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Vietnam’s exports to Hungary on the rise

Vietnam has recorded impressive growth in exports to Hungary in recent years, statistics showed.
Vietnam’s exports to Hungary on the rise ảnh 1Workers process pineapple for export at the factory of the An Giang Agriculture and Food Import - Export Company. (Photo: VNA)
Hanoi (VNA) – Vietnam hasrecorded impressive growth in exports to Hungary in recent years, statisticsshowed.

Exports from Vietnam to Hungaryincreased eight-fold to 1 billion USD in 2020 from 124.2 million USD in 2016. Thefigure stood at 842.7 million USD in the first 10 months of 2021, up 5% year onyear, according to data from the European country.

Though shipments of agricultural andfood products remain modest, the revenue posted a strong increase in the recentpast as seen in some key exports.

Vietnam exported almost 4.4 millionUSD worth of processed coffee to Hungary in 2020, surging 38-fold from fouryears earlier, and 7.13 million USD during January - October of 2021, up 85.6%year on year.

Cashew nut exports grew 27.7% to nearly2.4 million USD in 2020 compared to 2016, and 11.6% year on year to 2.2 millionUSD in the first 10 months of last year.

Rice shipments also increased4.6-fold from 2016 to 198,000 USD in 2020 and 9-fold year on year to 700,000USD in the 10-month period of 2021.

Meanwhile, the Southeast Asiancountry exported 1.49 million USD worth of processed noodles in 2020 and another1.4 million USD during January - October of 2021, respectively rising 119.1% from2016 and 9% from the same period of 2020.

Processed coffee, cashew nut, rice, andprocessed noodles of Vietnam are making up about 12.6 percent, 39.8 percent, 0.5percent, and 20.5 percent of Hungary’s total imports of these commodities,respectively.

Hungary mainly imports goods fromother EU countries such as Germany, the Netherlands, Austria, Italy, Poland, Slovakia,Spain, and France. Despite strong competition from these rivals, someVietnamese commodities like cashew nut, peppercorn and coffee will have theirown advantages and are expected to maintain good exports growth in Hungary.

Though Hungary is not a major marketin the EU, its import demand has still been rising and stands at some 100billion USD annually.

Taking effect in August 2020, the EU- Vietnam Free Trade Agreement (EVFTA) is said to have opened even greateropportunities for Vietnamese firms to boost trade and investment ties with thebloc, including Hungary, in the time ahead./.
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