Vietnam wishes to bolster investment cooperation with Hungary

Hanoi (VNA) – Vietnam and Hungary’s investment partnership has yet to match the two countries’ sound political and economic relations and potential, stated Nguyen Van Binh, head of the Communist Party of Vietnam (CPV) Central Committee’s Economic Commission.

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, 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 among EU partners of Vietnam in terms of investment.

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

The two sides should focus on areas of Vietnam’s demand and Hungary’s strength 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 using Hungarian preferential loans worth 440 million EUR.

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

Vietnam appreciates Hungary’s increasing of 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 ties between the two countries.

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

In the meeting, the two sides highlighted that economic-finance cooperation is a prioritised pillar in bilateral partnership. The Hungarian side hoped to expand 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 cooperation with ASEAN and its member countries.-VNA