€500 million of Hungarian investment for Vietnam

Int’l Relations

Talks on over €500 million worth of investments by Hungarian companies in Vietnam were discussed at a meeting of the Hungarian-Vietnamese Joint Economic Committee in Budapest yesterday.

Foreign Trade State Secretary Péter Szijjártó, who also co-chairs the committee, said expanding the cooperation between the two countries played an important role in the implementation of the government’s policy of opening up to eastern markets.

Szijjártó said that tied aid agreements were a big part of this cooperation, citing investments underway by Hungarian companies involving a personal registration system and a water management development worth more than €20 million.

The discussion came a day after an economy ministry announcement that the Hungarian government will open a €75 million credit line through the Export-Import Bank (Eximbank) of Hungary to help finance infrastructural development projects to be carried out by Hungarian businesses in Vietnam, the economy ministry announced yesterday.

According to official statistics, bilateral trade between the two countries has increased 26% year-on-year through August 2013. Hungarian exports to Vietnam rose 36% y.o.y. in the period, and two-way trade produced a $6.3 million trade surplus for Hungary.

-- material from MTI was used in this article

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