Hungary looks for trade in Vietnam

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A Hungarian business delegation led by Hungary's State Secretary wrapped up a visit to Vietnam Thursday after three days of boosting trade relations and exploring business opportunities.

The 50-member Economic Mission led by State Secretary for Foreign Affairs and External Economic Relations Peter Szijjarto discussed opportunities in the fields of information technology, water treatment, waste treatment, medical devices, agriculture, and solar and wind energy with Vietnamese businesses in Hanoi and Ho Chi Minh City.

Hungarian companies active in the fields, which have played important roles in Hungarian exports to Vietnam, were present during the mission.

Hungary was once considered a purely agricultural based economy. But now mining, metallurgy, food processing and the manufacture of construction materials, textiles, chemicals, pharmaceuticals, steel, and motor vehicles are playing a major role in its economic growth.

Trade and economic development between Hungary and Vietnam began decades ago and has grown since 2007.

In 2008, Hungarian exports to Vietnam reached US$40.6 million, pushing two-way trade to $90 million. Last year, Hungary exported $46.4 million in goods to Vietnam and imported products worth $36 million from the country, including machines and light industrial products such as garments, footwear, foodstuffs and drinks.

A press release said Vietnam's steady GDP growth rate of more than five percent for the last ten years, despite global economic hardships, makes the country attractive to Hungarian businesses, who have been looking to set up joint ventures with Vietnam's small and medium-sized enterprizes.

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