Vietnam wishes to bolster investment cooperation with Hungary

Politburo member Nguyen Van Binh holds talks with Varga Mihály, First Deputy Prime Minister and Minister of Finance of Hungary

Binh, who is also Politburo member and Secretary of the CPV Central Committee, made the comment while meeting Varga Mihály, First Deputy Prime Minister and Minister of Finance; Hiller Istvan, Deputy Speaker of Hungary’s National Assembly and head of the national board of the Hungarian Socialist Party; and Nemeth Zsolt, head of the Hungarian National Assembly’s Committee on Foreign Affairs, and head of the ruling Fidesz Party’s Committee on Foreign Affairs.

The Vietnamese official, who led a CPV delegation to visit Hungary from May 27-29, said that Hungary ranks 14th in terms of investment among the EU partners of Vietnam.

He suggested that the two sides promote the operation of the bilateral Joint Committee on economic cooperation, while improving their investment environments and policies, while also creating favorable conditions for the businesses of both sides to seek partnerships.

The two sides should focus on areas of Vietnam’s demand and Hungary’s strengths, such as health care, State management, IT, pharmaceutical and food safety, he proposed.

Binh lauded the construction of the Hungary-funded Can Tho Tumour Hospital. He affirmed the determination of the two governments to coordinate in implementing cooperation projects utilising Hungarian preferential loans worth EUR440 million.

He expressed his pleasure at the growing economic ties between the two countries, with trade revenue reaching US$354.3 million in 2017, up 33.13 pct annually. In the first three months of 2018, import-export revenues between the two countries surged nearly 51 pct to US$115 million from the same period last year.

Vietnam appreciates Hungary increasing the scholarships for Vietnamese students to 200 each year, he said, thanking the Hungarian side for supporting the Vietnamese community in the country.

Meanwhile, Zsolt spoke highly of the role of the CPV in national development and defence. He affirmed the partnership between the two parties is significant in fostering the ties between the two countries.

The Hungarian side pledged to continue creating optimal conditions for the growth of the Hungary-Vietnam ties.

In the meeting, the two sides highlighted that economic-finance cooperation is a prioritised pillar in their bilateral partnership. The Hungarian side hoped to expand their direct investment, business links and technology transfer in Vietnam in areas of Hungary’s strength, such as pharmaceuticals, medical equipment, information technology, cyber security, water resources management and agriculture.

Hungary also committed to continue backing Vietnam-EU relations, including the implementation of a free trade agreement between the two sides.

Meanwhile, Vietnam is ready to assist Hungary to strengthen its cooperation with ASEAN and its member countries.