of the negative effects of US trade policy?
For the first time, a Hungary–New Zealand Business Forum was held in Budapest in late May, organised by the Hungarian Export Promotion Agency (HEPA). On the margins of the event, Eurasia spoke with Simon Bridges, CEO of the Auckland Business Chamber.