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Hungary, Vietnam trade set to reach $70 mln this year

Two-way trade turnover between Hungary and Vietnam will likely exceed $70 million this year, up from $53 million in 2006, said Hungarian Ambassador to Vietnam László Vizi.

During a press meeting to introduce the photo contest called Lindynette’ 20 Beautiful Women held by the Hungarian pharmaceutical company Gedeon Richter Plc on December 14, Vizi said in the Q1 of 2007, two-way trade between the two countries rose by 43%. „If we can keep this pace, we can count on a bilateral trade turnover exceeding $70 million [for this year],” said Vizi. „Although [this is] significant growth, it is still below its potential,” he said. Vizi said both sides are exploring opportunities for further economic cooperation, and the latest developments allow for optimism.

Hungary wants to expand the presence of its traditional export items in Vietnam, such as pharmaceuticals, and to diversify the supply of goods and services to include waste management, infrastructure engineering services, IT solutions and technology transfer. Vizi added some of these fields could be facilitated by a €35 million ($52.5 million) aid scheme offered by Hungary to Vietnam. Gedeon Richter’s press meeting followed the Hungarian – Vietnamese Joint Commision on Economic Cooperation session in Vietnam from December 10 to 13. The commission was co-chaired by Deputy Minister for Industry and Trade Bui Xuan Khu, the State Secretary in the Vietnamese Prime Minister’s Office and Gyorgy Gilyan, an envoy responsible for the development of Hungary’s economic relations with Asia. (mathaba.net)