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Vietnam eyes Hungary; trade thrives with EU

Trade between the European Union and Vietnam is flourishing with two-way exports increasing to $9.9 billion in 2006 from $100 million in 1985, a conference report said yesterday.

The figure includes $6.9 billion of exports from Vietnam to the EU and $3 billion in the other direction, according to the one-day conference jointly held by the Association of Trade in HCM City and AsiaCenter, a Hungary-based company. Export to the EU accounts for 17.4% of Viet Nam’s total export, making the EU one of Vietnam’s three major export markets, it said.

As of 2007, 19 out of 27 EU countries have invested in Vietnam with 550 projects. With a foot in Hungary’s market, Vietnam will have a greater chance to expand into Central and Eastern European markets. Meanwhile, it will be easier for Hungarian companies to trade in other markets in Asia, participants said. Vietnam and Hungary established diplomatic relations in 1950, and have signed bilateral agreements on education, culture and cooperation in technology and science.

However, trade relations between the two countries has not been as extensive, given the two countries’ potential and strength in trade, said Chairman of the Association, Huynh Van Minh. Minh expressed his hope that trade between the two countries will flourish, and benefit from their good diplomatic relationship. Manager of AsiaCenter Jancsó János said his organization can be a reliable partner for Vietnamese companies as they integrate into Hungary’s market in particular and the EU’s market in general. (vietnamnews.vnagency)