Business

Much room remains for Vietnam to boost exports to Hungary

Trade between Vietnam and Hungary has grown continually over the past years, and it is believed that there remains much room for the Southeast Asian country to fuel exports to this European nation.
Much room remains for Vietnam to boost exports to Hungary ảnh 1An electronics factory in Vietnam. Electronic devices are the largest contributor to the Vietnam - Hungary trade growth in recent years. (Photo: VNA)
Hanoi (VNA) – Tradebetween Vietnam and Hungary has grown continually over the past years, and itis believed that there remains much room for the Southeast Asian country to fuel exports to this European nation.

Thanks to the EU - Vietnam Free TradeAgreement (EVFTA) that took effect on August 1, 2020, bilateral trade topped 1billion USD for the first time in 2020 to hit 1.297 billion USD, surging 73.88percent from the previous year. The turnover included 925 million USD inVietnam’s exports, shooting up 126.69 percent, according to the European-American Market Department at the Ministry of Industry and Trade.

Due to the COVID-19 pandemic’s impact,bilateral trade dropped 15.2 percent to slightly over 1 billion USD in 2021.Vietnam exported 570 million USD worth of goods to Hungary and imported 529million USD in return, respectively declining 38.4 percent and rising 42.4percent.

PhamVan Cong, Trade Counsellor and head of Vietnam’s trade office in Hungary, said tradebetween the two countries has increased fast in recent years, with electronicdevices making the largest contribution. Besides, agricultural and foodproducts are also potential commodities.

Notably, Vietnam’s shipments toHungary in 2020 increased by over 8-fold from 2016, he noted.

He held that goods from Vietnam ingeneral and agricultural products in particular still have much room to expandtheir presence in Hungary. In particular, the EVFTA has been giving tariffadvantages to Vietnamese commodities compared to rivals from other countries.

Congrecommended enterprises proactively learn market information via the internetand trade promotion organisations of the two countries. They can also gain helpfrom Vietnam’s trade office in Hungary to minimise business risks.

Meanwhile, Pham Ngoc Chu, Chairman ofthe Vietnamese Business Association in Hungary, stressed that to enjoy goodsales, products must meet requirements about quality, packaging, and language onpackage. Besides, enterprises also need to guarantee uninterrupted supply andconsistent quality.

With their complementary advantages,the two countries definitely have room to explore chances for further enhancingtheir economic - trade ties in the time ahead, he added./.
VNA
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