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May 30, 2018

Finance Minister: Relations between Hungary and Vietnam are going from strength-to-strength

“Over the past years, cooperation between our countries has step-by-step become modern, multifaceted and multidimensional, and we are both determined to continue to improve it,” Mihály Varga said

The finance minister says Vietnam has been a traditional partner of Hungary in Southeast Asia, and we regard the country’s economic development and achievements with "great respect".

Mihály Varga, minister of Finance, received CPV Central Committee member and Central Economic Commission Chairman Nguyen Van Binh in his office.

The minister pointed out that in 1950, Hungary was among the first countries to establish diplomatic relations with Vietnam.

“Over the past years, cooperation between our countries has step-by-step become modern, multifaceted and multidimensional, and we are both determined to continue to improve it,” he said

“The change in the economic and trade relations that exist between Hungary and Vietnam give us reason for high hopes,” he added.

In 2017, the volume of bilateral trade was up by 79 percent year-on-year, totalling 357 million USD (297 million EUR), the minister revealed.

He added that the pace of growth has remained unchanged in 2018. “I hope and believe that in the coming years the volume of exports from Hungary to Vietnam will increase as dynamically as the volume of exports from Vietnam to Hungary did,” Minister Varga stressed.

The minister said the fields where the Hungarian government sees the best chances for fostering closer economic cooperation are the agricultural and food industries, the pharmaceuticals and chemicals sectors, water management, healthcare, info-communication, machinery manufacturing, defense industry, environmental protection and renewable energy.